Monday, May 25, 2009

The Shamed

There is only one rule. If you make anything other than an intellectually honest argument against payday loans, you earn admission to the Hall of Shame.


Earnestly Misguided - Honestly believe they are protecting consumers from "usury"; usually member of an "interfaith coalition", study the Bible but fail to apply it to everyday life. However, they have no understanding of economics, supply-and-demand, or the basics of short-term credit. They may be granted some degree of forgiveness because they are simply uneducated. In that case, however, they should know that a closed mouth gathers no flies.

Biased Journalist - They have little understanding of payday loans, and climb on the media bandwagon to assassinate the character of lenders. When confronted, most claim they are too busy to engage in dialogue or learn the truth -- which begs the questions 1) You're a frakking journalist, you're supposed to hunt down the truth, and 2) you had enough time to write a biased article, the least you could do is be true to your frakking job description. 

Self-Righteous Ideologue - Is not only clueless about economics and the necessity of payday loans, but when presented with logic, facts, and asked to engage in dialogue, they refuse to engage. Are slaves to their own egos. The kind of person who will insist that elephant poop smells good, even if his head is shoved up a pachyderm's ass...which is where they belong.

Grandstanding Politician - May or may not understand economics and payday loans, but it doesn't matter. Uses the issue to promote him/herself, his/her agenda, his/her campaign, and doesn't care a bit that in purporting to "help consumers', s/he is hurting them and also pushing lenders and employees into the ranks of the unemployed. Lifelong hypocrite. Likely to end up in the Sixth Circle of Dante's Hell.

Mercenary - The worst type of morally repugnant individual or entity, as they use and/or dupe all of the above to advance their own agenda. They are usually lobbyists who have no personal stake in the issue other than getting paid, or a competitor to payday lenders that is trying to run them out of business. 

Just Plain Evil - 
All of the above, and deserving not only of contempt, but immolation by napalm.

Join us for the induction of our (Dis)honorees:

The Earnestly Misguided

1) Victor Elias, The Child & Family Police Center
Typical clueless statements
2) Ann Rasmussen, formerly of the Virginia Interfaith Center
Had to ask her Pastor how to respond to my note challenging
their position; dismissed the Morgan Report 
3) Robert H. Frank, Economist, Johnson School @ Cornell, for his claim: "Evidence suggests that easy credit access is more like heroin than alcohol".
Oh, brother!
4) My friend Ben, the doctor
A Conservative, no less.  Refuses to argue the issues.
5) Dr. Stephen Graves, Ph.D. - Professor of Geography, Cal State Northridge
Although a committed and passionate gentleman, his study regarding the location of payday lenders in allegedly Christian political districts is filled with fallacies, misleading statements and false conclusions

Biased Journalists

"Payday Loans Exacerbate Housing Crisis"   HUH?  Maybe that's why the paper is on its last legs.
2) The Anniston Star Editorial Staff
They get their facts wrong, and don't understand what usury really means.
3) The State Newspaper Editorial Staff
Just Google "The State payday loans' and about 2,345 articles will come up.
4) "Clueless" Kari Chisolm of
Is it possible for anyone to be more misinformed?
5) 99% of journalists who have written articles on payday loans.
Just Google any article about payday loans.
6) Chris Cuomo and Gerry Wagschal of "Good Morning, America"
For wheeling out the literal "old woman on a walker" example.

Self-Righteous Ideologues

1) Thomas Suddes - Cleveland Raw Dealer
Watch as I run circles around his ridiculous arguments.  The guy makes no sense.
2) Warren Bolton  - The [Paternalist] State
Like Suddes, the guy is living on Mars.
3) Sam "Crybaby" Glover - Consumerist Blogger
Refused to engage in a dialogue because I 'insulted" him.
4) Angela Martin - OurOregon
Has anybody been permitted to look at OurOregon's contributors?  Nope.  Wonder how
many banks are in there?
5) Jean "Queen of Hearts" Fox - Consumer Federation of America
As the link shows, this woman rigidly sticks to an untenable ideological position, even as  she is grilled by rational polticians and hears testimony from a regular woman who says  payday loans are good things.

Grandstanding Politicians

1) Sen. Richard Durbin (D - IL)
Introduced a bill to ban all forms of short term credit...except bank overdraft fees.   Received $65,000 in contributions from Citigroup.  Coincidence?  
2) Rep. Luis Gutierrez (D- IL)
Bill to cap rates makes no sense.  Just listen to his opening testimony (Same link as Jean  Fox)
This scumbag didn't even have the courage to pull his media stunt in front of the store he  shut down, probably because the employees of Check Into Cash would've cracked the bottle  of champagne over his head.
4) Rep. Jackie Speier (D- CA)
See Jean Fox.
5) Rep. Maxine Waters (D - CA)
See Jean Fox.
6) TX Sen. Eliot Shapleigh
Every two years he tries to kill payday loans in Texas.  Why?
7) OH State Rep. Chris Widener 
OH State Rep. Jeff Jacobsen
OH Sen. John Husted
These three clowns betrayed their Republican ideals by attempting to kill payday loans in Ohio. Ignored 30,000 letters from constituents asking them not to pass legislation.   Ignore the potential for 6,000 lost jobs.  Ignored everything except their own egos.
8) OH Rep. Matt Lundy
Trying to kill payday lenders since his colleagues failed.  Refuses to respond to my letter.
9) OH Gov. Ted Strickland
All of the above
SC Sen. Gerald Malloy
TN Sen. Roy Herron
GA Ins. Comm. John Oxendine
VA Delegate Harvey Morgan
WV Attorney General Darrell McGraw, Jr.
They hate payday loans, or claim they do, for the benefit of their own careers.


He runs a "non-profit" organization allegedly devoted to helping homeless folks.   Pays himself a six-figure salary, and spends a large percentage of COOHIO's funding on salaries. Refuses to engage in dialogue about the issue.  Wants to see them killed.  We suspect it's because he is in the pocket of the CRL (see below), and knows that by killing payday loans, COOHIO becomes more important and will serve more people.  Despicable.

Just Plain Evil

Where to begin?  The link is a good start.  Throw in their blatant attempts to deceive the public and politicians with bogus surveys about payday loans.  Their self-serving attempts to harm consumers is, quite simply, evil.