Curse of Labourhome - Why Barack lost
grayee Fri Jan 11, 2008 at 10:00:32 PM GMT 
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Now the dust has settled, it is time to explain what happened. Last week I posted about Money Shop and Payday UK on Labourhome who have high street stores which target vulnerable “customers” with unsecured short term loans and charging up to 1330% APR.
I got some very useful comments. Labourhome commentator “Rwendland” pointed out that even in the land of the free; many US states limit the amount of interest that can be charged on loans. They are even called usury laws. Other countries also have such laws. In Canada they have a legal limit of 60%.
So there are precedences to ban this vile practice.
I got some very useful comments. Labourhome commentator “Rwendland” pointed out that even in the land of the free; many US states limit the amount of interest that can be charged on loans. They are even called usury laws. Other countries also have such laws. In Canada they have a legal limit of 60%.
So there are precedences to ban this vile practice.
“Redrooster” pointed out that there is a UK website called “debt-on-our-doorstep”, this is a bit out of date but it provides a lot of useful information about how excessive interest rates can be restricted by the state.
Finally, Rwendland also posted on Saturday a comment that pointed out that the Democratic front runner at the time, Barack Obama, had actually voted against a poplar Congress resolution to “To limit the amount of interest that can be charged on any extension of credit to 30 percent” while his rival Hilary Clinton had voted in favour of it.
Of course, once this disclosure had filtered through across the pond – Obama was history. Such is the power of “Labourhome”.
Finally, Rwendland also posted on Saturday a comment that pointed out that the Democratic front runner at the time, Barack Obama, had actually voted against a poplar Congress resolution to “To limit the amount of interest that can be charged on any extension of credit to 30 percent” while his rival Hilary Clinton had voted in favour of it.
Of course, once this disclosure had filtered through across the pond – Obama was history. Such is the power of “Labourhome”.
Curse of Labourhome - Why Barack lost | 5 comments (5 topical)
Curse of Labourhome - Why Barack lost | 5 comments (5 topical)
