Can’t Believe I Voted for Tommy Moore!

July 20, 2007
By

As if you needed further confirmation that I am an Idiot, I’ll admit that I voted for Tommy Moore in the last gubernatorial election.

Now we hear that Moore has resigned his office in the state senate to take the lead post at Community Financial Services Association of America, the lobbying association for the payday lending racket. It’s a fair bet that the CFSA didn’t hire Moore in order to invite the intense regulation and public scrutiny that the payday lending industry deserves.

 

Moore defended his move say that the payday lending industry is “misunderstood.” For more understanding, check out the Center for Responsible Lending website, which contains some studies, fact sheets, legislative recommendation, and make-your-blood-boil stories of people who’s lives have been destroyed by predatory payday lenders. Here are some eye-catchers:

  • Ninety percent (90%) of payday lending revenues are based on fees stripped from trapped borrowers, virtually unchanged from our 2003 findings.  The typical payday borrower pays back $793 for a $325 loan.
  • Predatory payday lending now costs American families $4.2 billion per year in excessive fees.
  • States that ban payday lending save their citizens an estimated $1.4 billion in predatory payday lending fees every year.

Misunderstood is right. I can’t understand how we let the crooks get away with it.

Here’s what the Consumer Federation of America had to say about payday lending: CFA on obscene cost of payday loans.

Better yet, read Warren Bolton’s articles in The State exposing the slimy underbelly of the payday loan industry exploiting South Carolina’s most vulnerable citizens: Moore latest in sad line of Democrats to join payday lenders, Legislature to payday lenders: Help yourselves to S.C. borrowers, Banks supply cash that fuels payday lenders’ astronomical growth.

You might even want to check out AnyIdiot’s own post on payday lending

Payday lenders make the crooks in the sub-prime mortgage industry look like Salvation Army bell ringers. 

I’m gonna get up on my high horse and say that Tommy Moore should be ashamed of himself. That fat paycheck he’ll be getting will be coming straight from the desperate hands of our country’s most vulnerable people. 

3 Responses to Can’t Believe I Voted for Tommy Moore!

  1. July 20, 2007 at 6:55 am

    I can’t believe you were bright enough to even vote. A $15 fee on a $100 advance beats the heck out of a $31 nsf from Joe Banker. What’s the APR on that?

    Duh!

    Move to Alabama or something.

  2. Jeff Courson
    July 20, 2007 at 6:56 am

    Oh please! SC state law says its $15 per 100 fee on a payday advance. CRL garbage is a bunch of made up, liberal drivel. The facts are simple, $15 per 100. Period. Never a penny more.
    Crooks go to jail. Legal operators are the ones Moore is working for. Ever hear of good guys vs bad guys. Moore is one of the good guys. Always has been, alwasy will be.

  3. jaymore
    July 20, 2007 at 1:29 pm

    Methinks the writer doesn’t know anything about CRL. Does he know that CRL is a subsidiary of the Self Help Credit Union which stands to profit mightily at the demise of the payday loan industry? Does the writer know that CRL makes up most of their “statistics” and funds their own “studies” with big, socialist-backed foundations’ dollars? Has the writer ever examined how much profit the Self Help Credit Union makes? Hmmm, didn’t think so!

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