And Other News That Requires Monday Morning Quarterbacking
|Just Answer the Question|
and Face the Nation
Michelle Bachmann appeared on all of the Sunday talk show, and The Dismal Political Economist understands that she is news, but wonders if these shows are not going overboard in booking Republicans. It may not be deliberate bias, it may be that there just no good telegenic Democrats to book. Of course, charisma hasn’t stopped them from booking John McCain at every opportunity.
Ms. Bachmann was asked a number of hard questions, which she couldn’t answer but that was okay because she was also asked a number of easy questions which she could not answer.
“All of these kind of questions aren’t what people are concerned about right now,” Mrs. Bachmann complained on NBC’s “Meet the Press.
have suddenly found that they like Democracy after all. The newly elected Governor of California wanted to raise taxes and put tax proposals to a public vote, but the Republicans in the legislature used their minority status to block even a vote. California
Now a new independent, non-partisan re-districting plan has been created that is not advantageous to Republicans, so, surprise, they may want to put that plan to a vote.
With the nonpartisan California redistricting commission scheduled to complete its work Monday, state Republicans are seriously weighing whether to seek a referendum that could throw out the results and force the state Supreme Court to draw lines for next year’s election.
It’s just amazing how quickly Republicans find a referendum helpful in
when the outcome could be favorable to them. California
Banks were directly responsible for the Consumer Protection provisions built into the new bank regulations legislation. They engaged in unacceptable abuses. One of the most profitable practices was to provide automatic overdraft protection for debit cards, then charge huge fees and interest way out of proportion to the overdraft.
This has now been largely curtailed, thanks to legislation. Now banks are going after another way to gain exorbitant fees. The new product is a “direct-deposit loan”
The direct-deposit advances work like this: A customer typically can request a cash advance online or by phone and obtain an instant line of credit, usually up to $500. When the customer's next paycheck is deposited, the bank repays itself by deducting the loan balance plus any fees
Okay, sounds harmless enough and maybe it’s a good service. Hm, wonder what the costs are.
For a $200 cash advance from Wells
, the fee is $15. A consumer taking out multiple loans to borrow $200 for two months, for instance, would be charged $60 for four two-week loans. Fargo
Do the math. A rate of 7.5% for two weeks is an annual simple rate of interest of 195% a year. Wow, under 200% a year interest rate. What a deal.
Financial firms like U.S. Bank are getting
into the short-term lending game
that has long been dominated
by payday lenders. Banks say there
are key differences between their
lending practices and those
of pure payday lenders.
Banks, however, say they are acting responsibly
Responsibly defined in this case as keeping the simple interest rate under 200% per year.
Mr. Obama’s senior adviser, David Plouffe, and his chief of staff, William M. Daley, want him to maintain a pragmatic strategy of appealing to independent voters by advocating ideas that can pass Congress, even if they may not have much economic impact.