DNC Chair DWS Helpfully Illustrates Everything Bernie Sanders Hates About Democratic Establishment

[Jefferson23]

*So tell me how the Democratic Party keeps from splitting apart with actions like this?

Match 1, 2016

Full title: DNC Chair Debbie Wasserman Schultz Helpfully Illustrates Everything Bernie Sanders Hates About the Democratic Establishment

One of the benefits of America’s unusually stingy welfare system is that it allows our domestic payday-loan industry to thrive. Since the safety net is too threadbare to catch the working poor when they fall on troubled times, payday lenders are able to charge them exorbitant interest on subsistence loans. Nationally, the average interest rate on a payday loan is a stellar 390 percent.

But Elizabeth Warren’s Consumer Financial Protection Bureau is dead set on sapping all of the dynamism out of the payday-loan industry. The CFPB is about to issue new regulations on payday lenders that are aimed at preventing borrowers from falling into a vicious (or viciously profitable) cycle where they take out high-interest loans just to make the interest payments on their previous high-interest loans. Fortunately, DNC chair Debbie Wasserman Schultz is co-sponsoring a bill that would gut the CFPB’s regulations and allow payday lenders to keep profiting off the desperation of the impoverished.

According to a memo obtained by the Huffington Post, Wasserman Schultz is trying to rally congressional Democrats around a bill that would delay the CFPB’s new rules for two years and nullify those rules in any state that adopts its own payday-lending law, like the DNC chair’s own home state of Florida.

The key thing about such state laws is that they’re likely to be much kinder to the profits of payday lenders than what the CFPB is crafting. In Florida, the average interest rate on a payday loan is still 304 percent, according to Pew Charitable Trusts. What’s more, 76 percent of all payday loans in the state are turned loans — loans taken out to pay back another loan — according to Americans for Financial Reform. Thus, Florida’s law has left the highly profitable vicious cycle of payday borrowing intact.

in full: http://nymag.com/daily/intelligencer/2016/03/dnc-chair-lends-a-hand-to-payday-lenders.html#

[thesquanderer]

1. A vote for Bernie is a vote against DWS

I don't just mean that philosophically or as some kind of hyperbole. Literally, if Hillary wins the presidency, DWS is likely to maintain her position (or get a better one); if Bernie wins, she's almost certainly out, as the DWS chair is typically chosen by the president (if a Dem).

[Jefferson23]

2. Yes and DWS has a primary challenger for her seat in Florida and she could lose that as well. n/t