“Reclaiming my time”. A small phrase that Biden should have invoked during the debate.
Investing in America’s future…
It’s too bad more politicians do not hold people’s feet to the fire. What a great way to GET THINGS DONE! Now if he does not do it, we know exactly who to blame and who to replace!
1 Like
Porter is awesome. I’ve watched her wreck several people in congress. She is extremely good at exposing stupidity and duplicity.
My favorite is of course math related:
Hahahahaha the dipshit doesn’t want to say it! The APR is well above predatory lending rates (and well above criminal rates).
In Alberta, my job was partly to ensure clear and concise disclosure of the “APR” and “Cost of Credit” in documents- which I did and held courses educating our lenders.
I also served as a director on a board for Consumer Protection.
Ethics in “banking” does not have to be exclusive of each other. My policy was “when in error, err in favor of the consumer” …it ensured and encouraged less “ripping off”.
However, I haven’t been in that system for over a decade - and a few years ago, took them to task on illegal late fees on mortgages. An issue that is still “quiet” …
1 Like
Right, you’d think it wouldn’t be that hard for someone who runs that department. At the very least they should (and probably do) have someone at the hearing with them that could.
Let me try to estimate without a calculator:
10% for a 2 week loan, so we’ll need 26 of them to cover a year. That is 260% APR, a mind boggling rate. A rate guaranteed to rocket you to the poor house, and keep you there.
It seems Porter made sure to choose a problem that had very easy numbers to make it super easy to do the math on the fly; so in my book that is another feather in her cap: she gave them every chance to get it right. I have no idea if they didn’t know, or refused to say. Either is depressing.
We have payday lenders here too. The annual rate for loans up to $2000 is capped at 24%.
I bought my first car in 1970,using a loan. The interest rate was 8% over 3 years. The amount was $800. simple math; 8% of $800 is $64 a year. Mkay?. Not quite. With this kind of loan, the loan is arranged so that you actually pay almost all the in the interest first, paying off little or no interest in the first year. That means paying extra or paying out the loan early is not necessarily to one’s advantage.
Unlike a house mortgage where any payments above the monthly amount comes directly off the capital.—my wife and I paid off two houses (sequentially) in under 5 years using that feature of our mortgage loans.
It was during those early years I found out how unsecured loans (cars etc) work. Understanding how loans work led me to the conclusion that any debt is the enemy of working man.—It was during this time that I became intimately acquainted with the term “delayed satisfaction”. When I first heard the term I assumed it referred to tantric sex.
The last time I used credit was when I bought this house, in 1991,with a 30 year mortgage… Paid it off in 2 years 9 months. (it was a relatively small mortgage)
OF COURSE I understand I was and am atypical----THE reason: no kids. This was the choice made by myself and my wife*** Yes, I regret not having children. Sometimes for as long as three minutes.
*** I was 31 when I got married. Took that long to find a woman who shared my ideals–this was from the late 60’suntil the late 70’s. During that time, each woman I met wanted to get married, work for about 3 years ,then start popping out units and never work for wages again…
My wife also had a career, earning more than I at one point.
1 Like