Image via WikipediaHi Kiddies: Todays lesson is on loan sharking. Jeeze, what's that! Loan sharking is taking advantage of someone's poor financial situation to charge them a ton of interest. In most states loan sharking is illegal, but it seems that states have conveniently forgotten this law. Not only have the states conveniently forgotten this law, but Congress seems to condone loan sharking. That is why your bank can suddenly jack your interest rates sky high. Under many state's loan sharking laws the banks are engaged in illegal activities. I would also like to point out that just, because it happens a lot, it doesn't make it legal.
Organized crime used loan sharking to rake in loads of cash and if you didn't pay, they broke your legs. The banks don't break your legs. They threaten you with lowering your credit score and destroying your life.
Congress and the state legisltors of every state have been paid off with donations from the banking lobby. They have been allowed to run roough shod over the american people. Regulation is a bad word in the republican vocabulary and the Democrats are down on there knees in front of the bankers and they aren't shining their shoes. Only banks can wield enough power to make the government bail them out to the tune of 2 trillion 700 billion dollars. According to The Bloomberg Report. The government have lent banks 2 trillion dollars that they have not disclosed. The Fed has refused to saay which banks recieved the loans or what collateral they put up.
The bottom line is that the government will hand over truck loads of cash to the banking industry to gain their cooperation, rather than passing a law. If the government is going to buy credit card debt, then people should get lower interest rates. After all they are lending us our money. The banks are stealing from people and getting paid by the governmentt to do it.
It is time to write your attorney generals people and tell them to enforce the loan sharking laws. Ild say if everyone calls something will happen. Pass this blog to everyone you know and let them know what the government is doing.