Payday Loan song

To put this topic in perspective, think of the terrible old banker, Mr. Potter, featured in the Christmas classic, "It’s a Wonderful Life." Mr. Potter drove a very hard bargain, but he wanted customers to actually pay off their loans.  Keep in mind that Mr. Potter was lending out money at about 2%. If Mr. Potter could have charge as much as many credit card companies, he would want to stretch out his repayment plans. And if he could charge 500%, he might not actually ever want his loans to be repaid. Welcome to the world of payday lending. During the day I work as a consumer lawyer at the Simon Law Firm in St. Louis, Missouri. My firm has filed several class actions again payday lenders based on their outrageous lending practices--on many occasions they systematically ignore the weak state laws that ostensibly regulate their conduct.   At my firm, we've met undeniable facts demonstrating that payday lenders make most of their money from people they would term "repeat customers," but these people should more accurately be referred to as people who are trapped in high interest loans or 400% or even 500% interest.

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Celebrity Republicans

I'll assume that most of DI's readers, like me, hate the celebrity phenomenon of the "famous for being famous". This rising class of psuedo-celebs, the "famesque", are a newish phenomenon who owe their livelihoods to media over-saturation. In a world of thousands of channels and millions of websites, in an economy where celebrity gossip magazines and gossip sites flourish as newspapers decline, there is a consistent demand for fluffy content. The outrageous and fame-hungry, who are willing (it seems) to do anything to garner attention, bloom and profit in such an environment. If you have no standards and no shame, it is relatively easy to make a celebrity career of puff piece interviews and reality TV appearances. Far easier than launching a career based on hard-work, creative production, and talent, anyway. But there is a new subclass of the 'famesque', one far more insidious than the droves of Paris Hiltons and Snookies and Osbornes and Kardashians we all despise and ignore. They are Celebrity Republicans- wannabe politicos who are pundits just for the sake of being pundits. And they are tearing the Republican party and political discourse apart.

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Little children recite self-critical version of the Pledge of Allegiance

When I was young, I was often made to recite the Pledge of Allegiance. It was clear to all the little children I knew that they didn't have the faintest idea about the meaning of most of the pledge. Nor did they understand why they were being made to recite it so often. Fast forward 40 years and I spot this:

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AT&T and Verizon’s wireless duopoly is on the rise and it will hurt YOU

John Conyers, Jr. (D-Mich.) and Congressman Ed Markey (D-Mass.) held a press conference to raise antitrust and public interest concerns surrounding the proposed merger of AT&T and T-Mobile wireless telecommunication companies.  Markey explained further:

The AT&T - T–Mobile deal is like a telecommunications time machine that would send consumers back to a bygone era of high prices and limited choice,” said Markey. “AT&T and Verizon have divided the nation into Bell East and Bell West. Approving consolidation of the number of nationwide carriers from 4 to 3 and then inevitably to 2 would return consumers to a duopoly in the national wireless market. This would be an historic mistake. Consumers will be tipped upside down, with the money shaken out of their pockets as the lack of competition leads to higher prices. It is innovation and investment in new technology that ultimately leads to the changes that protect consumers and promote competition. Anything less is a huge step backwards for our country’s ability to compete and win in the global marketplace.

Here is an excerpt from Free Press:

AT&T and Verizon would control nearly 80 percent of the market for mobile telecommunications.

As a result of the merger, the wireless market would be more consolidated than the markets for oil, banking, automobiles and air travel. What does that mean? It means that to achieve comparable consolidation in the oil industry, ExxonMobil would have to merge with BP, Shell, Chevron-Texaco and Citgo. And to make the comparison still more accurate, Exxon would not only have to merge, but would require you to buy only Exxon gas for the next two years.

We should all be concerned about this level of concentration in the market for a service that all Americans increasingly depend on. Mobile service is as critical for families as affordable, reliable water and electricity, and communities who can least afford to pay more will bear the cost of lining AT&T’s corporate coffers. That’s why 50 organizations dedicated to social justice filed a letter today with the Department of Justice and the FCC opposing the merger.

In 1984, when the Justice Department broke up the old Ma Bell, the prevailing consensus was that AT&T had gotten too big. But the AT&T-T-Mobile merger would create a behemoth that’s substantially bigger than the old Bell conglomerate. It really is 1984 all over again.

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