Mrs. Petraeus reportedly set to join Obama administration

From Huffington Post:

“Elizabeth Warren, the Obama administration appointee now establishing a consumer financial protection agency, plans to name the wife of General David Petraeus–the top American general in Afghanistan–to a new position tasked with protecting military families from predatory lenders, according to sources familiar with the planning.

Holly Petraeus, a longtime advocate for military families, is expected to be named to the senior post sometime later this week, according to the sources, who spoke on condition they not be named. They characterized her selection as part of the administration’s designs to crack down on unscrupulous lending operations that have thrived by focusing on vulnerable Americans–not least, military personnel and their families, who have been contending with a weak economy at home just as many breadwinners are serving overseas in the dangerous conflict zones of Iraq and Afghanistan.

Petraeus’s appointment is aimed at empowering the agency to target abusive lenders without running afoul of Republicans in Congress, said the sources. Member of the GOP have portrayed the new institution as an enemy of free enterprise, warning that it could restrict credit by impeding the financial industry.”

Since 2004, Mrs. Petraeus — who herself grew up in the military as the daughter of a four-star general — has served as director of the Better Business Bureau’s Military Line, which offers consumer education to U.S. military personnel and their families. It’s an excellent cause.

“You see that strip outside (military) installations — the pawn shops, the tattoo parlors, the shady auto dealers,” she told the United Services Automobile Association in its November magazine. “I once heard those businesses described as bears lined up at a trout stream.”

It’s an apt description, as were the words of Major General Mike Lehnert, who in a 2006 speech said that payday lenders lined up outside the gates at Camp Pendleton, Calif., “are parasites, bottom feeders and scumbags.”

Last spring, over objections from the Pentagon, Senate Republicans led by Sen. Sam Brownback of Kansas tried to bar the Bureau of Consumer Financial Protection from regulating loans issued by auto dealers. Brownback and his colleagues weren’t swayed by Pentagon warnings that such loans pose a significant danger to the financial stability of U.S. military personnel, many of whom aren’t sophisticated consumers of financial products.

According to the Pentagon, surveys of service members found that “finances were second only behind work and career concerns and ahead of deployments, health, life events, family relationships, and war hostilities. Since auto financing represents the most significant financial obligation for the majority of service members; particularly in the junior enlisted grades, we believe the intervention of the CFPA in overseeing auto financing and sales for service members will help protect them and will assist us in reducing the concerns they have over their financial well-being.”

At the time, Holly Petraeus supported that authority for CFPA. “It’s a fact that military personnel love their cars,” she told reporters. “Sadly, many of them end up paying far more for them than they should.”

(Clearly, Mrs. Petraeus and those Pentagon liberals fail to understand that if service members are foolish enough to sign up for those loans, the nanny-state government shouldn’t try to protect them from their stupidity. I think that’s how the rhetoric would go, right?)

Brownback, however, was clearly less interested in protecting young enlisted personnel than in guarding the right of businesses to prey on them. Rejecting the Pentagon’s conclusion, he warned that allowing the CFPB to regulate such loans would actually cut access to credit for military personnel. In a letter to an undersecretary of defense, he claimed that his position had been endorsed by one of the nation’s top financial services experts, and even quoted a CNN Money article to that effect:

“Raj Date, executive director of the Cambridge Winter Center for Financial Institutions Policy, agreed that the additional regulation might cause some dealers to stop arranging loans.”

In trying to defend shady behavior, however, Brownback had engaged in some of his own. Here’s the CNN quote that he cited, but in full rather than truncated form:

“Raj Date, executive director of the Cambridge Winter Center for Financial Institutions Policy, agreed that the additional regulation might cause some dealers to stop arranging loans. ‘There will be some dealers who say, ‘If I have to play by an honest set [of] rules, then I can’t be in this business anymore’,” Date said. ‘I’m not going to shed any tears for these dealers.’

A rather different story than that depicted by Brownback in his letter, wouldn’t you say? As Date himself later confirmed to the Pentagon, “It is my strong opinion that only those auto dealers who cannot play by honest rules would exit the business.”

Those are the dealers whom Brownback and others sought to protect. And unfortunately, with the help of both Democratic and Republican members of the House, where local auto dealers have more sway than in the Senate, they eventually got their way in the final legislation.

As a result, whatever else she might accomplish in her reported new role, Mrs. Petraeus won’t be allowed to touch fly-by-night auto financing.

332 comments Add your comment

jm

January 4th, 2011
2:15 pm

The Petraeus’ are great folks. As Gump said: that’s about all I have to say about that.

stands for decibels

January 4th, 2011
2:20 pm

Jay, your HuffPo linkee, she is FUBAR.

Mick

January 4th, 2011
2:21 pm

The murky world of car buying. How many of us have been brought into that room with the guy with the gold watch and walked out thinking that we got a great deal?

stands for decibels

January 4th, 2011
2:21 pm

Matti

January 4th, 2011
2:32 pm

Why would targeting abusive lenders who prey on military personnel equate to “running afoul of Republicans in Congress?”

Oh… nevermind.

jt

January 4th, 2011
2:41 pm

S’more good intentions.

5 years from now, the lenders will be maybe a few hundred yards farther from a base gate, charging MORE interest, but cutting some federal bureaucrat into the vig.

The poor enlisted man will just to have to jump through a few more loops and spend more money.

Like I said earlier, in Progresso-World, only intentions count. The results are embarrasing.

Think War on Poverty or War on Drugs or War on Terrorism.

jm

January 4th, 2011
2:46 pm

Why don’t they let legit banks open up branches on base? And if the USM already does permit banks on base, and soldiers are still using these guys, then doesn’t that say something about their lack of creditworthiness, and a need to use these payday folks because they don’t have good credit.

I don’t know if banks are allowed on base or not. I would assume not, since someone then has to decide which banks get to be on base and there’s probably huge conflict of interest issues…… but it would seem a better solution, in my mind. Increase competition, don’t reduce it.

Matti

January 4th, 2011
2:49 pm

Military personnel take a lot of “classes.” They spend much of their time learning to do all manner of things in a very specific way. Yet, I’m appalled at what I’ve seen from military personnel with regard to basic financial common sense. (The ones I’ve seen who have it learned it from their parents.) I wonder why the organization that takes control of virtually every aspect of a young soldier’s life doesn’t provide a class in basic financial skills. (Such classes would also be useful in every high school, IMO.) Is it because it’s good for the military when their personnel don’t have the means to move on to the next phase of their lives? Does barely making it paycheck to paycheck make them better soldiers? Just wondering if anyone else noticed this.

jm

January 4th, 2011
2:51 pm

Matti – I agree. Basic financial education should be part of military training if necessary. And not only high school, but middle school also. Its a learned and practiced behavior, not something solved in a single 4 hour class (for kids).

Granny Godzilla

January 4th, 2011
2:51 pm

Great choice by Ms. Warren.

Oh and Ms. Warren herself was a great choice as well.

OH JT

FYI

war on drugs and war on terror were both declared in conservo-world
and yes the results are kinda embarassing……

carlosgvv

January 4th, 2011
2:52 pm

Republicans have shown they will do anything, including turning their backs on our Military, to protect the interests of their corporate sponsors. Worse, they have managed to fool a large number of the voting mindless into beleiving they actually care about them. It is problematic that any of their puppets will ever become clear-minded enough to see the Republicans for what they really are.

Granny Godzilla

January 4th, 2011
2:53 pm

jm and Matti

financial education in schools is a great idea..but it should start at home.

we walked to the bank every couple of weeks with our bag of dimes and quarters…..

F. Sinkwich

January 4th, 2011
2:54 pm

Are these “parasite, bottom feeder and scumbag” businesses operating legally? If not, arrest them. If so, leave them alone.

jt

January 4th, 2011
2:58 pm

Granny Godzilla

conservo-world………….not.

Neo-conservo-world………..yes.

Neo-conservo=Neo-Libero=Progresso=Statisimo=miseryo=ruin.

jm

January 4th, 2011
2:58 pm

GG – fine by me, start the education in elementary school. Unfortunately, the school has to make up for the efforts of derelict parents. I agree with your sentiments. But you can’t pass a law saying parents must take their kids to the bank with them.

Or to the online banking website with them.

F. Sinkwich

January 4th, 2011
2:58 pm

Great, another busy-body liberal bureaucrat sticking her nose in private business on the taxpayer’s dime.

Granny Godzilla

January 4th, 2011
2:59 pm

F Sinkwich translated

Screw our service men and women.

Granny Godzilla

January 4th, 2011
3:01 pm

jm

how are we going to pay for those extra teachers? textbooks?

(sorry jusr playing devils advocate)

jm

January 4th, 2011
3:05 pm

GG – just make it part of existing curriculum. Part of math credits which we need more of anyway…. no additional expense…

DWTOO

January 4th, 2011
3:05 pm

These dealers and pay day lenders are scum and politicians who protect them aren’t much better. Brownbeck is a hack. However, as we’ve seen with other well intentioned regulations scum will always find a way around them. The best solution is a well paid, well schooled soldier. There are many credit unions that target federal employees. Branches on military bases would help.

F. Sinkwich

January 4th, 2011
3:06 pm

No, Granny, I just don’t happen to believe that our service men and women are stupid like you do.

Matti

January 4th, 2011
3:06 pm

Of course it should start at home! But one cannot share with one’s children knowledge that one does not have. BAD advice is everywhere (like con artists who call themselves bankers and businessmen, whose deplorably deceptive actions are only legal because they’ve joined PACs to buy legislators to make them so.) How do they know good advice from bad?

Mr. Sinkwich is likely such a predatory con artist himself, taking people’s money for something of much lesser (if any) value, then patting himself on the back for making his fortune “legally.” (See you in hell, Mr. Sinkwich! I’ll sell you a cup of my kool-aid, warm, for 80 times what you pay for chilled kool-aid up here.)

Matti

January 4th, 2011
3:07 pm

The best solution is a well paid, well schooled soldier.

Amen!

Fred

January 4th, 2011
3:12 pm

What a joke. The commanding Generals allow the fleecing of the soldiers. If a service member is late on a payment to one of these predators, all they (the predator) have to do is go complain to the service members chain of command. The soldier then faces Article 15. It’s a joke. Ms. privileged Generals wife/daughter knows that. She is PART of the problem, not the solution.

Hell, back during Desert Storm, Ft. Hood had the whole 1st Cav’s 3rd division, (a Nat’l Guard unit from Mississippi) called to active duty and then shipped to Ft Hood so the merchants wouldn’t have to resort to cheating each other to stay afloat while the 1st Cav and 2nd AD were deployed to Saudi Arabia. Politicians don’t give a damn about those of us who really serve the Country.

Fred

January 4th, 2011
3:13 pm

F. Sinkwich runs a slew of cheat shops on Victory drive in Columbus……….

F. Sinkwich

January 4th, 2011
3:13 pm

“Mr. Sinkwich is likely such a predatory con artist himself, taking people’s money for something of much lesser (if any) value, then patting himself on the back for making his fortune “legally.”

Uh, no, Matti.

But neither am I a knee-jerk weep-easy liberal like you.

Keep up the good fight!

January 4th, 2011
3:14 pm

Sinkwich…they are not stupid. They are ignorant of some things and the slick predators lie and manipulate them. Then again you have probably never really seen the predators in action. Allowing them to continue to be fleeced by these predators would be one of the biggest disservices we could do for the military.

Southern Comfort

January 4th, 2011
3:15 pm

I thought the GOP was “THE grand defender of the military”. I guess when you shine light into the darkness, the shady are exposed for what they truly are.

barking frog

January 4th, 2011
3:16 pm

The best way to get rid of an enemy is to make him
your friend. Works for political rivals as well as lenders.
The military can guarantee payment to good lenders
and require financed purchases be scrutinized. Lenders
who do not participate can legally be barred from collecting
their unscrupulous debts. The military is different. Rightly so.

Granny Godzilla

January 4th, 2011
3:17 pm

F. Sinlwhich

You got that WAY wrong little man.

I just don’t happen to be the corporate serf you are, living on the crumbs of your betters.

Corporate Stooge.

AmVet

January 4th, 2011
3:19 pm

Sam Brownback? What an embarrassment. Even by neo-con standards.

After that absurd performance in the GOP primaries of 2008, I would think that that loon would have either hidden his ostrich head in the oil fouled sand or dropped out of public view entirely.

I’m surprised that flat-earther isn’t going on about the impending rapture.

For him and the bulk of the right-wing chickenhawks, “support the troops”, is just rhetoric and campaign fodder but is not remotely connected to anything they do.

And given what I’ve read so far from the cons, their only experience with military personal is via TV and film.

RAMBLE ON!!!

January 4th, 2011
3:24 pm

haha, using the Huffington Post as a news source and CNN in the same article. Most of it must be a lie. Can we get Dan Rather to chime in, please.

Wouldn’t that be Holly Betrayeaus to you liberals?

JohnnyReb

January 4th, 2011
3:24 pm

The Nanny State is alive and well here. Plus, you underestimate those in the military. They are smart enough to know they are being ripped off on car loan interest. Do you really think they would finance the car with sharks if their credit would support a purchase through Ford Motor Credit, GMC or the base credit union? The answer is no. Those that deal with sharks are doing so because of bad or no credit and its either the shark or walk.

As to Mrs Petraeus joining the Obama administration, anyone in big business would tell her not a good idea. Even companies who allow spouses to work at the same company require different departments. When it comes to politics, there is only one department.

RAMBLE ON!!!

January 4th, 2011
3:29 pm

AmVet, I was in the military and you are a pathetic miserable soul.

I feel sorry for folks stuck on miserable like you.

barking frog

January 4th, 2011
3:30 pm

Google: Servicemembers Civil Relief Act signed into law
in 2003 by GW Bush.

Keep up the good fight!

January 4th, 2011
3:42 pm

The “Nanny State” is one of those silly mantras from those in a ninny state. It is meaningless. Why I daresay that the ninny staters would say that child molestation prevention laws are just Nanny State stupidity.

TaxPayer

January 4th, 2011
3:42 pm

Perhaps Mrs. Petraeus will be able to educate more people about loan sharks and their association with the GOP and steer them away from both groups of crooks.

AmVet

January 4th, 2011
3:44 pm

Bumble on,

Here’s to hoping you are as tormented by me and others here in 2011 as you were in 2010.

(Obviously when you were in uniform, the rules prohibiting moral turpitude were exceptionally lax.)

Midori

January 4th, 2011
3:52 pm

Ramble on — the fool’s fool.

I bet you even wear a jester’s cap.

Granny Godzilla

January 4th, 2011
3:56 pm

Hi Midori

ALways so nice to see you!

mystified

January 4th, 2011
4:04 pm

I’m sure the General’s wife was the most qualified person and that there are no strings attached to that appointment. And CT is right about the rhetoric. At some point kids need to grow up and make good decisions.

RAMBLE ON!!!

January 4th, 2011
4:07 pm

Yes, Midori I where it for you and your Queen.

To bad for you, we live in a democracy, especially since your “slacking”.

Keep up the good fight!

January 4th, 2011
4:07 pm

At some point kids need to grow up and make good decisions

Those that dont grow up and fail to make good decisions are welcome to become Republicans.

Mystified….as to the CT comment…you may want to scroll up and see who’s blog you are on.

Kamchak

January 4th, 2011
4:08 pm

Yes, Midori I where it for you and your Queen.

Huh?

Curious Observer

January 4th, 2011
4:10 pm

Good job, Elizabeth Warren! Those of us who have served on military bases know what traps await just outside the base gates—crooked car dealerships, usurious payday loan and pawn shops, over-priced clothing stores, etc. And don’t tell me that some 18 or 19-year-old should know better. Certainly, consumer education is important, but we need to protect today’s service people now, not wait for another twelve years for the schools to get around to teaching students to guard their finances (and just wait till the merchant class starts whining to Congress about that.) While I was at Camp Lejeune in the early ’60s, I heard stories about a commanding general who declared the entire town of Jacksonville, NC off-limits because the merchants were preying on young Marines. We need more commanders like that. And it’s for sure we need more Elizabeth Warrens looking out for consumers.

TaxPayer

January 4th, 2011
4:12 pm

So, those kinky Republicans are apparently into debt bondage too. Seems like I’ve read something about usury somewhere before but I wouldn’t want to sound as though I were here to preach about it so I’ll leave it at that.

josef nix

January 4th, 2011
4:12 pm

left wing
You make the point. There is one big, whale of a difference between “stupid” and “ignorant.” Somewhere along the line Engrish speakers decided the two were synonymous. That’s bad. Now we have to be ever so vigilant in using the word ignorant when trying to address a very real problem.

And, yes, our young people are woefully ignorant of finances. The contention has been made here that the remediation to the problem begins in the schools. That is correct. Yet, trying to get such courses into a curriculum ever more oriented to standardized tests which do not consider these life skills “core curriculum.” Long before algebra, geometry and calculus, basic arithmetic is fundamental. Financial planning requires no more than basic skills in arithmetic at a fifth grade level.

Until we (y’all) insist that these objectives become a focus of the curriculum, we will continue to produce high school graduates with no concept of handling the basic requirements of life in the real world. Such lowlife as being addressed in this article are fully aware of this…so are credit card companies, loan officers in “rep*table” insitutitions, etc. What is the difference of 1% in interest rates over a 30 year mortage on a $250 house? And that is one of the reasons we’re in the shape we’re in…ignorance…not stupidity, ignorance…

Paul

January 4th, 2011
4:13 pm

Republicans in charge of the House, a house Republican leading the charge with both parties behind him, and Pres Obama appoints General Petraeus’s wife?

Finally, the administration is learning the nuances of politics –

carlosgvv 2:52

“Republicans have shown they will do anything, including turning their backs on our Military, to protect the interests of their corporate sponsors. Worse, they have managed to fool a large number of the voting mindless into beleiving they actually care about them. It is problematic that any of their puppets will ever become clear-minded enough to see the Republicans for what they really are.”

Did you miss this part of Jay’s column?

“And unfortunately, with the help of both Democratic (emphasis added) and Republican members of the House, where local auto dealers have more sway than in the Senate, they eventually got their way in the final legislation.”

On this issue, they’re both guilty.

F. Sinkwich

“Are these “parasite, bottom feeder and scumbag” businesses operating legally? If not, arrest them. If so, leave them alone.”

By that logic, nearly all legislation would stop…. now. Make that argument in 1830, no environmental laws, food safety laws, worker safety laws, consumer protection laws…. nothing.

JohnnyReb

“Those that deal with sharks are doing so because of bad or no credit and its either the shark or walk.”

Any studies to support that opinion?

Ramble on

“AmVet, I was in the military and you are a pathetic miserable soul. ”

He may not mention it, but AmVet was in the military. During Vietnam. Enlisted, not drafted, if I recollect properly.

Your ignorant characterization says much more about you than it does about one who served honorably during a war -

Keep up the good fight!

January 4th, 2011
4:14 pm

TaxPayer…the credit card companies have pretty much successfully eliminated effective usury laws in most states.

Paul

January 4th, 2011
4:16 pm

hello josef nix

Did I use ‘ignorant’ okay? Was tryin’ to be kinda’ polite -

josef nix

January 4th, 2011
4:18 pm

PAUL
Of course you did…it simply means “do(es) not know.” No more, no less…

Paul

January 4th, 2011
4:19 pm

josef nix

Hmmmm….. I meant it in a more pejorative sense……

josef nix

January 4th, 2011
4:21 pm

oops…
@ 4:12
should have been to good fight…sorry…

BlahBlahBlah

January 4th, 2011
4:22 pm

If I openly and honestly tell a soldier their car loan will be 19% because their credit stinks, and they agree to the terms, why should it be banned?

josef nix

January 4th, 2011
4:23 pm

PAUL
I’ve found “dumb as dirt” works! :-)

josef nix

January 4th, 2011
4:24 pm

BlahBlah
No reason whatsoever if you lack a moral compass…

Paul

January 4th, 2011
4:25 pm

josef nix

Yeah, but I sensed a bit of a coarse, mean streak there.

Keep up the good fight!

January 4th, 2011
4:27 pm

Nix….glad someone else knows what it means to be ignorant of the meaning of stupidity…I very pointedly chose to use them both because they do not have the same meaning and if you check, the words were used correctly. Ignorance is not stupidity.

larry

January 4th, 2011
4:28 pm

Republicans have had a lot of experience defending predatory lenders. Remember who repealed Gov. Barnes’ predatory lending law? Remember who led in the lobbying effort ? The Bush administrations’ Office of the Currency of the Controller.

BlahBlahBlah

January 4th, 2011
4:28 pm

josef, why is that lacking a moral compass? Interest rates should be based on the risk of default. If the risk of default is high, the rate is high. Is anyone forcing them to buy the car?

Paul

January 4th, 2011
4:29 pm

Blah

Depends on how it’s done. Anyone can say anything. The soldier could be ignorant about how to verify the information. If the salesperson is lying, then there should be legal requirements to disclose the source and penalize offenders. That is, unless one views lying or being lied to as normal in sales. Or in one’s life.

There’s a reason these places spring up around military bases. I believe it’s what the military calls a ‘target-rich environment.”

jt

January 4th, 2011
4:30 pm

From Drudge–Coming soon here.

“European nations begin seizing private pensions

Hungary, Poland, and three other nations take over citizens’ pension money to make up government budget shortfalls.”

This should be no problem for those who have faith in Washington’s management of money.

Stonethrower

January 4th, 2011
4:33 pm

You guys lay off of Brownback who is now governor of the great state of Kansas!.

josef nix

January 4th, 2011
4:34 pm

We tried to teach our kids financial responsibiltity at home since we knew they were not going to get it at school. Younger Boy didn’t much care for math and trying to get him through basic arithmetic was a challenge. When I was showing him how to compound interest and the need to know percentages, his eyes lit up. Now he was already a tight one with his money and had a nice little chunk of change. Older Brother needed a loan and went to Younger Brother when I turned him down. Younger Brother agreed, and had him sign a contract for the $100 for 50% interest compounded monthly. Big Brother jumped on it, immediate gratification at work. When he found out what it was costing him at payback time, he got all bent out of shape wanting to know why Little Brother was charging him so much. “You’re a bad credit risk.” Big Brother comes complaining to me and Unmentionable “that’s not fair. That’s not right.” Unmentionable laughed, “fair? Nope. But right? Hey you signed the paper, now pay up and chalk it up to experience because that’s the way the real world works.” Sad to say, Big Brother, career military, was a slow learner. He eventually got it, but it took a while and the scumbags in the real world saw him coming from a mile off. But in his case, it wasn’t because he wasn’t taught better by Little Brother!

BlahBlahBlah

January 4th, 2011
4:35 pm

Paul, I would have ZERO problem with aggressive regulation of just about any financial product in this country.

It’s the idea of outright BANNING loans that bothers me, and a lot of folks around here seem to like the idea of banning stuff they don’t like.

godless heathen

January 4th, 2011
4:37 pm

You mean these predatory dealers don’t have to dump all that disclosure paperwork on the lendees? Of course they do.

What is the proposed solution? More disclosure paperwork to dump on the lendees that they won’t read? Limit the interest rate that can be legally charged? (Call it the Loan Shark Relief Act).

Be careful of unintended consequences.

jewcowboy

January 4th, 2011
4:38 pm

Why do the Republicans seem so afraid of Ms. Warren?

http://www.thedailyshow.com/watch/tue-january-26-2010/elizabeth-warren

Oh…

josef nix

January 4th, 2011
4:39 pm

BlahBlah
It’s profiting from someone else’s misfortune. I’m not at all arguing the concept of risk and such, that’s bidness…but, bidness is most often lacking a moral compass…Your question was essentially what is wrong with doing it…and the answer was, nothing if you lack a moral compass. I’m not insinuating that you lack a moral compass entirely, mind you…

Jay

January 4th, 2011
4:40 pm

Blahblah, the proposed law would have regulated, not banned. In fact, it would merely have made car loans subject to the same kind of regulations already applied to community banks and other financing options.

The car-financing sharks got what they call a “carve-out” from the rules that apply to everyone else.

Keep up the good fight!

January 4th, 2011
4:41 pm

Godless…requiring a disclosure and actually having it provided or having it filled in accurately or explained accurately is another thing. There are some loan rates that should not be permitted. Some contracts are void agains public policy. Also violators should be subject to strong civil and criminal penalties as well as the payment of all attorneys fees.

Doggone/GA

January 4th, 2011
4:43 pm

Just testing…haven’t been able to post all day from my other computer, want to see if this one works.

Paul

January 4th, 2011
4:44 pm

Blah

I believe it’s more because they target a specific population with their practices. We have laws against elder abuse. Suppose we had large communities of elder care. Not sprinkled in communities as we do now, but large compounds of five to ten thousand people. If shady businesses began springing up across the street with similar practices, I doubt many of us would object to heavily restricting or banning them.

Granny Godzilla

January 4th, 2011
4:46 pm

Somebody should remind Drudge and his minions about all the US workers who have had their pensions stolen from them in the last few years…..

And if the states are allowed to go bankrupt you can add all the public employees of that state to the list…

carlosgvv

January 4th, 2011
4:48 pm

Paul

It was Sam Brownback (Republican) who led the way in protecting the auto dealers. And it is Republicans who are protecting the other “bears lined up at a trout stream”. The Republicans, by far, are the ones least interested in protecting the Military and most interested in protecting Big Business.

jm

January 4th, 2011
4:57 pm

Public service announcement.

If you work for a small company, and have a 401k plan with them, you should read this and pay very close attention to what is happening with it. This is about business owners stealing (defrauding) employees from their 401k plan.

http://www.smartmoney.com/personal-finance/retirement/new-worries-for-401k-investors/

Paul

January 4th, 2011
4:59 pm

carlosgvv

Yeah, that’s why I said he led the charge. But it’s the same as when it was noted about Wall Street donations to Democrats far exceeding donations to Republicans. Republicans may be front and center in colluding with big business, but the unfortunate trend I see is, in many instances Democrats are in the background joining in.

It all gets back to $$$$, carlosgvv, and what politicians will do to sell their votes to get reelected.

Jay

January 4th, 2011
4:59 pm

Thanks for the 401k post, jm.

Gee, I wonder why THAT story’s not headlining at Drudge?

jewcowboy

January 4th, 2011
5:00 pm

“America today has plenty of rich and super-rich. But it has far more families who did all the right things, but who still have no real security. Going to college and finding a good job no longer guarantee economic safety. Paying for a child’s education and setting aside enough for a decent retirement have become distant dreams. Tens of millions of once-secure middle class families now live paycheck to paycheck, watching as their debts pile up and worrying about whether a pink slip or a bad diagnosis will send them hurtling over an economic cliff.

America without a strong middle class? Unthinkable, but the once-solid foundation is shaking.” ~ Elizabeth Warren

http://www.huffingtonpost.com/elizabeth-warren/america-without-a-middle_b_377829.html

jewcowboy

January 4th, 2011
5:00 pm

Why is this thing eating my posts?

Matti

January 4th, 2011
5:02 pm

a lot of folks around here seem to like the idea of banning stuff they don’t like

Like being able to purchase beer from a store on Sunday when folks oughter be in church. Or being able to purchase a marriage license if your fiance has the same kind of junk you do. People who stick their big fat noses in other people’s bidness are SO annoying!

jm

January 4th, 2011
5:02 pm

Because birds dropping from the sky are more important. And the headline doesn’t fit well in BIG BLACK LETTERS…..

By the way, the Savannah turkey cited in the article was recently spotted wandering around Atlanta. Doing what heaven only knows. Looking for fresh prey probably….

Doggone/GA

January 4th, 2011
5:04 pm

“Why is this thing eating my posts?”

It’s been eating mine all day…and when I tried to repost, it just comes back and says I already posted that.

Keep up the good fight!

January 4th, 2011
5:04 pm

JCB…Its eating mine too…..a conspiracy I tell ya.

Keep up the good fight!

January 4th, 2011
5:05 pm

JohnnyReb

January 4th, 2011
5:07 pm

Paul – “Any studies to support that opinion?”

Yes, 4 years in the USAF and 64 years on this earth. And, for all you Nanny staters, bless your good intentioned heart, even though I may not have been the sharpest knife in the tool kit at 19; I was smart enough to know to stay away from loan sharks. My guess is, most if not all in today’s all volunteer service are a lot more street smart than a 19 year old in 1966.

Matti

January 4th, 2011
5:07 pm

Oh man.. I have to step out of the 401k discussion. TOO depressing! Believe those creeps, and contribute the max year after year… only to have next to nothing 15 years later. So what, if I find out somebody’s been lyin, cheatin and stealin, I might actually get some back? Yeah, right. Not in America, where the bigger you steal, the more likely you are to get away with it, and restitution is rarely, if ever enforced. I’m on my own because I can’t afford to buy a congressman (and am unwilling to scam the soldiers). I *get* that now.

Paul

January 4th, 2011
5:07 pm

jm

Had a friend of the family – was our ‘uncle’ – in car sales, dealership owner took the employees’ retirement funds and spent it himself. Back then, before current protections, it was legal. Uncle quit and got another job.

Grandmother worked at a company for close to 30 years. Company ‘went out of business’ about the time the bulk of the employees were about to retire. Tough luck.

To all those who’ve said ‘we don’t need any more regulations, let the market take care of it” – nice bumper sticker. But real life’s a lot more crippling on people.

Dusty

January 4th, 2011
5:08 pm

Well, if Mrs. Petraeus is going to do this job for free with a free staff, then I am all for it. Otherwise…THE DEBT.

Our military people are fighting all over the world for us and they use some very complicated machines and equipment . But we can’t trust them to take care of their own business? Baloney!! That’s an insult. Bookman grew up in a military family. Too bad he has such a low opinion of their abilities.

I imagine the percentages of the socalled ignorant that get screwed by auto dealers are about the same as the whole population in the USA. If these dealers are getting by with improper loans, surely there are already laws that stop them. If not federal, there should be local.

But according to time immemorial, “you can lead a horse to water but you cannot make him drink”. No kind soul in Washington is going to stop a determined young man getting a car whether by hook or use of crooks. Telling him “the dangers” won’t change his mind. That’s just the way it is and Mrs. Petraeus won’t make a dent anywhere except addng to THE DEBT.

I am sure Mrs. Petraeus means well and has a lot of time on her hands. But I do not think we need a babysitter for our military. We do not need another anoited savior in Washington either.

Paul

January 4th, 2011
5:11 pm

JohnnyReb

My point in asking was, lots of things seem obvious, given one’s experience in life.

But studies carried out using appropriate methodology oftentimes contradict those experiences because they cover a much wider population.

Again, the fact those business still pop up like mushrooms in manure around bases with high concentrations of young enlisted ought to be a tip-off.

Dusty

January 4th, 2011
5:12 pm

Paul,

When regulations make life as smooth as silk, I’ll be for every one of them. But I’m not holding my breath for that perfect day.

Paul

January 4th, 2011
5:13 pm

JohnnyReb

Forgot to add, then there’s Jay’s clarification that those businesses are exempt from the laws that apply to other businesses. Any idea why that is?

Keep up the good fight!

January 4th, 2011
5:13 pm

Twelve million Americans are trapped every year in a cycle of 400% interest payday loans. – Responsible lending website (Since posts with the links are being eaten)

jm

January 4th, 2011
5:14 pm

Matti / Paul – it’s a reasonable argument for converting 401k plans to managed accounts where individuals pick the assets, but the federal government acts as a funds transfer intermediary.

Of course, then you run the risk one day the government will elect to take the money again for emergency tax purposes. Pick your devil I suppose is the choice we’re faced with.

The best solution is personal saving without the involvement of the government or the company you work for….. caveat emptor, as they say. Its a shark filled sea out there for sure.

Paul

January 4th, 2011
5:14 pm

Hello Dusty

Smooth as silk? I’m just content knowing they make the road a little less rocky for some -

josef nix

January 4th, 2011
5:16 pm

DUSTY
I’m afraid that the contention the military can use the most sophisticated equipment indicates they can figure out when they’re being taken for a ride by Auto Dan’s Buy Here, Pay Here. I don’t know if you read my story from my own loan shark boy…Big Brother? Straight A’s in all the advanced maths…still got snookered big time…

jm

January 4th, 2011
5:16 pm

Well this just defies all stereotypes.

Mississippi Strikes Again: Stion to Open Manufacturing Facility

A Red State that is positively green.

http://www.greentechmedia.com/articles/read/mississippi-strikes-again-stion-to-open-manufacturing-facility/

Dave R.

January 4th, 2011
5:16 pm

“Clearly, Mrs. Petraeus and those Pentagon liberals fail to understand that if service members are foolish enough to sign up for those loans, the nanny-state government shouldn’t try to protect them from their stupidity. I think that’s how the rhetoric would go, right?”

Poor Jay. Doesn’t know reality from rhetoric.

Sadly, Jay’s answer for everything that is against personal responsibility is more government.

We’re raising a nation of two-legged stools in need of a third leg. Thanks Dems.

Del

January 4th, 2011
5:25 pm

Elizabeth Warren is just another Obama far left academician. The left just loves taxes on business and more regulations, while the countries stuck on 10% unemployment.

Dusty

January 4th, 2011
5:25 pm

Paul,

When missing those rocks in the road cost so much ’cause you landed in the ditch, I don’t call that “help”. Government help is never free nor frugal.

Josef,

I read your study of two types. You exemplified why Mrs. Petraeus is wasting her time. As I have already said, if a young man wants a car, advice is but a breeze blowing by. You tried to make it incompetence in math. I suggested determination leads (even to foolish things).

Matti

January 4th, 2011
5:26 pm

We’re raising a nation of two-legged stools in need of a third leg. Thanks Dems.

If you blame only the “Dems” for this metaphorical observation, then that must mean either there are no Repubs who have common sense or practical knowledge to share with others, or that they’re simply too stingy to do so. Which is it? Just curious.