Dems 2019: Dem Hard With A Vengeance


#1948

Is this argument going anywhere? It’s unrelated to the thread title at this point.

I think we’ve said our piece.


#1949

So, I’m on Ms. Porter’s side of the fence of all the issues. I’m a progressive through and through. But sort of rudely saying “calculate this APR for me right now” is not helpful in any sense. If she wanted to call Ms. Kraninger out that she didn’t realize that fees were important and included in APR** then she could have stopped at asking her what’s included and then called her out, not rudely had someone throw a calculator her way and ask her to do math. If doing math was a requirement for a good manager then we’d need to throw out a lot of managers.

** I guess the CFPB director has never actually had to take out a loan, lol, since that is patently obvious if you’ve ever done it even once.


#1950

I thought the reason she did that is in her example, the single mother is in a similar situation: being put on the spot and having to understand what all goes into the APR and not just the interest rate. So if the person in charge of making sure consumers like her are protected from that situation can’t even answer the question herself when put on the spot, then maybe it’s a problem.


#1951

I don’t know. This super confrontational and aggressive style I’ve been seeing in all these “WATCH HOW MY LIB PAL STRAIGHT *DUNKED* ON THIS TRUMP NOM!” videos has been making my stomach turn lately. It reminds me of tea party tactics or conservative talk radio punditry more than anything.

Edit: And I’m ever mindful of Dems being asked to be the “adults” in the room while 'pubs run around with their underwear on their heads but this just doesn’t do it for me.


#1952

Just like the right wing has MAGAts, the left wing has resistance grifters too.


#1953

I think Porter could have probably brought up a better example if the women she is putting on the spot is as clueless as she thinks she is. She just wanted a good gotcha moment. But the woman in that example probably wasn’t in any position to care about the APR.


#1954

I love the moment in 4:37 when the calculator gets slid on screen for the Trumpist to use.


#1955

The trend now is for online websites or phone apps. If the law states they have to be upfront and present a single number that incorporates all fees (companies will try to invent 10 different fees so that it’s hard for consumers to compare the true cost between providers) like the APR, then it will be easy and fast to make a better financial decision.

“Crap, my car has broken down, should I use Mun4Dayz or FinanceUrLyfAway? One has APR of 450 one has 400, let’s use 400, done.”

The fact that these people usually need money fast is what makes the APR so great, it’s a single number that is easy to compare. They don’t have to do any arithmetic themselves.

Better information is usually just step number 1 towards a better regulated market, and not some utopia. Yet, if it’s all that D politicians can successfully get, good on them.


#1956

This is not really a good performance by Cortez.


#1957

The did invest in those prisons though, right?


#1958

With what prisons?


#1959

https://www.stanfordlawreview.org/online/privatized-detention-immigration-federalism/

Maybe it wasn’t Wells Fargo.


#1960

She asked in the video if it was Geo Group and CoreCivic, and he said yes. He also said they decided two years ago to end those relationships, said they ended their relationship with one already and the other when the loan agreements essentially ends.


#1961

Yeah, so what prisons are we talking about?


#1962

The Broward Transitional Center (BTC) is a for-profit detention center located in Pompano Beach, Florida.

might be one. I don’t recall them naming them.


#1963

Did Wells Fargo have something to do with running that prison?

I’m getting the impression that Cortez is trying to hold them accountable for lending money to corporations who did bad things… But that’s kind of weird. Especially given that was Fargo actually DID apparently later decide, “these guys are doing bad things, and we don’t want to associate with them.” That seems like… The kind of behavior we want, right?


#1964

Wells Fargo is one of the biggest banks in the country. Of course they’re going to be in the business of lending money to businesses they don’t like.

I don’t agree with her line of questioning. I’d rather her talk about breaking up some of these banks than trying to punish them for lending to legal businesses. Or she could go after getting private prisons, or prisons as a profit to begin with…


#1965

Yes, because ultimately this is something that the government directly controls. The government can absolutely choose not to use private prisons.

I understand why Cortez tries this… If you somehow held lenders responsible for anything done by people they lend money to, it would absolutely harm those people borrowing money.

But her attack is poorly thought out. The dude from Wells Fargo easily handles her questioning, and she doesn’t seem well prepared for his responses. Some of her suggestions about accounting for liability for lending money to companies who then went on to do stuff that may have contributed to combat change? That was idiotic on its face.

But even beyond that, do we really want Banks to be involved in deciding not only whether we are likely to pay them back, but whether we might do something with that money that the bank doesn’t approve of? Seems like something which could be easily abused, especially if it’s actually encouraged by the government.


#1966

I mean they already do this. When I worked for a payment processor owned by a large US bank, we had a firm directive against supporting any businesses with “adult content.” This apparently for very many years included LGBT-specific businesses as an unwritten rule that caused some very awkward and frustrating issues for us. See also large banks being hesitant to work with weed-based businesses in legal states.

I get that that might not be optimal on some level (it really burned me up to see a Disney vacations company lose their credit card processing when someone reported that they serviced a gay clientele and their website was very upfront about that) as banks hold down the disadvantaged and marginalized, but if it’s already a status quo, trying to apply it to, say, child-caging prisons isn’t the worst possible way of operating within existing structures.


#1967

Why would that bank be doing that?
I can only imagine that they would have some financial reason… And financially betting against porn seems dumb.