Chicago Democrat Luis Gutierrez introduced a bill last month that supposedly reforms out of control payday lending, where interest rates can exceed 300%, but actually gives payday lenders the freedom to charge annual interest rates that can exceed, um, 300%. It doesn’t sound like much of a reform, and in fact Gutierrez has been heavily funded by the payday lending lobby. But luckily for you and me, Stephen Colbert explains why this is all a good thing.
|The Colbert Report||Mon – Thurs 11:30pm / 10:30c|
|The Word – Have Your Cake And Eat It, Too|
“April 14, 2009: The Word – Have Your Cake And Eat It, Too” [Colbert Nation]