Consumerist
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 | ||||
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"April 14, 2009: The Word - Have Your Cake And Eat It, Too" [Colbert Nation]
