New banking regulations ARE GOOD. Thanks to Senator Elizabeth Warren (D-MA)

[LegendKiller]

So the two things she fixed are services that only affect dumbasses and people who can't manage their money?

Yea, she's doing great. Tell me when she fixes the fact that banks are getting government loans for almost free and then turning them around on students and making them pay 7%.

When are the banks getting gov't loans for free?

Who is making students pay 7%? SLMA isn't a bank (well, SLMA is now a "bank" but Navient isn't). Discover isn't really a bank. Wells is a bank but they don't really play in sls.

 

[LegendKiller]

Elizabeth Warren isn't completely wonderful, especially not this watered-down version. They pretty much extinguished her flame years ago.

And not to digress, but she also has demonstrated that very bright people can be incredibly stupid. Although, I don't know who ultimately loses with claims of being American Indian, her lying in order to better gain entrance into U. Penn and Harvard. And then dusting off and repeating the lie to better gain entrance into the US Senate.

http://elizabethwarrenwiki.org/elizabeth-warren-native-american-cherokee-controversy/

Don't get me wrong, I have appreciated her intentions in the past. But fool me once shame on you....

She extinguished her own flame. The idiocy of BANK act alone proves that. What a moronic self-absorbed and cynical pandering piece of shit bill that was.

 

[cubby1223]

Elizabeth said she would do it. And she has.
For one, major banks are being forced out of the PAY-DAY LOAN business. New regulations will stop banks from offering the dreaded pay-day loan service at the ridiculous high interest rates that easily trap so many into ongoing loan after loan. And it is interesting the same major banks have, in the past, fought to limit and close down private 3rd party pay-day loan business they felt were too much competition. Now the banks will soon be forced to cease offering pay-day loans on checking accounts with direct deposits.

And more recently, new regulations and major changes on how the bank process checking account transactions.
Before, the banks used a little nasty trick called "stacking". Stacking was a method to impose as many overdraft fees as possible on checking accounts that go over limit.
For example, if you had $500 in the checking account, and say four checks or debits were going to hit that account for that nights processing, the bank would impose "stacking". The debits and checks were re-arranged or "stacked" so that the larger checks would hit first, causing the other smaller items to each generate overdraft fees.

So if you had $500 in the account and four checks coming in that night for, say, $500, $5, $10, $20, that $500 check would stack to post first and the other smaller checks all initiated over draft fees per each item. That would end up as one $500 check paid, and three smaller amount checks all causing $35+ in over draft fees.

With the new regulations, thanks to efforts of Elizabeth Warren who should be elected FU-ing queen of America for her never ending hard work protecting the middle class from the banks and financial institutions greed, the new regulation prevents and stops the banks from their dirty little trick known as "stacking". From now on, major banks MUST process and post checks in order that they hit the account. No more intentional stacking practices by your greedy little banker.
In the scenario above, the account would be hit with only one over draft fee for that $500 item. The other three smaller items would have easily cleared and posted first with an available balance of $500. The $500 check would then bounce, but that would be a lot less in fees $35 x 1 opposed to $35 x 3 used under the "stacking" method.

Is it any wonder she is so hated so by the financial institutions?
And the Koch brothers.

The hell with Hillary.... I want Senators Elizabeth Warren elected God for protecting the middle class. Or elected president would also do.
And I want her face up there on Mt Rushmore, the hell with Ronald Reagan's puss.

Meh

Payday loans are OPTIONAL. Nobody ever forced anybody to take out such a loan. And they have to be high interest because they are short term and very risky of non-repayment. But the bottom line, they were OPTIONAL, now they are UNAVAILABLE. How is it helping people by offering fewer completely optional services?

How hard is it to keep the balance of your checking account? Don't write bad checks and nothing bad will happen to you. I don't know, maybe the largest check is deemed the most important and it's better than this one doesn't bounce.

And how exactly does this help the middle class? Banks have money coming in and money going out. The middle class are those who don't take out payday loans and don't bounce checks. Their cost to do banking is going to increase if the cost to do banking on others decreases.

This is a big pile of meh.

 

[cubby1223]

I've noticed a consistent theme among conservative thinkers, and I used to be one, that it's OK to prey on poor or uninformed people because they must deserve it. It's part of the incessant need many people have to see others suffer for their bad decisions so they can inflate their own sense of self righteousness.

And the general theme of liberals is that people are inherently too stupid to understand life.

There is a difference between, say, people being led to believe they could afford larger homes and the value would continue to rise... and people passing around bad checks because they decided math was too hard.

It has nothing to do with seeing other people suffer. It has everything to do with wanting to see other people take responsibility for their own actions.

 

[boomerang]

Some folks are seeing Fauxcahontas as the replacement for Hillary who is crashing and burning. She has no one to blame but herself and her family as Bill and Chelsea are both assisting her in her demise as a candidate. People have a low tolerance for listening to millionaires talk about how poor they are. So, some on the left, in search of a new "first" candidate, see Warren as the replacement. She's not going to make the grade. It's going to be Biden. Good ol' Joe. Hah!

 

[Jhhnn]

And the general theme of liberals is that people are inherently too stupid to understand life.

Not quite. The generalized theme is that shysters are too smart to allow them to run wild & free & to use the law for predatory ends.

There is a difference between, say, people being led to believe they could afford larger homes and the value would continue to rise... and people passing around bad checks because they decided math was too hard.

It has nothing to do with seeing other people suffer. It has everything to do with wanting to see other people take responsibility for their own actions.

There's a difference between self righteous judgmental attribution & reality, as well, which you post clearly indicates. When a person loses track of their balance for any reason, that does not justify stacking checks to receive maximum overdraft fees. That's clearly exploitation based on extreme power differential. The stress on median families brought on by this Lesser Depression creates many such opportunities for exploitation.

And of course you want to see people suffer for their mistakes, as much as possible if there's money to be made off it or just to reinforce your feelings of superiority.

Being able to meet the bills with some ease doesn't make you superior, just luckier.

 

[Zebo]

Elizabeth Warren isn't completely wonderful, especially not this watered-down version. They pretty much extinguished her flame years ago.

And not to digress, but she also has demonstrated that very bright people can be incredibly stupid. Although, I don't know who ultimately loses with claims of being American Indian, her lying in order to better gain entrance into U. Penn and Harvard. And then dusting off and repeating the lie to better gain entrance into the US Senate.

http://elizabethwarrenwiki.org/elizabeth-warren-native-american-cherokee-controversy/

Don't get me wrong, I have appreciated her intentions in the past. But fool me once shame on you....

Harvard said she didnt get any benefit because she is not on indian rolls. Dude about 90% of Indian blooded ppl in this country are not on rolls. It wasn't exactly a positive back then (1800's) to register and people denied it especially 1/2 and 1/4 breeds who could integrate into white society. Now, we swung other way, everyone says they got indian blood.

Lighten up Francis.

They pretty much extinguished her flame years ago.

you dont get 27m dollars for campaign by being a populist. System is fucked up. Need public financing. But she's doing the best she can.

 

[Matt1970]

Meh

Payday loans are OPTIONAL. Nobody ever forced anybody to take out such a loan. And they have to be high interest because they are short term and very risky of non-repayment. But the bottom line, they were OPTIONAL, now they are UNAVAILABLE. How is it helping people by offering fewer completely optional services?

How hard is it to keep the balance of your checking account? Don't write bad checks and nothing bad will happen to you. I don't know, maybe the largest check is deemed the most important and it's better than this one doesn't bounce.

And how exactly does this help the middle class? Banks have money coming in and money going out. The middle class are those who don't take out payday loans and don't bounce checks. Their cost to do banking is going to increase if the cost to do banking on others decreases.

This is a big pile of meh.

Because the government knows what's better for you than you do. If you had no other option but a PayDay loan to keep from getting kicked out in the street or lose your car, now you have no options at all.

 

[LegendKiller]

Harvard said she didnt get any benefit because she is not on indian rolls. Dude about 90% of Indian blooded ppl in this country are not on rolls. It wasn't exactly a positive back then (1800's) to register and people denied it especially 1/2 and 1/4 breeds who could integrate into white society. Now, we swung other way, everyone says they got indian blood.

Lighten up Francis.


you dont get 27m dollars for campaign by being a populist. System is fucked up. Need public financing. But she's doing the best she can.

She's doing the "best she can"? Are you fucking kidding me?

She's playing the best political games she can.

 

[bradley]

Ms. Warren not only falsely claimed to be Native American to get a cushy job at Harvard Law, she also practiced law in Massachusetts without a license, of which she's freely admitted btw. Those who don't hold politicians accountable based on their own ideology are part of the problem, not solution.

Elizabeth is now a powerful politician and there are very few teeth in the ferocity of her past words. I guess that's good for those who like toothless blow jobs.

She's basically selling us the whole left-right thing based on her own ideology and throwing us D-MA bandaids. Those hollow words will easily help her future political ambitions.

Or perhaps she knows the problem, for instance the system is rigged, but truly isn't smart enough to understand the solution. I'd make it my agenda to stand on the Senate floor and filibuster any economic bill about Glass-Steagall and WTO till blue in the face.

I'll give her more of a chance, but am not holding out much hope.

 

[LegendKiller]

Ms. Warren not only falsely claimed to be Native American to get a cushy job at Harvard Law, she also practiced law in Massachusetts without a license, of which she's freely admitted btw. Those who don't hold politicians accountable based on their own ideology are part of the problem, not solution.

Elizabeth is now a powerful politician and there are very few teeth in the ferocity of her past words. I guess that's good for those who like toothless blow jobs.

She's basically selling us the whole left-right thing based on her own ideology and throwing us D-MA bandaids. Those hollow words will easily help her future political ambitions.

Or perhaps she knows the problem, for instance the system is rigged, but truly isn't smart enough to understand the solution. I'd make it my agenda to stand on the Senate floor and filibuster any economic bill about Glass-Steagall and WTO till blue in the face.

I'll give her more of a chance, but am not holding out much hope.

She proved how much of a self-serving shallow dipshit she was when she said that the problem is the interest rate of the student loans and said nothing about the principal balance and the cost of tuition which causes that.

OP proves that people buy her bullshit at face value, which is why we get loser politicians like Obama, GW, and Billary.

 

[Darwin333]

Middle class people don't get pay day loans.

And I would say it is highly questionable to consider someone who has issues with over drafting a checking account middle class either. Want to know an easy way to avoid over draft issues? Don't write checks for more than you have money in your account Hey maybe I should be elected FU-ing King of America for my totally awesome advise.

You're wrong on all accounts. As a matter of fact payday loans are a huge issue with our military men. Go drive around a base and you will see quite a few of the payday loan places.

As far as the "don't write bad checks", I concur. With that said, why do you think that writing a bad check should give a bank the ability to commit what should be fraud? If you write 3 checks that you had the funds to cover at the time and then 1 check that you didn't how could you call hitting the person with 3 overdraft charges anything but fraud?

Furthermore, wouldn't you like to spend less on entitlements? Don't you think removing predatory and fraudulent practices that are levied at poor people and drastically reduce their ability to better themselves a good thing? Or would you just prefer to keep giving them your tax dollars?

 

[Fanatical Meat]

So the two things she fixed are services that only affect dumbasses and people who can't manage their money?

Yea, she's doing great. Tell me when she fixes the fact that banks are getting government loans for almost free and then turning them around on students and making them pay 7%.

Its still better than doing nothing, which is what the majority of our legislators do.

 

[Jhhnn]

Its still better than doing nothing, which is what the majority of our legislators do.

It's not like she filibustered her own bill minutes after introducing it, either, which is worse than nothing.

 

[OBLAMA2009]

im not sure these are good things, you cant beat big business, they will just screw you another way. now theyve pretty much gotten rid of free checking accounts. i never considered checking accounts with credit lines to be "payday loans". in fact i found that occasionally quite useful at wells fargo. making check stacking illegal is a good thing but im not sure that affects anyone except people who reguarly bounce their accounts. whats more important is the hug number of people with bad credit who are locked out of the banking system. i was reading an article last week about how a ridiculous number of people who have bad credit cant have bank accounts (in ny its like 10% of people) so they have to use those prepaid cards, that seems screwed up, and it affects far more people. the same article said that some companies like walmart try to pay people with prepaid cards (which charge a fee every time you use them), thats something that shouldnt be allowed ever

 

[OBLAMA2009]

Ms. Warren not only falsely claimed to be Native American to get a cushy job at Harvard Law, she also practiced law in Massachusetts without a license, of which she's freely admitted btw. Those who don't hold politicians accountable based on their own ideology are part of the problem, not solution.

Elizabeth is now a powerful politician and there are very few teeth in the ferocity of her past words. I guess that's good for those who like toothless blow jobs.

She's basically selling us the whole left-right thing based on her own ideology and throwing us D-MA bandaids. Those hollow words will easily help her future political ambitions.

Or perhaps she knows the problem, for instance the system is rigged, but truly isn't smart enough to understand the solution. I'd make it my agenda to stand on the Senate floor and filibuster any economic bill about Glass-Steagall and WTO till blue in the face.

I'll give her more of a chance, but am not holding out much hope.

agreed she is a scammer who also quits jobs in order to move up, shes all about herself

 

[PokerGuy]

Hmm, OP makes a post giving a bunch of "what this person has done" and provides zero actual evidence of any doing.

OP sounds pretty much like those crappy commercials you see right before the elections. Lots of hype about how wonderful a candidate is and how he/she will protect the middle class and all that BS. That's all it is, of course, BS.

 

[nehalem256]

You're wrong on all accounts. As a matter of fact payday loans are a huge issue with our military men. Go drive around a base and you will see quite a few of the payday loan places.

http://www1.salary.com/E3-Private-First-Class-Army-Salary.html

I don't think I would call $21,000/yr middle class.

As far as the "don't write bad checks", I concur. With that said, why do you think that writing a bad check should give a bank the ability to commit what should be fraud? If you write 3 checks that you had the funds to cover at the time and then 1 check that you didn't how could you call hitting the person with 3 overdraft charges anything but fraud?

Furthermore, wouldn't you like to spend less on entitlements? Don't you think removing predatory and fraudulent practices that are levied at poor people and drastically reduce their ability to better themselves a good thing? Or would you just prefer to keep giving them your tax dollars?

My point was that the OP is trying to make it seem like Elizabeth Warren is some kind of savior of the middle class, whereas in actuality all her proposals are aimed at the poor. Talk about fraud

Likewise if you are on medicaid or food stamps(entitlements) you aren't middle class.

 

[glenn1]

http://www1.salary.com/E3-Private-First-Class-Army-Salary.html

I don't think I would call $21,000/yr middle class.

Military enlisted get food, housing, and health care/insurance provided for them or a separate stipend to obtain them. Even presuming very low rent/food/healthcare expenses of $1,000/month that still equates to the $30k something range which certainly isn't dire poverty. As someone who spent quite a lot of time as an enlisted person myself, I considered myself a working stiff but if pressed would have said "lower middle class" for my economic status. I have no doubt I was probably doing much, much better than many other people who considered themselves in that same category.

 

[fskimospy]

http://www1.salary.com/E3-Private-First-Class-Army-Salary.html

I don't think I would call $21,000/yr middle class.

You don't know what you're talking about when it comes to military salaries. (and neither does salary.com for that matter)

You're only counting his base pay which doesn't include 3 free meals every day and free housing, two things everyone else has to pay for out of pocket. No matter where you're stationed that's worth at a minimum many hundreds of dollars per month.

 

[werepossum]

Ms. Warren not only falsely claimed to be Native American to get a cushy job at Harvard Law, she also practiced law in Massachusetts without a license, of which she's freely admitted btw. Those who don't hold politicians accountable based on their own ideology are part of the problem, not solution.

Elizabeth is now a powerful politician and there are very few teeth in the ferocity of her past words. I guess that's good for those who like toothless blow jobs.

She's basically selling us the whole left-right thing based on her own ideology and throwing us D-MA bandaids. Those hollow words will easily help her future political ambitions.

Or perhaps she knows the problem, for instance the system is rigged, but truly isn't smart enough to understand the solution. I'd make it my agenda to stand on the Senate floor and filibuster any economic bill about Glass-Steagall and WTO till blue in the face.

I'll give her more of a chance, but am not holding out much hope.

Well said. Still, at least part of this bill is unabashedly good and also fair to the banks. Increasingly seems like it's rare to be able to say that about any Congresscritter, which makes me like her more than I did before even though I disagree with the vast majority of her agenda.

Military enlisted get food, housing, and health care/insurance provided for them or a separate stipend to obtain them. Even presuming very low rent/food/healthcare expenses of $1,000/month that still equates to the $30k something range which certainly isn't dire poverty. As someone who spent quite a lot of time as an enlisted person myself, I considered myself a working stiff but if pressed would have said "lower middle class" for my economic status. I have no doubt I was probably doing much, much better than many other people who considered themselves in that same category.

QFT, and thank you for your service.

 

[theeedude]

Warren is doing great work in the Senate. The fact that the corporatists are bashing her at every turn is just a confirmation of that.