I want to feel sorry for Julie Bonenfant of Detroit, but I can’t. Not really. She appeared in a story on NPR about payday lenders and how she had gotten screwed by one particular lender. The story was really about how that cheerful headsman, Mick Mulvaney, is eviscerating the Consumer Financial Protection Bureau.
As reported by NPR, Bonenfant, who does administrative work for the city of Detroit, broke up with her boyfriend, had her car was stolen, and got behind on her rent. She went on-line and found Golden Valley Lending online and took out a $900 loan. Turns out that loan was at such a high interest rate that her scheduled payments total $3,735, or more than four times what she borrowed. The terms were buried in the fine print. Bonenfant has so far paid more than $3,000 to Golden Valley and rung up more than $1,000 in overdraft fees at her bank.
Am I not sympathetic to her? No, I am sympathetic to her, sort of, kind of, a little bit.
But, by her own admission, she voted for Donald Trump.
She voted for Donald Trump.
What did she expect would happen? Anybody with their eyes even a little bit open could see this kind of thing coming from a mile away. People who think this übernarcissist cares for ordinary working people have their head in geographically unmentionable areas at an impossible angle.
Mulvaney recently dropped a lawsuit against Golden Valley Lending, an online loan shark who illegally charges people up to 950% interest rates. It took CFPB staffers years to build the case. Many of them are devastated that all their hard work is going to naught.
Interest rates of 950%. Let that sink in people. And our federal government is defending them.
It’s the rest of us, who knew exactly that this kind of thing was coming, who have the right to be outraged.