| The Colbert Report | Mon – Thurs 11:30pm / 10:30c | |||
| The Word – Have Your Cake And Eat It, Too | ||||
|
||||
Stephen Colbert dove into the fray over slimy lending last night with an hilarious look at the “Payday Loan Reform Act of 2009″ introduced by Rep. Luis Gutierrez, a Chicago Democrat.
“These days, credit is harder to come by than a brunette on Fox News,” he says on Comedy Central’s “The Colbert Report.”
But a “great source of quick cash (is) payday loans. If you need money now, you can borrow against your next paycheck at annual interest rate of only 400 to 800 percent. That is a great deal for anyone who gets a weekly 2,000 percent pay raise.”
Colbert noted that Gutierrez wanted to ban the costly loans until a payday loan company became the largest contributor to his re-election campaign. Now he’s seen the light and wants Congress to approve annualized interest rates of up to 780%.
In his role of conservative pundit who hates government regulation, Colbert concludes: “I like this bill because it legitimizes the payday loan industry by dragging it out of the darkness and into the anemic firefly flicker of nominal oversight.”
Could this Colbert Report report segment also introduce the phrase “debt pineapple” into the nation’s financial lexicon?
(4 votes, average: 4.75 out of 5)
Loading ...
Add New Comment