Sunday, March 13, 2005

MARY AT THE LEFT COASTER writes about Dianne Feinstein's reasons for voting against the bankruptcy bill after her initial plans to support it. Mary quotes part of Feinstein's statement explaining her opposition to the legislation:

Senator Dayton moved an amendment which would limit interest rates on credit cards to 30 percent. The amendment was summarily defeated. The fact of the matter is that with penalties, with other charges, with high interest rates and many companies have interest rates well -- believe it or not -- in excess of 30 percent, a minimum payer cannot ever repay the full debt because the interest on the debt, if combined with certain penalties and/or fixed payments, becomes such that it overwhelms the principal. Now, many people don't know that.
I wonder if any of the senators who voted down the amendment to bar credit card companies from charging higher than 30% interest consider themselves Christians. Just in case there are any such, I would like to ask them: If Jesus were alive today, what would he think of Christians allowing banks to charge 30% interest or more on loans to poor and working-class people? What would Jesus have done?

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