Our elected representatives pass the laws in Congress while our unelected lobbyists write them. The Financial Protection Bill that was intended to shield us from unscrupulous mortgage brokers ("Buy that McMansion now for $9.99 per month! Your mortgage rate will go up to $9,999 per month in two years, but since you won't read the fine print in the contract, we get our commission and you are left holding the bag.)
Lobbyists for car dealers got an exemption from the requirement to insure customer creditworthiness. That is why Sports Radio carries ads like, "Credit and forget it! Get that nicer, newer car that you deserve. I'm Bob from Macungie. I was months behind on my mortgage and I owed more on my old clunker than it was worth. Then I went to Sleazy Sam's Autos and got the car of my dreams with no money down."
Bob had better plan to live in the car of his dreams because the payments on it at Sleazy Sam's 24% interest rate will ensure that he never pays off his delinquent mortgage. Actually, Bob needs a Plan B because it's a lot easier to repossess a car than a house.
The Tea Partiers claim that The Government has too much power and that The Free Market will lead us to unparalleled prosperity. As long as The Government is influenced by lobbyists, we don't have to worry about the prosperity of the guys who hire the lobbyists. As for poor Bob from Macungie, at least he gets to drive "the nicer, newer car that he deserves" until it is repossessed.
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