The Trump administration has a reverse Midas touch. Everything it gets its hands on turns to shit.
Last week the Consumer Financial Protection Bureau, formed during the Obama Administration under the prodding of Elizabeth Warren, proposed to end the rules that protect borrowers from predatory loans carrying interest rates of 400% or more.
These are ”loans” (a better word is extortion) for people who run short of cash before their next paycheck. Frequently the interest is far greater than the original loan.
The head of the CFPB, Kathleen Kraninger, has now proposed dumping almost all of the rules that helped to protect borrowers. Nonetheless people wear their red hats and cheer Trump. It is truly mind-boggling.
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