President Donald Trump Admin To Roll Back Obama-Era Payday Lending Rules | Velshi & Ruhle | MSNBC


15 minutes could save you 15% or more.>>>TIME FOR MY FAVORITE PART OF could save you 15% or more.>>>TIME FOR MY FAVORITE PART OF THE SHOW. THE SHOW. MONEY, POWER, POLITICS. MONEY, POWER, POLITICS. PAYDAY LENDERS. PAYDAY LENDERS. I TALKED ABOUT THEM BEFORE. I TALKED ABOUT THEM BEFORE. THE WORST OF THE WORST. THE WORST OF THE WORST. WE SCORED A MASSIVE VICTORY OF WE SCORED A MASSIVE VICTORY OF THE TRUMP ADMINISTRATION, THE TRUMP ADMINISTRATION, ROLLING BACK RESTRICTIONS THAT ROLLING BACK RESTRICTIONS THAT WERE SET TO TAKE EFFECT LATER WERE SET TO TAKE EFFECT LATER THIS YEAR. THIS YEAR. I REMEMBER IT WAS COREY LIEUEN I REMEMBER IT WAS COREY LIEUEN DO YOUSKI WORKING WITH SOME OF DO YOUSKI WORKING WITH SOME OF THEM IN A LOBBYIST CAPACITY. THEM IN A LOBBYIST CAPACITY. THE CONSUMER PROTECTION BUREAU THE CONSUMER PROTECTION BUREAU SAYS IT WILL ABANDON RULES TO SAYS IT WILL ABANDON RULES TO REQUIRE LENDERS TO ENSURE THAT REQUIRE LENDERS TO ENSURE THAT BORROWS COULD REPAY THEIR LOANS BORROWS COULD REPAY THEIR LOANS BEFORE ISSUING THEM. BEFORE ISSUING THEM. THE GOAL WAS TO HELP PREVENT THE GOAL WAS TO HELP PREVENT BORROWERS FROM BEING SUCKED INTO BORROWERS FROM BEING SUCKED INTO DEATH TRAPS, WHEN BORROWS CANNOT DEATH TRAPS, WHEN BORROWS CANNOT PAY BACK THEIR LOAN RIGHT AWAY, PAY BACK THEIR LOAN RIGHT AWAY, TAKING SEVERAL MONTHS TO DO, SO TAKING SEVERAL MONTHS TO DO, SO COSTS THEM HUNDREDS OF DOLLARS COSTS THEM HUNDREDS OF DOLLARS IN FINANCE CHARGES, ON TOP OF IN FINANCE CHARGES, ON TOP OF THE ORIGINAL LOAN AMOUNT. THE ORIGINAL LOAN AMOUNT. IT IS A VORTEX THAT CRUSHES IT IS A VORTEX THAT CRUSHES PEOPLE. PEOPLE. MANY OF THESE LOANS HAVE MANY OF THESE LOANS HAVE INTEREST RATES, ARE YOU READY INTEREST RATES, ARE YOU READY FOR THIS, OF 400%. FOR THIS, OF 400%. 20 TIMES HIGHER THAN THE AVERAGE 20 TIMES HIGHER THAN THE AVERAGE CREDIT CARD. CREDIT CARD. THERE ARE 23,000 PAYDAY LENDERS THERE ARE 23,000 PAYDAY LENDERS ACROSS THE NATION. ACROSS THE NATION. ALMOST TWICE THE NUMBER OF ALMOST TWICE THE NUMBER OF McDONALD’S FAST FOOD CHAINS. McDONALD’S FAST FOOD CHAINS. AND ALMOST 10 MILLION AND ALMOST 10 MILLION MILLENNIALS HAVE TAKEN OUT ONE MILLENNIALS HAVE TAKEN OUT ONE OF THESE LOANS IN THE LAST TWO OF THESE LOANS IN THE LAST TWO YEARS. YEARS. THIS IS SO UPSETTING TO ME. THIS IS SO UPSETTING TO ME. JOINING ME CONTRIBUTOR, BACK JOINING ME CONTRIBUTOR, BACK WITH US. WITH US. WHY? WHY? WALK ME THROUGH. WALK ME THROUGH. WHY DID THE TRUMP ADMINISTRATION WHY DID THE TRUMP ADMINISTRATION ROLL BACK THESE REGULATIONS? ROLL BACK THESE REGULATIONS?>>WELL, SOME WOULD SAY CRUELTY>>WELL, SOME WOULD SAY CRUELTY IS THE WHOLE POINT. IS THE WHOLE POINT. WHICH WE’VE HEARD — WHICH WE’VE HEARD –>>BUT LET’S NOT BE LIKE THAT,>>BUT LET’S NOT BE LIKE THAT, LET’S BE SERIOUS. LET’S BE SERIOUS. WHAT’S THEIR ARGUMENT? WHAT’S THEIR ARGUMENT?>>LET’S LOOK AT THIS>>LET’S LOOK AT THIS PRAGMATICALLY. PRAGMATICALLY. THIS IS A LOBBY EXTRAORDINARILY THIS IS A LOBBY EXTRAORDINARILY POWERFUL THEFRMT HAVE A LOT OF POWERFUL THEFRMT HAVE A LOT OF MONEY TO THROW AWAY. MONEY TO THROW AWAY. NO DIFFERENT THAN THE CREDIT NO DIFFERENT THAN THE CREDIT CARD LOBBY, BROKERAGE FIRM CARD LOBBY, BROKERAGE FIRM LOBBY. LOBBY. THEY HAVE MEMBERS AND THE THEY HAVE MEMBERS AND THE MEMBERS WANT RESULTS NAND THIS MEMBERS WANT RESULTS NAND THIS CASE YOU HAVE A MALLABLE CASE YOU HAVE A MALLABLE ADMINISTRATION THAT LOOKS AT ADMINISTRATION THAT LOOKS AT BUSINESS OF THE BUSINESS, AND BUSINESS OF THE BUSINESS, AND WHAT THEY’RE SUPPOSED TO FOCUS WHAT THEY’RE SUPPOSED TO FOCUS ON AND NOT WHAT THE EFFECTS ARE ON AND NOT WHAT THE EFFECTS ARE ON THE CONSUMER. ON THE CONSUMER. SO NOW WE HAVE A CONSUMER SO NOW WE HAVE A CONSUMER FINANCIAL PROTECTION BUREAU THAT FINANCIAL PROTECTION BUREAU THAT QUITE FRANKLY IS WORKING HARDER QUITE FRANKLY IS WORKING HARDER TO REMOVE REGULATION THAN TO TO REMOVE REGULATION THAN TO ENFORCE REGULATION. ENFORCE REGULATION. JUST ONE MORE EXAMPLE. JUST ONE MORE EXAMPLE.>>WHAT IS THE RATIONAL ARGUMENT>>WHAT IS THE RATIONAL ARGUMENT THAT THE CURRENT REGULATORS THAT THE CURRENT REGULATORS WOULD MAKE FOR WHY THIS MAKES WOULD MAKE FOR WHY THIS MAKES SENSE? SENSE? THAT’S WHAT I DON’T UNDERSTAND. THAT’S WHAT I DON’T UNDERSTAND.>>THIS IS A REFLECTION OF MICK>>THIS IS A REFLECTION OF MICK MULVANEY’S SORT OF DOG EAT DOG MULVANEY’S SORT OF DOG EAT DOG VIEW OF FINANCIAL EFFICIENCY, VIEW OF FINANCIAL EFFICIENCY, THAT IF YOU HAVE RULES, THEY GET THAT IF YOU HAVE RULES, THEY GET IN THE WAY, AND IF THERE AREN’T IN THE WAY, AND IF THERE AREN’T RULES, PEOPLE THEN HAVE TO FEND RULES, PEOPLE THEN HAVE TO FEND FOR THEMSELVES, AND THEY PROVE FOR THEMSELVES, AND THEY PROVE THEIR WILES BY WHETHER OR NOT THEIR WILES BY WHETHER OR NOT THEY ARE ABLE TO MAKE MONEY, AND THEY ARE ABLE TO MAKE MONEY, AND IF THEY GET PICKED OFF IN THE IF THEY GET PICKED OFF IN THE PROCESS, SO BE IT. PROCESS, SO BE IT. I DON’T THINK ANY ECONOMY THAT I DON’T THINK ANY ECONOMY THAT ACTUALLY FUNCTIONS WELL, BRINGS ACTUALLY FUNCTIONS WELL, BRINGS PEOPLE IN THE MIDDLE CLASS, PEOPLE IN THE MIDDLE CLASS, WHICH GOOD ECONOMIES DO, WHICH GOOD ECONOMIES DO, FUNCTION THAT WAY. FUNCTION THAT WAY. BUT YOU’VE GOT A DEEP BUT YOU’VE GOT A DEEP PHILOSOPHIC ATTACK TO THAT PHILOSOPHIC ATTACK TO THAT NOTION AND IT IS COMING HOME TO NOTION AND IT IS COMING HOME TO ROOST ABOUT LIFTING REGULATIONS. ROOST ABOUT LIFTING REGULATIONS.>>PEOPLE ARE NOT GOING TO>>PEOPLE ARE NOT GOING TO PAYDAY LENDERS TO BUY THEIR PAYDAY LENDERS TO BUY THEIR FIRST HOMES. FIRST HOMES. THEY’RE GOING TO PAYDAY LENDERS THEY’RE GOING TO PAYDAY LENDERS TO PAY THEIR MEDICAL BILLS. TO PAY THEIR MEDICAL BILLS.>>WHEN THEY’RE IN TROUBLE.>>WHEN THEY’RE IN TROUBLE.>>THEY ARE GOING TO PAYDAY>>THEY ARE GOING TO PAYDAY LENDERS WHEN THEIR CAR IS BROKEN LENDERS WHEN THEIR CAR IS BROKEN AND THEY GOT TO GET IT FIXED TO AND THEY GOT TO GET IT FIXED TO GET TO WORK. GET TO WORK. YOU MADE A BROADER POINT JEFF, YOU MADE A BROADER POINT JEFF, WHAT WE’RE SEEING WITH THIS WHAT WE’RE SEEING WITH THIS ADMINISTRATION IS A NEW ADMINISTRATION IS A NEW BATTLEGROUND OF ROLLING BACK BATTLEGROUND OF ROLLING BACK REGULATIONS, VERSUS SORT OF REGULATIONS, VERSUS SORT OF RAMPANT INEQUALITY. RAMPANT INEQUALITY.>>YES, SO ON THE ONE HAND,>>YES, SO ON THE ONE HAND, WE’VE GOT SENATORS WRITING WE’VE GOT SENATORS WRITING OP-EDS ABOUT STOCK BUYBACKS, ON OP-EDS ABOUT STOCK BUYBACKS, ON THE OTHER HAND WE’VE GOT A THE OTHER HAND WE’VE GOT A SITUATION WHERE $29 BILLION SITUATION WHERE $29 BILLION WORTH OF PAYDAY LOANS WERE MADE WORTH OF PAYDAY LOANS WERE MADE LAST YEAR, RACKING UP $5 BILLION LAST YEAR, RACKING UP $5 BILLION IN FEES, AND ALMOST ALL OF THAT IN FEES, AND ALMOST ALL OF THAT IS COMING AT THE EXPENSE OF IS COMING AT THE EXPENSE OF PEOPLE WHO LITERALLY ARE THE PEOPLE WHO LITERALLY ARE THE MOST VULNERABLE. MOST VULNERABLE. THE MOST VULNERABLE. THE MOST VULNERABLE. SO THE BIGGER PICTURE IS THAT SO THE BIGGER PICTURE IS THAT THE PENDULUM IS SWINGING BACK. THE PENDULUM IS SWINGING BACK. YOU ALMOST LOOK AT THIS AND SAY YOU ALMOST LOOK AT THIS AND SAY IT AIN’T GOING TO MATTER BECAUSE IT AIN’T GOING TO MATTER BECAUSE PEOPLE ARE SICK AND TIRED ON PEOPLE ARE SICK AND TIRED ON BOTH SIDES OF AISLE OF THIS KIND BOTH SIDES OF AISLE OF THIS KIND OF OPPRESSIVE BEHAVIOR FROM THE OF OPPRESSIVE BEHAVIOR FROM THE FINANCIAL INDUSTRY. FINANCIAL INDUSTRY.>>THEY’RE NOT THOUGH.>>THEY’RE NOT THOUGH. HOLD ON A SECOND. HOLD ON A SECOND. THEY SAY THAT THEY ARE. THEY SAY THAT THEY ARE. WE WERE ALL HERE AFTER THE WE WERE ALL HERE AFTER THE FINANCIAL CRISI CALLING THEM FAT FINANCIAL CRISI CALLING THEM FAT CAT BANKERS. CAT BANKERS. AMERICA BEING FURIOUS NOBODY AMERICA BEING FURIOUS NOBODY WENT TO JAIL. WENT TO JAIL. NOT THAT FURIOUS BECAUSE THEN NOT THAT FURIOUS BECAUSE THEN PRESIDENT TRUMP WAS ELECTED. PRESIDENT TRUMP WAS ELECTED. HE SURROUNDED HIMSELF WITH GARY HE SURROUNDED HIMSELF WITH GARY COHN AND WILBUR ROSS AND THEY COHN AND WILBUR ROSS AND THEY SAID LET’S GET RID OF DODD/FRANK SAID LET’S GET RID OF DODD/FRANK AND WHO NEEDS THE VOLCKER RULE. AND WHO NEEDS THE VOLCKER RULE.>>THE ARGUMENT IS IT WOULD HELP>>THE ARGUMENT IS IT WOULD HELP THEM BUT THEY ARE SEEING IT THEM BUT THEY ARE SEEING IT ISN’T. ISN’T. YOU CAN’T TELL SOMEONE I’M YOU CAN’T TELL SOMEONE I’M HELPING YOU AND SMACK THEM IN HELPING YOU AND SMACK THEM IN THE FACE BY ALLOWING FINANCIAL THE FACE BY ALLOWING FINANCIAL INSTITUTIONS TO TAKE ADVANTAGE INSTITUTIONS TO TAKE ADVANTAGE OF THEM. OF THEM. IT CAN’T GO ON INDEFINITELY IT CAN’T GO ON INDEFINITELY FOREVER. FOREVER. AS A CERTAIN POINT THERE WILL BE AS A CERTAIN POINT THERE WILL BE A REALIZATION. A REALIZATION. I DON’T KNOW IF THAT’S 2020 OR I DON’T KNOW IF THAT’S 2020 OR 2022 IN THE NEXT MIDTERMS BUT 2022 IN THE NEXT MIDTERMS BUT PEOPLE ARE GOING TO WAKE UP AND PEOPLE ARE GOING TO WAKE UP AND SAY, YOU KNOW WHAT IT TURNS OUT SAY, YOU KNOW WHAT IT TURNS OUT THIS RAMPANT LAISSEZ-FAIRE THIS RAMPANT LAISSEZ-FAIRE PHILOSOPHY OF FINANCIAL MARKETS PHILOSOPHY OF FINANCIAL MARKETS AND BANKING INSTITUTIONS, THIS AND BANKING INSTITUTIONS, THIS DIDN’T GO MY WAY OR WORK OUT FOR DIDN’T GO MY WAY OR WORK OUT FOR ME AND PEOPLE WILL HAVE THEIR ME AND PEOPLE WILL HAVE THEIR MINDS CHANGED BY REALITY IF NOT MINDS CHANGED BY REALITY IF NOT BY POLITICAL ARGUMENTS. BY POLITICAL ARGUMENTS.>>YOU BRING UP THE FINANCIAL>>YOU BRING UP THE FINANCIAL CRISIS. CRISIS. DONALD TRUMP IS AN OUTCOME OF DONALD TRUMP IS AN OUTCOME OF THE FINANCIAL CRISIS. THE FINANCIAL CRISIS. HIS PRESIDENCY IS A REFLECTION HIS PRESIDENCY IS A REFLECTION OF THE DISTRESS THAT AVERAGE OF THE DISTRESS THAT AVERAGE AMERICANS FELT IN THE WAKE OF AMERICANS FELT IN THE WAKE OF THAT MELTDOWN WHERE THEY LOST THAT MELTDOWN WHERE THEY LOST HOMES. HOMES. THEY LOST THEIR PENSIONS. THEY LOST THEIR PENSIONS. THEY LOST THEIR CHILDREN’S — THEY LOST THEIR CHILDREN’S — SAVINGS FOR THEIR CHILDREN’S SAVINGS FOR THEIR CHILDREN’S COLLEGE. COLLEGE. AND LARGE INSTITUTIONS AND LARGE INSTITUTIONS OVERLOOKED THEM. OVERLOOKED THEM. BOTH PARTIES OVERLOOKED THEM TO BOTH PARTIES OVERLOOKED THEM TO SOME EXTENT. SOME EXTENT. THE MEDIA OVERLOOKED THEM. THE MEDIA OVERLOOKED THEM. AND THE BUSINESS WORLD AND THE BUSINESS WORLD OVERLOOKED THEM. OVERLOOKED THEM. AND PEOPLE IN THE HEARTLAND SAID AND PEOPLE IN THE HEARTLAND SAID WALL STREET GOT BAILED OUT. WALL STREET GOT BAILED OUT.>>THAT’S REALLY IMPORTANT.>>THAT’S REALLY IMPORTANT. I AGREE. I AGREE.>>WE DIDN’T GET BAILED OUT.>>WE DIDN’T GET BAILED OUT. NOW WHAT YOU’VE HAD IS A TEAM NOW WHAT YOU’VE HAD IS A TEAM COMING IN THERE AND ARE COMING IN THERE AND ARE REDEGULATING RULES MEANT TO REDEGULATING RULES MEANT TO PROTECT UNSOPHISTICATED PROTECT UNSOPHISTICATED LOW-INCOME PEOPLE FROM DIGGING LOW-INCOME PEOPLE FROM DIGGING FINANCIAL GRAVES FOR THEMSELVES. FINANCIAL GRAVES FOR THEMSELVES.>>THIS IS WHAT I DON’T>>THIS IS WHAT I DON’T UNDERSTAND. UNDERSTAND. SO I’M WITH YOU THAT SORT OF THE SO I’M WITH YOU THAT SORT OF THE RISE OF THE TRUMP VOTER, THAT RISE OF THE TRUMP VOTER, THAT FORGOTTEN AMERICAN WHO SAW FORGOTTEN AMERICAN WHO SAW PRESIDENT OBAMA IN HIS LAST PRESIDENT OBAMA IN HIS LAST STATE OF THE UNION TALK ABOUT STATE OF THE UNION TALK ABOUT THE GREAT FINANCIAL RECOVERY, THE GREAT FINANCIAL RECOVERY, THOSE PEOPLE LOOKED AT HIM AND THOSE PEOPLE LOOKED AT HIM AND SAID SCREW YOU, DUDE. SAID SCREW YOU, DUDE. AND THEN TRUMP GETS ELECTED AND AND THEN TRUMP GETS ELECTED AND THIS DEREGULATORY ENVIRONMENT IS THIS DEREGULATORY ENVIRONMENT IS ONLY GOING TO BE HURT. ONLY GOING TO BE HURT.>>HERE’S WHAT THEY’RE BEING –>>HERE’S WHAT THEY’RE BEING — NONE OF THIS PAYDAY LENDING NONE OF THIS PAYDAY LENDING ACTIVITY WOULD EXIST IF THERE ACTIVITY WOULD EXIST IF THERE WEREN’T A NEED FOR IT. WEREN’T A NEED FOR IT. WE’RE TALKING ABOUT THE SYMPTOM. WE’RE TALKING ABOUT THE SYMPTOM. THE CAUSE IS THAT HALF THE THE CAUSE IS THAT HALF THE COUNTRY CAN’T ACCESS $500. COUNTRY CAN’T ACCESS $500. IF WE REGULATE FINANCIAL IF WE REGULATE FINANCIAL INSTITUTIONS, THEN YOU’LL HAVE INSTITUTIONS, THEN YOU’LL HAVE ACCESS TO NO MONEY, WHICH, OF ACCESS TO NO MONEY, WHICH, OF COURSE, IS AN ABSOLUTE LIE. COURSE, IS AN ABSOLUTE LIE. THE SAME LIE THEY TELL ABOUT WHY THE SAME LIE THEY TELL ABOUT WHY WALL STREET NEEDS TO BE MORE WALL STREET NEEDS TO BE MORE LIGHTLY REGULATED. LIGHTLY REGULATED.>>LET’S TALK ABOUT WHAT THAT>>LET’S TALK ABOUT WHAT THAT MONEY IS. MONEY IS. IF YOUR CAR BREAKS DOWN AND YOU IF YOUR CAR BREAKS DOWN AND YOU NEED TO GO TO WORK AND YOU DON’T NEED TO GO TO WORK AND YOU DON’T HAVE MONEY TO GET IT REPAIRED, HAVE MONEY TO GET IT REPAIRED, YOU CANNOT EARN A LIVING. YOU CANNOT EARN A LIVING. THIS IS NOT PEOPLE BORROWING THIS IS NOT PEOPLE BORROWING MONEY TO GET JEWELRY. MONEY TO GET JEWELRY. THIS ISN’T PEOPLE BORROWING THIS ISN’T PEOPLE BORROWING MONEY TO TAKE A VACATION. MONEY TO TAKE A VACATION. GENERALLY IT’S PEOPLE BORROWING GENERALLY IT’S PEOPLE BORROWING MONEY TO KEEP THEIR LIVES MONEY TO KEEP THEIR LIVES TOGETHER. TOGETHER. AND WE USED TO CALL THIS LOAN AND WE USED TO CALL THIS LOAN SHARKING, NOT PAYDAY LENDING. SHARKING, NOT PAYDAY LENDING.>>IT IS LOAN SHARKING.>>IT IS LOAN SHARKING.>>THE REGULATIONS THEY WANT TO>>THE REGULATIONS THEY WANT TO REMOVE ARE ASTOUNDING. REMOVE ARE ASTOUNDING. YOU SAY, WHY — WAIT. YOU SAY, WHY — WAIT. WHY IS THAT BAD? WHY IS THAT BAD? SO THEY WANT TO TAKE AWAY THESE SO THEY WANT TO TAKE AWAY THESE COOLING OFF PERIODS SO THAT COOLING OFF PERIODS SO THAT PEOPLE CAN TAKE CONSECUTIVE PEOPLE CAN TAKE CONSECUTIVE LOANS ONE AFTER ANOTHER AFTER LOANS ONE AFTER ANOTHER AFTER ANOTHER. ANOTHER. YOU’RE ALMOST GUARANTEED TO GET YOU’RE ALMOST GUARANTEED TO GET YOURSELF BANKRUPT IF YOU WANT TO YOURSELF BANKRUPT IF YOU WANT TO DO THAT AND THEY WANT TO REMOVE DO THAT AND THEY WANT TO REMOVE ANY RESTRICTION WHATSOEVER FROM ANY RESTRICTION WHATSOEVER FROM THESE LOANS. THESE LOANS. IT’S NOT JUST PAYDAY LOANS. IT’S NOT JUST PAYDAY LOANS. IT’S UNRESTRICTED PAYDAY LOANS. IT’S UNRESTRICTED PAYDAY LOANS. IT’S GOING TO KILL PEOPLE. IT’S GOING TO KILL PEOPLE.>>THANK YOU BOTH.>>THANK YOU BOTH. THIS IS A REALLY IMPORTANT THIS IS A REALLY IMPORTANT CONVERSATION. CONVERSATION. AND MICK MULVANEY OR ANY OTHER AND MICK MULVANEY OR ANY OTHER OFFICIAL FROM THE CFPB, I INVITE OFFICIAL FROM THE CFPB, I INVITE YOU TO JOIN ME ON AIR. YOU TO JOIN ME ON AIR. IF WE’RE GETTING THIS WRONG, IF WE’RE GETTING THIS WRONG, EXPLAIN IT TO US. EXPLAIN IT TO US. BUT THE WAY IT SEEMS TO ME, TO BUT THE WAY IT SEEMS TO ME, TO UI’MU UI’MU US, IT’S SO PREDATORY, SO

100 comments on “President Donald Trump Admin To Roll Back Obama-Era Payday Lending Rules | Velshi & Ruhle | MSNBC”

  1. Mike Freeman says:

    Trump wants a downturn, that's how he can make money again.

  2. Darmok says:

    $ wonder $ what $ made $ them $ change $ there $ minds $

  3. Someone Else says:

    This lobbyist based governing is the result of your greed, and selfishness based capitalistic governing system, it works for the rich, and against the common good for not just the world, but even your own citizens. That's the reason behind so many glaring differences between the US, and other countries that aren't capitalist "democracies," but more functional democracies, that at least try harder to work for the people as a whole, rather than being so focused on the richest people of the country (ex: universal health care, and sensible restrictions on guns).

    Generally speaking, regulations are meant to protect the people, and things (ex: the environment) that can't effectively protect themselves, even if in some cases that means protecting them, from themselves. Although going back as far as I can remember, republicans have constantly rallied against the supposed evils of "big government," and all the regulations governments put in place. Logically speaking, voting republican, when you're not in the top 5%, or so, in terms of wealth in the US, is doing harm to yourself, as they in their own stated defining principles they tell you flat out that they don't care about you, so there should be regulations that prevent any but the top 5% wealthiest Americans from being allowed to vote for a republican, as a means of protecting people from themselves.

  4. jannmutube says:

    If he shuts down the government again, he should be arrested. He should be arrested anyway after making a threat in his SOTU.

  5. Nello Johson Photography says:

    I'm sorry but you Americans never learn. Greed simply greed. Americans are quick to forget.

  6. Es DeeKay says:

    Whatever it is…if it has the Obama name…trump will annihilate it…

  7. Louise Dumais says:

    legal loan sharking

  8. SAINT 65 says:

    #RepulsiveRepublicans

  9. Eric Wood says:

    I took out such a loan once. I'm glad that I don't have to rely on the damned things. At the same time, being trapped under student loan and credit card debt isn't much better, but at least credit cards are much more limited (now) in the credit lines they will offer. That was not always the case, though, and I could see this moron of a president allowing them to become more abusive also.

    This is why a desperately need Congress to place a check on the president. If he is able to reverse these regulations, then they should be reinstated through legislation, and the moron should be overridden if he attempts to veto those regulations.

  10. skbwolverine says:

    Trump on finances? Lol.

  11. Tim King says:

    Loan sharks. It's a despicable practice. Something wealthy people don't care about or actually profit from, and by which regular people get screwed by.

  12. Chuck Balkin says:

    How's that swamp draining thing going?….

  13. Doc Lewis says:

    I hope none of our gov't employees go there. Please do a fund me account BEFORE you do that crap. You'll NEVER get out from under it.

  14. Annette Pora says:

    Let's find out who created this bill then follow the money. You really don't think Trump and his henchman thought this up on their own do you?

  15. Doc Lewis says:

    Any Dems, running for any type of office, NEED to put this as part of their focus. It's very important that ALL Americans understand the devasation that these types of "loans" can cause to a normal American. How is 400% NOT considered "usury"? You'd be better off going to an actual loanshark.

  16. Fon Donteven says:

    Listen…I do respect much of your coverage, in general. However, You 3 employed, educated panelists are dancing around-or ignorant of?-what you are discussing. Oblique neglect of the condensed view that this is one of the MANY mechanisms NECESSARY to perpetuate economic imbalanced class division-RACIAL+ECONOMIC
    The heavily protected 'industries' are insurance to provide their own, much needed impoverished, disenfranchised population-OF COLOR.

  17. Jelly Belly says:

    Okay trumpflakes this impacts you!!! Payday loans will be able to charge you way more now. 400% is you paying back the loan 4 times. Donny diapers is all about business, not the poor people who really need these types of loans. Enjoy!! Being broke forever.

  18. tenchi1357 says:

    DON"T PLAY IF YOU CAN"T PAY, JUST DON"T GET LOANS STUPID PEOPLE!!!!!! DUH!!!!

  19. timber_beast says:

    Con man helping his fellow con men. No surprise. Trump is scum.

  20. eddyk says:

    The biggest payday loan company in the UK had an APR of 4,214%
    If you borrowed $200, in 7 years you would owe $23,500,000,000,000.

  21. Pntngbrn says:

    Keep the people broke and you keep them down.

  22. Adrienne Lewis says:

    What still supports this Orange SOB?! Other than Hate, Greed, Jealousy, Arrogance, and Jealousy! He will torture America to make them Serve and Praise him! Enough of these trump monsters!

  23. justsaying says:

    This is just another sad day in America. People who can barely make it from pay check to pay check & they get double whammy by Pay Day Loans.

  24. Thomas Hughes says:

    This is the kind of formerly illegal and behavior that motivates parents to commit identity theft on their own minor children just to reconnect the utilities to prevent the house from freezing.

  25. Captain Swag says:

    Has to make sure federal workers have borrowers to go to, the next time he shuts the government down.

  26. Carl Kolchak says:

    freedom of choice.

  27. Terry says:

    Payday lenders are nothing more than parasites, who prey on the poorest in society and devastates people’s lives.

  28. Richard Christie says:

    Rolling it back in the spirit of good christian values. Render unto Caesar.

  29. Jeannette Sarpola says:

    why don't one of you really smart folks start up a payday loan company that doesn't charge much interest at all…

  30. BeachBum says:

    if the admin. would force fed.workers to work without pay, do you honestly think they care about protecting people from loan sharks?

  31. Camilynn_B says:

    What an "evil rotten to the core man", but remember evil gets as evil does!

  32. Dennis Kinch says:

    Quit marginalizing the problem by equating both parties' fault in the financial crises. Bush/Cheney created it and won big money from it and Obama took 6 years to fix it. You guys are as afraid to say that as you are the word "liar" when Trump LIES! That's right…I said it loud and clear…he LIES!! Those who elected him must feel pretty embarrassed these past 3 years as he appointed the worst swamp in history and began repealing all the important laws to protect us working stiffs from the greedy, disgusting swampettes. Of course this doesn't include the idiots who think Trump's doing a "great job!" He's got his hands in their pockets too though. Let's fix this wrong in 2020 and vote out all the GOP. Trump has no worries about 2020 though – he's impeached in disgrace this year!

  33. Junior Harry says:

    Hi Steph🐞.👋.
    Exceptional reporting, Steph.👍👏👏👏👏👏👏👏👏.
    Keep on digging, Steph.👍.
    👉👉Patience democrats, patience.👍.

  34. roy wood says:

    Trump, bait and switch at its very worst!

  35. drcruelty says:

    Just the latest evidence Trump admin is really all about taking advantage of people for profit. Predatory lending, slashing environmental protection, reducing consumer protection, ect.

  36. Stephen Hill says:

    It's easy. You just borrow the money then refuse to pay it back. When the bank sues you, you counter sue and they give up and lend you more money. Oh. Sorry. That's Trump and Deutche Bank

  37. skattan says:

    Greasy Mulvaney: "If you are a lobbyist who never gave us money, I did not talk to you. If you are a lobbyist who gave us money, I might talk to you."

  38. Whip Lash says:

    This is a good business for rich white folks that live in welfare red states . You know inbreds love to get loan for meth . DOtard knows that very well 🤣🤣🤣

  39. Tom Jones says:

    Chump supporters are both the 1% and the the poorest moron idiots of america

  40. Robert Socia says:

    😂😂😂😂
    What? A rich trust fund baby racist CARES ABOUT THE WORKING CLASS???
    You have to be stupid.

  41. Tsubadai Khan says:

    Government of the People, By the People, For the Lobbyists.
    The worst part is, we do need to Drain the Swamp. Just picked the wrong guy. That said, even if we put a radical Bernie in the White House, I think the Status Quo is too strong & well entrenched to be altered. Citizens United is the poison that will destroy the country. It's legalized bribery.
    Pay day loans, student loans, mobile phone contracts, credit cards & car loans. I'm not sure if the older generation has any idea how easy debt is to get into for young & poor people, but, it's crippling & creating a sub-class of people who know they have no future. And yes, after seeing seductive advertising, & failing to read the small print, people willing sign up for all of it, so technically it's their own fault.
    In the middle ages, shysters would sell people a bag you could put two rusty nails in at night, put it under your pillow, say your prayers & in the morning the bag would contain two gold coins. Same con still exists today, but the shysters are far smarter, way better equipped & have access to an enormous pool of potential Rubes. Our Presidents been preying on them his whole life. No surprise he can't see an issue allowing others access.

  42. Lew Rodd says:

    In the US ignorant people pay a high price for their ignorance and they will spend their lives getting stepped on and taken advantage of.

  43. Scott J says:

    If all Joe the Plumber types still believe Trump is for the working class then they deserve to live in their crappy single wide for the rest of their lives.

  44. avoss119 says:

    He’s just undoing all of Obama’s good work smh

  45. MrGeno1951 says:

    Gee Stephanie, are you finally learning that regulations exist to protect people and not to exploit business? Only criminals and psychopaths would deregulate hard-won protections.

  46. Ian Knutson says:

    Wasn't there a top official in the Trump administration that was an owner of one of the largest payday loan companies in the US? That person's name escapes me at the moment

  47. MagicChef says:

    people who use payday loans are dumb

  48. Thompson Ariu says:

    Trump supporters are too stupid to see ANY sense in any of this !!!! They're too busy echoing Fox "No Socialism in Murica".

  49. rapunzel eh? says:

    so he's got time to do this sort of crap, but no time for healthcare… guessing he's got friends in the payday loan business… roll back ALL the banking stuff, and wait for another crash.

  50. Elmo Bennett says:

    Rump don't pay his bills so he can't imagine anyone paying. America is about more that just business sector.

  51. ramos1258 says:

    Stupids will think they will
    Benefit from this

  52. Darlene L. says:

    It's just legalized Loan Sharking that preys on those who can least afford it. Trump continues on with getting rid of regs put in by Obama admin just because he hates Obama. It's all just so despicable.

  53. Luis Solano says:

    I actually wrote it down Trump I told Donald Trump that I'll help them out make this country great again but he never gave me an answer the reason Donald Trump ideas failing is because he has a project that takes money from the system to begin the system does not even have funds it's in the negative by the trillions by the 20 trillions the only way to fix a trillion dollar debt is if we make every school in the United States vocational trade so it will work like Job Corp in Job Corp the kids make money and the school makes money and both of them pay taxes and says there's more kids than adults to begin with the system will start adding up by the trillions it says a systemic change that has to be done the system is so old it's outdated right now there's a lot of Loop holes there's adults with no jobs there's adults in County Jail there's adults in prison there's adults that just don't want to help pay taxes there's a lot of loopholes where people are taking money from the system the system will never add up it's too outdated so switching all 50 states to vocational trade will fix the trillion dollar debt otherwise the school relies on the budget cuts as population grows the budget cuts will get worse and since the school and the teachers rely on the budget cuts the school will get less funds and the teachers will get Payless there will always be a value less unless they fix the system I am actually a system expert I know who created the first system and his name was Jesus Christ Jesus Christ came in the timeline on BC on 0 BC if you notice all the gods they're like why do all the gods have the same birthday all the gods did not have the same birthday it's a pattern all the gods agreed to a timeline and BC timeline the reference of a God was a slave owner the reference of a pharaoh wasa slave owner the whole systemic change from BC to ad back then BC timeline used to live 59 million years today you were counted as 35 years the whole systemic change from BC to ad no one cannot live 59 million years or higher it was how the system was and changed from BC to ad it was a whole systemic change last year I wrote to Donald Trump I told him he cannot ban vitamin B17 it cannot ban marijuana he cannot been anything that has to do with vitamins otherwise he'll be considered as a terrorist vitamins are the main part of the human body system an apple a day keeps the doctor away it's the vitamin that keeps the doctor away by The Strain so he is not allowed to ban any vitamins within any branch this is one of my projects so I had to fight for it I told him that I want to be one of the main advocates for marijuana in all of the United States that if any of the Democrats or Republicans want to go against that they got to go against me they that if any of the Democrats or Republicans want to go against that they got to go against me that if any of the Democrats or Republicans want to go against that they got to be better than me I don't care if I'm just by myself I'll take all of them on if they try to make marijuana illegal cuz of smoking anything you smoke is bad for you your body is not meant to smoke but if you eat it it built and Immunity towards cancer with CBD therefore marijuana is actually good for you it should not be illegal in all the United States cuz marijuana has a vitamin call CBD but in the United States were told how to think for Generations they told us that marijuana was bad for us we get drug tested but in fact marijuana is actually good for you the more you eat it the more it built-in immunity Taurus cancer with CBD therefore marijuana should not be illegal if they try to justify that They're letting you die cuz that's a vitamin you have not had in your system for centuries or Generations. this could lead to terrorism so we'll know who the real terrorists are the ones that are letting you die there's no justifying faxed unless you trying to pay them if it's government money that is wasteful government money cuz they know it's a lie and they can make of life but the facts are marijuana is actually a vitamin if you remember not that long ago they told me that Christopher Columbus discovered America for years they knew that Christopher Columbus never discovered America so they had years to correct it but the school system did not correct it so you have to be willing to accept the light to make a grade the point is they told me how to think so they told you that marijuana is bad for you and they told you how to think when marijuana is actually good for you cuz it's a vitamin vitamins make your body function so it should not be legal

  54. blunt rapture says:

    Thanks, Stephanie. You Ruhle!

  55. Mike Btrfld says:

    Trump Loans

  56. Evan Degenfelder says:

    Rolling it back is simply because it was something Obama created.

  57. Montana fishing Fun says:

    He is for big business not people. He just doesn’t get it. Don’t vote for rich people. Don’t do it. Republicans and corporate America is killing us all.

  58. Luis Solano says:

    Being part of every TV channel in the planetary radio station the planet my status is Corporation in social media World Corporation and world government and I'm going to have my money in every bank and I'm going to open up my own bank in the future so I'll fall under central banks but since I'm making money in every country off all underworld Banks in life you got to earn yourself a status my status is going to be World Banks watch and learn

  59. David Crowley says:

    So much winning!

  60. Warren Sjoberg says:

    If you're stupid enough to borrow against the next paycheck, paying exorbitant interest ???………..

  61. Richie Rich says:

    another bonus for the 1% Pigs, go drumpf!

  62. Wado Waleli says:

    Yes sir, Donald Trump, who won the Presidency by appealing to the working man, has done zip for the working man in his first two years. The tax cut for the super wealthy gave some crumbs to the working man, maybe, but the real gains were for the 1%. In fact, most of these tiny gains for working stiffs are going away as people file their taxes and discover lost deductions are causing them to pay higher taxes. That's not happening for the upper 1%, that's for sure. And, as prices go up due to Trump's tariffs and the trade wars he started, that will be another slam to the working class. Now, folks, wait for what's next– the Trump Depression! Are you excited about that? Boy, I sure am!

  63. Mister Grizz says:

    just like net neutrality my internet provider started lowering my bandwidth and raised prices and the customer service wait time went from 2 minutes to 20 and when you get someone they don't speak english and have no control of the help they can provide if any at all to top that off they sold my personal information to advertisers and no telling who else so i dropped ""spectrum"" (formally charter)(formally optimum) like the damaged company they are i now get my internet anonymously for free thanks to who ever they are now they've change their name so much it's hard to keep up i call them gouging thieves

  64. Kay says:

    This right before he plans to shutdown the government again. Coincidence?

  65. Icare says:

    Trump is compromised by every crook.

  66. voiceless void says:

    Run from the donts theyre coming to take u away 👽 🏃😵 🔫

  67. F Scott says:

    Because all they care about is paying back the people and companies that help get them their. Even the idiots that voted for him will be affected by this but they are too stupid to understand it.

  68. voiceless void says:

    I wanna be free 😈😈

  69. Captain says:

    You are dramatically underselling how bad these payday loans are. 400%? Nay. I was a bankruptcy attorney for 11 years. I saw loans with FOUR DIGIT interest rates and no decimal between them.

  70. beatriz t says:

    Donald trump I have something to say

    NEVER DREAM BIG U CARROT U CHETTO U BIG FAT ORANGE😲😲😲😲😲😲😝😝😝😝😝😠😠😠

  71. Mike Galacino says:

    Scum has taken control of the nation.

  72. Dodgy Trump says:

    This is living proof that tRump and his administration are a con job, constantly pulling the wool over unsuspecting borrowers’ eyes!

  73. Chris Bellen says:

    CON MEN of the same feather stick together. Thanks trump

  74. Orella Minx says:

    Trumps tiny brain "The peasants were complaining about us suggesting they get payday loans during the shutdown. How can I blame that on Obama now that no one is talking about it anymore? Mike, get me the big bottle of whiteout!"

  75. Ellen Rose Gaynor says:

    THINKING good Credit Union record of small loans paid back is the most sensible way to go when needing a loan to cover an emergency, ya?

  76. mine own says:

    Thinking it was a typo, Trump assumed it was a national preyer morning and now aims to give the vultures what they want.

  77. MediaFaust says:

    Yeah you've got it wrong. It's much worse than you think.

  78. JR N says:

    Trump is such a disgusting pos!

  79. ANGEL YOUNG says:

    THEY ROLL BACK EVERYTHING OBAMA DID TO HELP AMERICANS

  80. Rikki Hoffecker says:

    V O T E S
    COUNT!!!
    See what we end up
    with when you think they don't!
    Senate and Whitehouse
    NEXT

  81. ScytheNoire says:

    Trump is a sociopath. Anything that harms people and can profit him, he'll do. He's as evil as they come. Master of the Seven Deadly Sins.

  82. Lorena Cabrera Vera says:

    Just follow the money. How much did he get?…. Funneled to him through…. Hotel?

  83. Lorena Cabrera Vera says:

    Its about enslaving the whole population

  84. james davis says:

    Why? Because Obama did something to help the unfortunate. No rational argument needed when Trump is involved.

  85. Mrmain One says:

    Angry black guy here, you people are so far away from what the problem truly is that you cannot see it, you only see the end results of the actions that's being taken. You have no idea what the motivating agenda is for these payday loans and all the other GOP Nazi party antics. Now here it is, bottom line, a line that you have refused to see and may not accept but, here it is, "white people hate black people more than they love America and the Paynes that they put on the poor of America are directed at the black man. Until you white people can rationalize this then you will continue to get the same results, deregulation and hatred. REALTALK

  86. Mrmain One says:

    Hey the freed slaves need the most help, because #BLM. REALTALK

  87. DoubleDoubleYou says:

    It's quite difficult to understand what (non-rich) Trump supporters are thinking … if they are thinking …

  88. Internet Marketing Maps says:

    Yes! Of course, you have got it wrong… Because, if everyone who takes advantage of a short term loan defaulted, pay-day lenders would not exist… The fact is, less than 4% become delinquent borrowers and default on their loan. https://www.youtube.com/watch?time_continue=65&v=TQrm4EOXT34 – For your information, pay-day lenders provide an essential service to people looking for short-term loans to get them over a hump in a temporary financial shortfall which they may be experiencing at the time. The high rates for these loans only reflect the high-risk factor for the lenders. Large banks are not interested in this lending market, because of the high cost of recovering the debt from delinquent borrowers… If lending money is immoral, then so is a home loan mortgage from your local bank… Wasn't it Jesus Christ himself who threw money lenders from the Temple? Ironically, today billions of homeowners around the world are now thankful Jesus was unsuccessful in banning money lending.

  89. Conjurer Woman says:

    The White House PSYCHOPATH is as CROOKED and CORRUPT as they come.

  90. N S says:

    Pence lies. Facts matter. Compare the Executive branch crime total over the last 53 years. Republicans have had the Presidency for 28 years, with a total of 120 criminal indictments, 89 criminal convictions, and 34 prison sentences. Democrats have had the Presidency for 25 years, with a total of 3 criminal indictments, 1 criminal conviction, and 1 prison sentence. Republicans are criminals.

  91. N S says:

    You would never see this story on Fox propaganda fake news. Trump supporters should go get a payday loan.

  92. Guy Seddeg says:

    No where does this socialist point out that the people who take out these loans want or need them and that without them they’d be in a worse position. Why should big government step in between free trade transactions like this? The people who can’t handle them – take some responsibility. The people who can handle them got a service. Win-win.

  93. one one says:

    We will be right back to 2008 in no time

  94. Michael Tanguy says:

    Puppets much?

  95. hagnuj says:

    Boycott casinos.

  96. Brian D says:

    Just because me and my 1% friends want to make money off poor people who need an advance doesn't mean that it should be illegal. And if they're in a never-ending debt cycle and get angry and formed gangs and start shooting everybody up that's not my problem because we have a guard at the gate of our country club and my kids go to private school.

  97. 6969tomahawk says:

    Every nation moving forward to save the world and except USA trump administration, they love roll back ?????? Every preschoolers in America understands climate change is serous important.

  98. Trey Tucker says:

    Re-enact Glass Steagall asap

  99. Rabbit Skipper says:

    This is golden. Because if my two cousins and I decided to lend money at a rate of 50%. We could find ourselves prosecuted in court. For something that's allowed to occur at a gargantuan level.

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