Barack Obama: Will you check your math?
A couple of months ago I was watching a debate between Barack Obama, Hillary Clinton, and John Edwards. Barack made a statement to the effect that he voted against a bill providing limits on credit card interest rates because he thought the rate of 30% was too high. Edwards called him on the statement, but the debate pressed on.
Barack’s statement stuck with me, why did he vote against that bill. Why? He said that he thought the rate was too high, so I decided that he voted against the bill to keep the debate continuing - it didn’t make a whole lot of sense, but I decided that I’d go with it.
Then I read his website:
Obama supports extending a 36 percent interest cap to all Americans.
I had a problem with this statement. If he had voted against 30 percent, why was he proposing 36 percent? I emailed his campaign, alerting them to the anomoly. However, I got a response that left me thinking “Well, he hasn’t corrected anything here, but by golly he’s a good guy.”
I still can’t figure this one out.
Tags: America, Barack Obama, credit cards, finance, Hillary Clinton, interest rates, John Edwards, obama, web
3 Responses to “Barack Obama: Will you check your math?”
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Good Blog. I will continue reading it in the future. Nice layout too.
Aaron Wakling
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What is funny is that most states have usury laws that state you can’t charge more than a certain amount in interest. For example in Kansas the rate is somewhere around 11%. If I loan you money at 25% it is illegal. Of course there is a large group that is allowed to do this–the credit card companies. I haven’t figured out why.
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Mark:
I also find it quite funny that Payday loan institutions get around this rule by calling them “fees.”
It it quacks like a duck, it’s a duck.
That vote concerns me and I have a funny feeling that there is more to that vote than the fact that “it was too high.”
Aaron Wakling
April 9th, 2008 at 9:45 am