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Pay day loans--more guilt from the rich

“The American dream is founded on the belief that people who work hard and play by the rules will be able to earn a good living, raise a family in comfort and retire with dignity.”

How many times have you seen a version of this? The latest was January 24, and the authors were Bill Clinton (a very rich man demanding thousands for his personal appearances who struggled to the top from nothing) and Arnold Schwarzenegger (also extremely rich who came to this country from Austria, also with nothing, and who married a Kennedy).

President Clinton's dream: play hard, hardly work, don’t follow rules for a good life--or any rules, don’t support my idea of what constitutes a family, live way above the level I would define as comfortable, and refuse to retire with dignity, running around trying for a 3rd term, embarrassing the country and his wife. President Clinton lives a different dream, and tries to pass it off as ours; but it's certainly our nightmare.

Now Clinton and the Governor of California think short term loans are THE problem for the poor. Lack of access to some things we middle class take for granted may be a problem for some--but the poor also don't use the interstates, suburban libraries, private jets or farm subsidies. That's not why they are poor (women who don't marry the father of their children are a major cause of poverty in the USA) and these quick-serve loans serve many outside Clinton's target. There is no shortage of BMWs, Mercedes and Cadillacs in front of pawn shops and loan stores. Some people do not use bank services for very pragmatic, personal reasons--hiding assets, living on the edge, gambling debts and bad money management, to name just a few. There is also no shortage of private and government agencies already set up to assist the poor who want to break out of this bind (see CFED, for example, which has a 25 year record).

A socialist/progressive’s version of the American dream includes the above, but inserts a phrase about the gap between groups and leveling differences. We have a marriage gap, not an income gap. Male heads of household have net assets of $82,400 compared to a woman head of household's $48,500. Hello! He's married; she isn't. If liberals really care about poor children, they would encourage marriage.

No article on poverty these days talks about housing, food or automobiles because the American poor have those--it’s only about inequality, the gap between classes. We import poor to use our services. They are called illegal immigrants. Then the Conservatives say the American dream has died because government regulations, taxes and labor unions have destroyed initiative, steal from the people who work hard, and ship jobs overseas.

The term “American dream,“ first appeared in a book written (according to Wikipedia) by James Truslow Adams entitled The Epic of America (1931).

"If, as I have said, the things already listed were all we had to contribute, America would have made no distinctive and unique gift to mankind. But there has been also the American dream, that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement." [p. 404]

Martin Luther King, Jr. said the substance of the American dream could be found in the Declaration of Independence, "We hold these truths to be self-evident, that all men are created equal, that they are endowed by God, Creator, with certain inalienable Rights, that among these are Life, Liberty, and the pursuit of Happiness." Today's liberals think that Happiness is the right. That "no gap" is the right. MLK said “The American dream reminds us that every man is an heir of the legacy of dignity and worth.” It’s a long way from Adam’s and King’s dream to a poor man’s store front payday loans and an even longer road from that to a foundation being set up to shelter a rich man's money.

Clinton’s article says poor working people are paying $40 to payday lenders and pawn shops to cash their checks. He wants to put a stop to this by opening up more banking opportunities (with money from his foundation). Wasn't it about 3 years ago that all the social, economic and political wisdom colluded to encourage poor people, including immigrants with false documents, to buy homes without investing anything, because owning real estate was supposed to be part of "the American dream?" We now call that dream the subprime nightmare. Now Clinton thinks the money not spent on payday loans will be invested in the stock market. Wow. That’s a huge stretch even for Bill--but doesn't it have a nice capitalistic ring to offset his socialist wife taking over healthcare? Then after we get them paying checking account fees, let’s issue them credit cards, "another day older and deeper in debt."

WalMart probably charges under $5 for the same service. But Democrats don’t like WalMart because it is successful, the real American dream. Some city councils and zoning boards work very hard to keep them from building in their jurisdiction especially if they provide jobs and services for low income people--like inexpensive clothing and appliances and banking services. Some states have passed special laws to keep WalMart out of the banking business.

I'm sure glad I'm not rich. I don't think I could carry around all that load of guilt--and BS.