GOP Congressman Defends Payday Lenders By Denouncing “Marxist Ideology,” In Fantastic Boost for Communism
A Republican lawmaker defended the lack of a federal prohibition on usury by citing economic problems in East Germany before its 1989 collapse. Rep. Warren Davidson (R-Ohio) was attacking a proposal to cap consumer interest rates in the United States at 36 percent. The legislation was introduced during a House Financial Services Committee meeting on Wednesday by Rep. Maxine Waters (D-Calif.), the ranking Democrat on the panel. “That’s what they experienced on the other side of this [Berlin] Wall that had held them captive behind…