Hello!
Friends, now that my head has cleared from the giddiness of victory, I'm second-guessing myself. Yes, my Republican friends and I blocked passage of the Healthy Kids Plan and prevented an outright 84.5 cent increase in the tobacco tax.
But now the Healthy Kids Plan is going to the voters. I don't mind telling you that I'm worried. Let's be honest here, I'm a lot less popular with the general public than I am with the GOP. I can't write EVERY voter a check to show what a great guy I am.
I have between now and November 2007 to convince them.
For now, though, I'm going to shake it off and remember the good times. Let's watch the video again!
Wednesday, June 27, 2007
Tuesday, June 5, 2007
From my mortgage lender friends
Hello!
In my excitement about the events of today, I forgot to post about a turn of events that my lobbyist co-hort, Mark Nelson, is watching very closely.
It seems that the "advocates" for homeowners and workers have caught on to the fact that the predatory mortgage lenders are using a "by all means necessary" tactic to kill SB 965, the Oregon Home Loan Fairness Act.
They are urging people to contact lawmakers in support of this bill.
Look, I know they are stretching the truth a bit. But friends, you've heard the adage: "If you have the facts on your side, pound the facts; if you have the law on your side, pound the law; if you have neither the facts nor the law, pound the table."
Frankly, we don't have the facts or the law on our side. Anyone who has been paying even the slightest attention knows that the subprime mortgage lending market is in a free-for-all and SB 965 is Oregon's best chance to freeze the meltdown.
And that's exactly why we are in "pound the table," mode. We can't let the facts get in the way of what's best for the industry.
In my excitement about the events of today, I forgot to post about a turn of events that my lobbyist co-hort, Mark Nelson, is watching very closely.
It seems that the "advocates" for homeowners and workers have caught on to the fact that the predatory mortgage lenders are using a "by all means necessary" tactic to kill SB 965, the Oregon Home Loan Fairness Act.
They are urging people to contact lawmakers in support of this bill.
Look, I know they are stretching the truth a bit. But friends, you've heard the adage: "If you have the facts on your side, pound the facts; if you have the law on your side, pound the law; if you have neither the facts nor the law, pound the table."
Frankly, we don't have the facts or the law on our side. Anyone who has been paying even the slightest attention knows that the subprime mortgage lending market is in a free-for-all and SB 965 is Oregon's best chance to freeze the meltdown.
And that's exactly why we are in "pound the table," mode. We can't let the facts get in the way of what's best for the industry.
Kicking Butt
Hello!
Today the Associated Press reports that my House Republican friends are sticking with me through thick and thin, even in the face of what many "Salem observers" are calling a good trade. The governor has proposed a compromise package that would give raise the tax-exemption level of the estate tax to $2 million, from the current $1 million level. As the AP reports, for years the estate tax has been a priority. The governor also proposed an increase of the corporate minimum but the details on the amount are unclear.
Friends, do you understand what's happened? Do you understand what a victory this is for me? It means that the House Republicans are willing to set aside one of their core principles in order to stand by me and stonewall increasing the cigarette tax.
It's incredible. I'm so moved. To be honest, I thought we were in for a tough time over the cigarette tax alone - as you know, the Healthy Kids Plan funded by a cigarette tax increase is wildly popular with voters and my GOP friends will leave Salem on the defense just for blocking that. I mean, let's be frank: it will be difficult to explain to the people in their districts. For that reason, some Republicans were getting jumpy but we were holding it together.
Yet even I underestimated the depth of their loyalty to me. Not only are they willing to fall on the sword with all voters, they are willing to thumb their noses at their base constituency, which really wants the estate tax exemption increased.
Not only that, they rejected a plan to take off the table the bumper sticker message of "I paid more taxes than PGE," thanks to Oregon's $10 corporate minimum. (An amount which even I admit is absurd.)
It's all so heady. And I'll tell you this:
I refuse to listen to the naysayers who say that the Republicans are planting their flag in quicksand with their extreme "no new taxes," pledge.
I will not entertain any notion that the Republicans are backing themselves into a permanent minority by pandering to the extreme right-wing of their party that is being controlled by D.C.-based FreedomWorks.
And I will stand up to those who say the GOP plan is idiotic because the voters will simply pass the cigarette tax without them after it's referred by the legislature, leaving the Republicans standing alone as heartless shills of the tobacco industry.
Because this is victory, and it smells too sweet to spoil with thoughts of the future. Let's just savor today. Together.
Mr. Butts
Today the Associated Press reports that my House Republican friends are sticking with me through thick and thin, even in the face of what many "Salem observers" are calling a good trade. The governor has proposed a compromise package that would give raise the tax-exemption level of the estate tax to $2 million, from the current $1 million level. As the AP reports, for years the estate tax has been a priority. The governor also proposed an increase of the corporate minimum but the details on the amount are unclear.
Friends, do you understand what's happened? Do you understand what a victory this is for me? It means that the House Republicans are willing to set aside one of their core principles in order to stand by me and stonewall increasing the cigarette tax.
It's incredible. I'm so moved. To be honest, I thought we were in for a tough time over the cigarette tax alone - as you know, the Healthy Kids Plan funded by a cigarette tax increase is wildly popular with voters and my GOP friends will leave Salem on the defense just for blocking that. I mean, let's be frank: it will be difficult to explain to the people in their districts. For that reason, some Republicans were getting jumpy but we were holding it together.
Yet even I underestimated the depth of their loyalty to me. Not only are they willing to fall on the sword with all voters, they are willing to thumb their noses at their base constituency, which really wants the estate tax exemption increased.
Not only that, they rejected a plan to take off the table the bumper sticker message of "I paid more taxes than PGE," thanks to Oregon's $10 corporate minimum. (An amount which even I admit is absurd.)
It's all so heady. And I'll tell you this:
I refuse to listen to the naysayers who say that the Republicans are planting their flag in quicksand with their extreme "no new taxes," pledge.
I will not entertain any notion that the Republicans are backing themselves into a permanent minority by pandering to the extreme right-wing of their party that is being controlled by D.C.-based FreedomWorks.
And I will stand up to those who say the GOP plan is idiotic because the voters will simply pass the cigarette tax without them after it's referred by the legislature, leaving the Republicans standing alone as heartless shills of the tobacco industry.
Because this is victory, and it smells too sweet to spoil with thoughts of the future. Let's just savor today. Together.
Mr. Butts
Wednesday, May 30, 2007
A traitor in my midst
This is the kind of thing that leads to legislation like 2871. The Center for Responsible Lending scored an interview with a former manager for one of my payday loan shops. She sang like a bird.
Watch the video here.
Hey there,
Now I'm tracking two payday loan bills - House Bill 2871, which will cap interest rates payday, car title, and consumer finance loans. Within the last hour it was approved by the Senate Commerce Committee. This makes me extremely cranky.
I've managed to kill 14 other interest rate caps in 14 other states. But here they've got a Democratic Speaker of the House, Jeff Merkley, who has a fir in his belly about making sure consumers don't get ripped off. He's been a stick in my craw for years, but now that he's speaker, he can do some real damage.
If this bill passes the Senate, all of my plans to use loopholes to protect my business model will crumble. This bill caps interest rates to 30 percent + the current Federal Reserve Discount Rate. That means bye-bye 500 percent interest and bye-bye guaranteed repeat loans from people who can't afford to pay off the loans they took out for quick emergency cash.
Like I said, this bill makes me cranky.
Next up before this committee is House Bill 2005, which will add underwriting requirements to payday lending. This is a disaster.
Hey there,
As my good friend Mr. Butts said, I am really having to shake my fin in Salem this year. There are several bills pending that would cut into my bottom line and many are having hearings today.
Right now I am monitoring Senate Bill 965 and amendments which would limit the prepayment penalties I can charge for subprime loans and would force me to provide some sort of benefit to the borrower in order to refinance a loan.
Doesn't sound like much, does it? But here's the thing...those two provisions go after some of my main profit centers.
And I'm ready. I've got the hearing room just PACKED with mortgage brokers. They are testifying one after another about how Senate Bill 965 will put them out of business.
It won't, of course. Many many states with thriving subprime mortgage markets have much more strict regulations. Oregon is a great place for me - it currently ranks at the bottom when it comes to offering protections from abusive practices of subprime lending. In reality, I know Oregon subprime lenders will continue to operate and thrive under Senate Bill 965 – in fact more than 80 percent of subprime lenders in Oregon also operate in New Mexico and North Carolina.
But if Mr. Butts can say smoking doesn't cause cancer, I can say SB 965 will shut me down. Fair's fair.
Sharing my blog
Since I'm going to be offline for awhile shoring up my Republican friends, I'm going to turn my blog over to a friend of mine, Mr. Loan Shark.
Mr. Loan Shark has had a difficult time of it this session. The Democratic lawmakers have been going after his core business practices: payday lending, car title lending and subprime mortgages. He's dealing with two hearings today and he wants to make sure his side of the story is heard. I'm happy to comply.
Take it away, Mr. Loan Shark.
Mr. Loan Shark has had a difficult time of it this session. The Democratic lawmakers have been going after his core business practices: payday lending, car title lending and subprime mortgages. He's dealing with two hearings today and he wants to make sure his side of the story is heard. I'm happy to comply.
Take it away, Mr. Loan Shark.
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