The last congressional session, congress saw fit to curtail the "pay day loan" practice as it pertains to men and women in the armed services. The congress-criters saw to it that the companies offering "pay day loans" didn't rip off, too bad, the men and women in the armed services. To bad the CBC and/or congressional Democrats didn't do the same for Blacks. (Honestly, I expect people to educate themselves and resist the pay day loan scam, and that includes Blacks. But please bear with me).
What are pay day loans? Michelle Singletary gives her definition in this article:
Payday loans are small loans that a borrower promises to repay out of his or her next paycheck, typically in two weeks. A $100 loan might carry a fee of $15.
Consumer advocacy groups are highly critical of these loans because when the fees are annualized, they often amount to triple-digit interest rates -- even more than 1,000 percent in some cases. The groups argue that the loans take advantage of cash-strapped consumers.
What does this have to do with the definition of sell out? Again, from the same Michelle Singletary article:
Unbelievably, several minority groups have partnered with the CFSA to promote financial literacy. Why would they do this, I wondered, especially when so many payday storefronts are located in economically depressed minority neighborhoods?
Well, it turns out there's money in it for the minority groups.
The CFSA is giving about $2 million to fund financial literacy programs for two groups, said its spokesman, Steven Schlein.
The trade association is partnering with the National Conference of Black Mayors to host summits "to teach young people the importance of building a solid financial future." I certainly hope it's a future that never involves a payday loan. The CFSA also is teaming up with the National Black Caucus of States Institute. As the trade group says in its news release, the partnership will "educate African-American legislators and community leaders on critical issues regarding consumer credit, and provide community volunteers with resources they need to educate consumers in their communities on how to become credit savvy."
The National Conference of Black Mayors got paid and sold out the people who elected them to office. From their website:
Established in 1974, the National Conference of Black Mayors, Inc. (NCBM) is a private,nonpolitical, nonpartisan, nonprofit, 501(c)(3) tax-exempt organization.
It serves over 500 mayors , nationwide, who represent more than 30 million citizens. NCBM's mission is to enhance the executive management capacity of its members for the purpose of governing viable municipalities.
The National Black Caucus of States Institute got paid and sold out whomever they claim to represent. This is the first time I've heard of them. From their website, the NBCSI mission is:
To provide Black state legislators with the tools, data, research and analysis that will enable them to form superior solutions to address the issues confronting their constituents. To identify or create innovative partnerships that will serve as a catalyst to deliver viable initiatives to enrich the lives of African Americans.
None the less, ladies and gentlemen, both groups are the definition of sell out. Is there a "Black-pedia" out there somewhere? The definition of sell out needs to be updated.
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