powerful like the obvious Drug & Insurance PACs but also the under the general radar predatory/payday lenders.
For more than five years, payday lobbyists beat back all attempts at consumer protection. They had a landmark victory last year, when they were able to bottle up a proposal by Senator Elizabeth Dole, of North Carolina, who was trying to prevent payday lenders from gouging military personnel. They pressured Dole to withdraw her bill and, instead, ask the Pentagon to study the matter. The tactic backfired when the Pentagon's report was released this fall. It was devastating. Admiral Charles Abbott testified that payday lending is the most serious single financial problem the military has ever encountered. We see every day in our offices around the country individuals who have come in and fallen into the Venus flytrap of the payday lending problem and it has literally destroyed their lives.
From Dan Rather Reports. Read the transcript here:
http://www.pliwatch.org/news_article_061123A.html