Corporate Greed

Mike Carey, president of the American Council for Affordable and Reliable Energy, was on KMOX's Hancock & Kelleyshow last week to talk about new billboards his organization is financing in the St. Louis area.  The American Council for Affordable and Reliable Energy is a Washington, D.C.-based group financed by coal companies created to protect companies' ability to pollute at their current unsustainable levels.

In the interview, Carey was unable to provide the name of a single funder or supporter unconnected to the coal industry, and struggled to explain why his organization was not running similar ads in any other areas of the country. And just in case you thought the ads weren't political in nature, Carey admitted on air that his organization has only tried to purchase ads in one other Congressional district in the country: Arkansas's Second.  But when Democratic Congressman Vic Snyder announced that his retirement in January, Carey and ACARE lost interest.

Carey was last seen in St. Louis at the November 2009 "Tea Party" as a keynote speaker, along with the recently-arrested James O’Keefe.  The St. Louis Tea Party wrote at the time that Carey created his organization last year "when he saw that misinformation and lies were beginning to shape the political landscape on coal and global warming." Before serving as president of the ACARE, Carey was president of the Ohio Coal Association.

Rep. Mary Still (D-Columbia) is hosting a "district hearing" at the Columbia Public Library tonight for public and expert input on the abuses of payday loan companies.  Still sponsored legislation this year to restrict interest rates on payday loans, but Speaker Ron Richard refused to assign the bill to a committee until the last day of the session, effectively killing the bill before it could even be considered.

Also speaking tonight will be Rep. John Burnett (D-Kansas City), UMKC economics and law professor Bill Black and representatives from the AARP and Better Business Bureau.

In preparation for the event, organizers distributed the following facts about payday loans in the Show-Me State:

• The latest Missouri Division of Finance report documents that payday lenders in Missouri charge an average interest rate of 430.68%.
• Missouri's law allows interest rates of up to 1,980%.

Responding to Roy Blunt's recent grandstanding about wall street firms receiving early H1N1 vaccine shipments, the Post-Dispatch today welcomes Blunt's newfound interest in the special treatment received by the folks on Wall Street.

Whatever the reason, we welcome Mr. Blunt to the populist outrage front. Mr. Blunt was in Congress throughout the late 1990s and early 2000s when, during both Republican and Democratic administrations, the banks got everything they asked for, subsequently wrecking the economy. Mr. Blunt has been a reliable pro-banking industry vote, from repealing the Glass-Steagall Act in 1999 to refusing to allow bankruptcy judges to modify mortgages in 2009.

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Congressmen Todd Akin and Blaine Luetkemeyer were two of just 92 Representatives to vote against freezing interest rates and fees for nine months and immediately imposing strict new credit-card rules. The WSJ:

The U.S. House, in a slap at the credit-card industry, on Wednesday voted to freeze interest rates and fees for nine months and to immediately impose strict new credit-card rules currently set to take effect in February or later.

The 331-92 vote comes after lawmakers have been flooded with complaints from consumers furious that issuers raised interest rates, increased minimum payments and lowered credit limits. Dozens of Republicans joined Democrats to approve the measure.