The amendment:

  SEC. __. TERMS OF CONSUMER CREDIT.

   (a) Cap on Interest Chargeable.--A creditor who extends credit to any consumer shall not impose a rate of interest in excess of an annual rate of 30 percent with respect to the credit extended.

   (b) Preemption of State Law.--The provisions governing rates of interest under subsection (a) shall preempt all State usury laws.

   (c) Exemption to Preemption.--If a State imposes a limit on the rate of interest chargeable to an extension of credit that is less than the limit imposed under subsection (a), that State law shall not be preempted and shall remain in full force and effect in that State.

It looks like it preempts, but only if the state law is weaker than the federal law.

But for obvious reasons, I'm hesitant to believe Susan's interpretation of this.

You should post it elswhere as well as here and see what people think.

Don't expect the media to stop their starry eyed gazing at Obama long enough to cover such stuff.

For exposing Obama's FULL RECORD on the 2005 Bankruptcy Bill. By then, Edwards was out of the Senate. And by then, Hillary had learned her lesson and voted right on the Dayton Amdt. AND the final bill. But what did Obama do in 2005? Oh, he just voted with the credit card companies to kill the amdt. that would have done something about these outrageous interest rates.

So much for populism...

Fact Check would find a problem with your selective Obama bashing.

Stacking the Deck
January 16, 2008

Dems deal misleading statements in Vegas debate.

Summary
The three leading Democratic presidential candidates debated in Las Vegas and we noted the following:

Clinton once again mischaracterized the 2005 energy bill, saying it had "enormous giveaways" to oil and gas companies. In truth, the measure raised taxes on those industries.

Obama accused the Bush administration of failing to make "any serious effort" to encourage use of alternative fuels or raise fuel efficiency of automobiles. In fact, President Bush has signed major bills that do both.

Edwards said he dropped his support for the Yucca Mountain nuclear waste storage site in part because of a scandal over forged documents. But he switched his position in 2004, and the scandal came along a year afterward.

The three candidates made sweeping claims about their intentions to remove troops from Iraq quickly, but all three admitted under questioning that they could have U.S. combat troops fighting in Iraq for years to come.

Clinton puffed up her role in stopping the "Bush administration" from taking back signing bonuses from those later wounded too seriously to complete their enlistments. Actually the Pentagon said its policy has been not to reclaim such bonuses and that a bill the Army sent to one soldier was an isolated case that was reversed.

Edwards said "you should learn to speak English" before becoming a U.S. citizen. In fact, the law already requires, with few exceptions, that applicants for citizenship "must be able to read, write, speak, and understand words in ordinary usage in the English language."

Note: This is a summary only. The full article with analysis, images and citations may be viewed on our Web site.

interest rates.  This would have capped payday loans as well, a.k.a. legalized loan sharks.

How much money has Obama raised from credit card and payday lenders?  Why isn't 30% enough for Obama?  

IF you checked the sources, you'd see that most are from Harper's magazine and Mother Jones, as well as numerous other publications.  Harper's, Mother Jones, and David Sirota's blog are not exactly conservative publications.

Then there are the links to the U.S. Senate roll call.  No back-up indeed.  I'm laughing.

Also: I did link to my own story at NoQuarter.  But if you read that story, you will see that everything in that story is thoroughly vetted.

It is called blogging for Hillary. Obama bad is the message, true or not.

Well, it's not clear to me that this is a vote that he didn't gives.  The diary makes a persuasive case that it's a vote he did gives.