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Peter Burton 
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Recent Comments

Re: “Here come the loan sharks

They severely frown on loaning deposit funds to anyone with a credit score of 700 or below. But it's not an FDIC rule that's causing us to not make those small loans, it's that fact that they're not profitable. Look, I'm a Dem, voted for Joyce. No lover of Robbie (although tobacco tax was his baby, not Beebe's). I just know that there's lots more to this issue than calling this loan-sharking.

Posted by Peter Burton on 02/25/2011 at 3:11 PM

Re: “McDaniel opposes loan shark bill

Credit Snobs Unite! These low credit score folks clearly don't know what's good for them so let's "help" them so much we completely cut them off from the credit we take for granted. You're compaining about a late fee? Late fees are a fact of life. If I pay my light bill one day late it costs me 5%. That's 2000% APR. If you bounce a check at the bank (the bank that won't lend to these folks) they hit you up for a $30 NSF fee that translates to to a 10,000% APR. Where's the outrage? We are so backwards...

Posted by Peter Burton on 02/25/2011 at 2:36 PM

Re: “Here come the loan sharks

Trauma System. Tobacco Tax woudln't have passed in 2009 without him. Married to a nurse so maybe I'm biased. He's a good guy, IMHO.

Posted by Peter Burton on 02/25/2011 at 9:30 AM

Re: “Here come the loan sharks

I work at a bank so I can tell you we don't touch loans under $10,000 or borrowers under 700 FICO. FDIC won't let us make loans with depositor's money with that kind of risk. And if AFCU is making those kind of risky loans, they're not doing it legally. So, if the bank won't loan you money and the credit union wants you to deposit money you don't have to "build your credit" so someday in the future they might consider giving you a loan, what are your options when you need money now? Pawn shop at 1000% interest? Louie the Loan Shark with 10%-a-week vig? Seriously, AT is quick to cry "loan sharks" but never offers a realistic alternative.

Posted by Peter Burton on 02/25/2011 at 9:28 AM

Re: “Here come the loan sharks

If Robbie Wills cured cancer, the Arkansas Times would complain. I read the story in the D-G. It didn't sound that bad. Banks can charge whatever interest rate they want but they won't loan money in amounts under $5000, espeically if you've got bad credit. And you have to be a member of a credit union to get those sweetheart deals.

0 likes, 1 dislike
Posted by Peter Burton on 02/25/2011 at 8:38 AM

Re: “This is ethics reform?

Yes, by all means, Bill Halter. Please raise and spend several hundreds of thousands of dollars that would otherwise be wasted on things like fighting discrimination based on sexual orientation, better health care for Arkansans, a cleaner environment and other issues of lesser importance, and spend all that for the more important goal of making sure Ledgies have to buy their own lunch! I'd feel better if they had the coffee cup rule, but come on. Do you really think most people give a crap about this kind of stuff? Five words: Secretary of State Mark Martin. It just takes up energy and money we could be spending on other equally or more important issues.

Posted by Peter Burton on 01/28/2011 at 10:19 AM

Re: “Robbie Wills joins the lobby ranks

And the incessant Wills-bashing by the AT crowd continues. Along with the long-running war on business profits. (Yawn) Hey, at least Robbie's now making his living in the private sector instead of staying on the public teat like a lot of other former leggies (and some AT darlings, at that). For instance, Joyce Elliott went straight from the state House to the state payroll. And Shane Broadway is now pulling down near six figures at the higher education department. Maybe we should pass a law that keeps former leggies from working in state government at all? That would keep them off my dime, at least.

Posted by Peter Burton on 01/11/2011 at 12:09 PM

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