Did you hear the PA announcements blaring all over the U.S? Attention, attention…. pickpockets have been seen in the area, please hold on to your wallets.

Congress is busy crafting legislation designed to rob you. Our representatives say that the new financial regulation bill includes important consumer protections. Here is the clue: anytime a politician says he is working on consumer protection, you know you will fleeced.

Members of Congress have decided to exclude car dealers from scrutiny. Crooked car dealers love dealer financing, as they can rob you on yet another level, with hidden terms and interest rates that would make the mob blush. This bill will now exempt car dealers from federal jurisdiction over their financing deals.

Yes, Congress believes car dealers, not consumers, need protection.

Representative Jeb Hensarling (R-Texas) says any consumer protections would “restrict access to the automobile.” Now don’t be surprised that Jeb is one of eight Representatives under an ethics investigation for taking in too much lobbyist money close to critical votes.

Hey, don’t dump on Republicans, sleaze oozes across the aisles. Take a look at Mel Watt (D- NC), who held a fundraiser for himself, largely attended by car loan company lobbyists. Presto chango,
two days later he removed from the legislation all consumer protections covering, you guessed it, car loans.

So what does this all mean? It means hold on to your wallets. As for me – bring it on. Let’s go toe-to-toe with used car dealers and members of Congress. One of my biggest satisfactions in life is chasing down (literally) crooked car dealers. It’s great exercise.

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