Friday, February 13, 2009

Still No Commerce Secretary | Payday Loan Quicker Than Hiring

Quick payday loans vs. slow decisions

Judd Gregg
Senator Judd Gregg

If the payday loan industry operated like the political nomination process, lenders and borrowers would both be in trouble.

Payday loans can be approved in two hours and are usually paid back in two weeks. However, more than three weeks into his presidency, Barack Obama still doesn’t have a Secretary of Commerce.

Senator Gregg steps down

Obama’s nominee for the position, Senator Judd Gregg, withdrew his name from consideration today. Gregg cited “irresolvable conflicts” with Obama’s handling of the stimulus package.

If Obama had applied for a payday loan his first day in office, he likely would have had to pay it back 10 days ago. However, picking the right cabinet members is a much more complicated process than getting a payday loan.

Conflict of interest

The Secretary of Commerce heads a department in charge of overseeing business and industry in the United States as well as abroad. So it makes sense — if Obama and Gregg couldn’t agree on how to handle money, they’d be looking at a very tumultuous professional relationship. ... click here to read the rest of the article titled "Still No Commerce Secretary | Payday Loan Quicker Than Hiring"

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