After discussing how one poor victim took out a loan for $2,600 and ended up paying a whopping $5,515, Pope then shifts to a staunch defender of the industry:
"It's not predatory," says Senate Democratic Leader Dick Saslaw, who has taken about $37,000 from TitleMax in the last decade. He says if people like Waverly didn't have access to businesses like TitleMax, they would find other ways to get the money.
"Well they borrow it on the street," he says. "Borrow $100 on Monday, pay back $200 on Friday, 10,000 percent APR. That's where they were borrowing money. And if they didn't pay it back they got the hell beat out of them and they still had to pay it back."
The report then cites the Center for Responsible Lending, which indicates no evidence of such a black market for loans, but reports that car-title lenders in 21 states are "costing borrowers about $3.6 billion each year in interest on $1.6 billion in loans."
In other words, Sen. Saslaw is doing here precisely what we see conservatives on Fox do every single day: make an utterly ridiculous argument, contrary to all known facts - but in concert with his donors' economic interests.