Subject: ICYMI: Pay Day Clay
From: "The Carnahan Team " <[email-masked]>
To: <[email-masked]>
Date: Sat, 21 Jul 2012 17:38:53 -0400

Carnahan Launches a Missouri First

Mr. Clay's message to voters: The industry comes first

(ST. LOUIS, MO) - Today, the Carnahan Campaign again called into question Mr. Clay's commitment to the residents of the new merged 1st Congressional District (1st CD) by allowing him to define his commitment to predatory lenders over his constituents in his own words - and voice. By the end of the second quarter, Mr. Clay had taken over $100,000 from predatory lending practices and awkwardly "recommitted to try" to improve his poor attendance record in Congress.

"Mr. Clay has consistently made it clear his contributors' interests are more important than those of his constituents," said Carnahan Campaign spokesman Maurice Henderson. "When there are so many people out of work, trying to find quality schools for their children, and struggling to get by day-to-day, we need our leaders to step up and commit to the community. Mr. Clay refuses to do that."

The Carnahan campaign has employed the help of technology and some creativity to "push the envelope" by presenting 1st CD residents with the state's first ever audio political mail piece. Thousands of voters in the 1st CD will be able to hear Mr. Clay share in his own words his unwavering support for the predatory lenders - particularly the Rent-to-Own industry. The audio excerpts come from a 2008 speech at the Rent-to-Own industry's annual convention that was held in St. Louis.

In the mail piece, Mr. Clay www.paydayclay.com states:

"And one of the things that I'm most proud of is our success in advancing the vital interests of the of rent-to-own industry...I will always do my best to protect what really matters to [the Rent-to-Own industry]."

Across the nation, the number of rent-to-own stores has increased since 2000; there are nearly 8,600 stores in operation as of 2009.

"The people of the 1st CD are ready to be represented by a leader - like Russ Carnahan - that will show up, stand up, and fight for them in Washington. They are sick and tired of failed leadership that prioritizes carrying the water for the very industries that are stripping wealth from our communities and crippling people with exorbitant interest rates for goods and services", added Henderson. "Once again Mr. Clay has failed one of the most important tests of leadership - represent the people's interests first and foremost."

According to recent articles in the St. Louis Beacon and St. Louis Post-Dispatch, based on advertisements from the Bridgeton-based National Rent to Own, the average price for goods and services at a rent-to-own shop would have the average borrower of a $375 loan spend as much $500 in interest to complete the repayment, or a $1,500 60-inch flat screen with weekly payment of $45 would cost nearly $4,700 by the end of a two year rent-to-own-agreement. Predatory lenders, such a Rent-to-Own and Payday Lenders can charge a minimum of 400% interest and can potentially exceed over 1,000% in interest.

DoD Report (8/10/06):

http://www.defense.gov/pubs/pdfs/report_to_congress_final.pdf

Find the St. Post-Dispatch's article on Clay's "recommitment to try" (7/6/12):

http://www.stltoday.com/news/local/govt-and-politics/political-fix/carnahan-clay-skips-votes-stands- with-financial-predators/article_a7a09f6c-c797-11e1-8e66-0019bb30f31a.html - ixzz1zsovtjFb

Mr. Clay and the Rent-to-Own Industry (2/26/12):

http://www.stltoday.com/news/local/govt-and-politics/william-lacy-clay-s-cozy-relationship-with-the-rent-to/article_ba4c93e4-ea29-51ed-9ff3-9553c4dce4cf.html#ixzz212poxvEM

Borrowers Use Payday Loans (7/19/12):

https://www.stlbeacon.org/#!/content/26122/pew_study_on_payday_loans?coverpage=1255

Center for Responsible Lending on H.R. 1909:

http://www.opencongress.org/bill/112-h1909/show

Editorial: Clay record makes Carnahan best bet in primary

http://www.stltoday.com/news/opinion/columns/the-platform/editorial-clay-record-makes-carnahan-best-bet-in-primary/article_e7163ca0-4987-5c37-8fa3-866836456537.html

Carnahan uses audio of Clay’s voice in attack mailer, calls for debate

https://www.stlbeacon.org/#!/content/26142/claycarn_audio_071912?coverpage=1265

Paid for by Russ Carnahan for Congress

PO Box 190033
St. Louis, MO 63119

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