In the past few days, Google announced that in approximately two months Google will prohibit advertising for online lenders who offer loans with an interest rate exceeding 36% and loans with repayment terms of less than 60 days. This is unprecedented and dangerous.
Google is planning to ban certain financial products because they don’t like these products and they are politically unpopular. It is also possible that they have a competitive reason for this announcement.
The federal government tried to use the vast power of the Justice Department and the Federal Deposit Insurance Corporation to attack financial resources for industries that they oppose politically, yet they failed. Looks like Google is more powerful than the Obama Administration and the Department of Justice, because they just announced an action that the feds could not implement through a plan called Operation Choke Point.
As reported by Breitbart on January 8, 2014 Operation…