Yeah, let's do take this one step at at time: Personal responsibility should prevent anyone from ever falling prey to the "payday loan" come ons. Defending these bastards on the grounds of "capitalism" or anything else is the sort sophistry that causes all the other insanity you like to write about.
Swimming with loansharks is for professionals only.
Those evil payday loaners (/sarc). Those people should just go to their neighborhood bank and borrow the $300 at 3% interest, right? Hahahahahaha When banks are turning down secured home loans by people who have jobs? Who are they kidding.
The payday lending business is sleazy. No denying that. It is an opportunistic business which preys on those who can least afford it. Just like bail bondsmen, rent-to-own, pawn shops, package liquor stores and state lotteries.
What these clowns don’t understand is that there are occasional life experiences which makes having $300 today instead of two weeks from now a matter of life or death. People should be free make their own bad choices.
Franklin D. Roosevelt’s son extorted a $200,000 loan from a grocery chain that was under federal investigation — and he never repaid the loan. Moreover, FDR spoke directly to the head of the chain to seal the deal.
Interesting
What is called "interest" by the media includes things that an economist would not call interest. The fees charged must also cover the cost of processing the loan, which is to say the pay of people doing the work, the rent of the premises and other overhead expenses, as well as the risk of default.Journalists claim to be objective. But then, journalists are obviously not objective about themselves.But mundane facts like these would spoil the moral melodrama, starring the reporter on the side of the angels against the forces of evil.
If only liberals would get upset over government stealing of your money via Social Security, taxes, etc. Government is just another loan shark.