GET A GRIP ON PAYDAY LENDING, PEOPLE
FITSNews – May 9, 2008 – Since the mainstream media refuses to pick up on the blatant legislative shakedown that’s tkaing place with respect to the payday lending debate, we view it as our obligation to continue reminding people that the only reason South Carolina is even considering banning the industry is that a couple of rich, ethically-challengedÂ legislator-shysters want to get even richer.
We’re a poor state, people, and despite the sentimental drivel that’s driving the debate on this issue, the fact remains we’d be screwing poor people over even worse if we did what self-serving jackasses like Senator John Hawkins and Luke Rankin want us to do.
Anyway, from a guy who knows a little bit about business:
Overregulation of any consumer-oriented business will not lessen demand; it will just activate the law of unintended consequences.
A staff report of the Federal Reserve Bank of New York concluded that consumers in Georgia and North Carolina have more debt and bankruptcies since those states banned payday loans.
The much wiser course is for government and the private sector to help consumers help themselves become economically literate. We need to educate, not overregulate.
Of course that makes far too much sense for South Carolina, particularly when the people driving the debate stand to make millions of dollars by establishing the precedent of suing entire businesses out of existence. Seriously, we might as well hang a “No Jobs Wanted” sign at every one of our Interstate Welcome Centers in this ass-backward state …