Runaway rhetoric on payday loans

posted by
November 6, 2011
Orange County Register
by Thomas Sowell  
Posted in Commentary, PND Commentary

"The mindset of the left was recently displayed in a big, front-page story in the Oct. 30 San Mateo County Times. It was an investigative reporter's expose of the 'payday loan' business and its lobbyists. According to the reporter: 'In California lenders charge up to $45 in fees on a maximum $300 loan. This amounts to an interest rate of 460 percent, trapping some borrowers into a never-ending cycle of debt.' Let's take this one step at a time. Whatever the merits or demerits of the rest of the argument, $45 is not going to trap anyone in a never-ending cycle of debt, even if they are making minimum wage." (11/04/11)  

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