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"Government is not the solution…it is the problem" -Ronald Reagan



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Editorial: Predatory Industry Must Be Reined In

Posted by Stephen on March 4, 2008

A recent article from The Wall Street Journal highlights the latest scam by payday lenders. This is perhaps one of their most disreputable actions ever, as it entails the elderly and direct deposit of Social Security checks.

As you know the Journal is among the most distinguished financial publications in the world, and certainly one with a pro-business reputation. It is of concern, therefore, when a publication of this distinction gives page-one treatment to a practice of the retail financial industry for manipulating customers, banks, and the government’s direct deposit program to seize the assets of borrowers it has entrapped in a cycle of debt.

This is a lesson to all of us why “reforms” don’t work. The industry is predatory and innovative and will find loopholes that will entrap the working poor and elderly.

The only thing that will work is a 36 percent APR interest rate cap with no fees. Any other reform is a sham.

Michael H. Lane. Gloucester.

Opinions expressed by editorial writers do not necessarily reflect those of management of Conservative Viewpoints.

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