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



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Archive for June, 2009

Loan-Shark Lenders Have Date With Hangman: Jane Bryant Quinn

Posted by Stephen on June 4, 2009

. “The consumer-credit industry can dream up any sneaky product it wants and no one polices it for harm.”

Commentary by Jane Bryant Quinn

June 3 (Bloomberg) — Pity the neighborhood loan shark.

The credit-card companies have stolen his customers by taking a softer approach to charging outrageous interest rates. During the subprime lending boom, mortgage banks shouldered into shark territory, too.

Loan sharks are called mobsters. Thieving legitimate lenders are called capitalists — free to impose any terms short of kneecapping on their troubled borrowers. Washington treated capitalist sharks as role models and beloved campaign contributors — that is, until the economy collapsed and debtors (aka voters) emitted a collective scream.

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Posted in C. State Politics, E. Payday Lending, Op-Eds | Leave a Comment »