Re: Payday Lending Part Deux

On Sat, 17 May 2008 16:48:06 +0100, "Bill Bonde { ''the oblique
allusion in lieu of the frontal attack'')"
<tributyltinpaint@[EMAIL PROTECTED]
> wrote:

>
>
>Lisa Ann wrote:
>> 
>> On Sat, 17 May 2008 06:11:09 +0100, "Bill Bonde { ''the oblique
>> allusion in lieu of the frontal attack'')"
>> <tributyltinpaint@[EMAIL PROTECTED]
> wrote:
>> 
>> >
>> >
>> >Les Albert wrote:
>> >>
>> >> On Fri, 16 May 2008 16:52:41 -0400, "Lisa Ann"
>> >
>> >
>> >> >Indiana implemented), banning it was not the solution.
>> >> >The resolution passed 29-4.
>> >>
>> >> You make a convincing argument for the payday stores in Ohio.  It
>> >> seems like your lobbyists dropped the ball.
>> >>
>> >What was the argument, jobs? That's an argument for casinos,
>> >prostitutes, assassins.
>> 
>> Re-read my original post, Bill.
>> 
>> It's more than jobs.  There's a ripple effect from this that few
>> people have considered.
>> 
>Of course. If you shutdown the distillation business, you'd put a
>lot of distillation workers out of work and you'd affect businesses
>that provided goods and services to the distillation businesses and
>to their workers. You might hurt Walmart, for example.

You know, you throw so many red herrings out in your arguments, I'm
surprised that you haven't been swarmed by penguins who proceed to
nibble you to death.

>
>
>
>> There's also the fact that the only reason we're even in business is
>> because there is a demand - or market, if you like that word better -
>> for what we provide.
>>
>Isn't it true that that's also true for the  casinos, prostitutes
>and assassins I mentioned?
>
>
>
>>  In the many, many "news" articles I read (and I
>> use the scare quotes because most of them were opinion pieces
>> masquerading as news), it was frequently claimed that Payday Lenders
>> have more storefronts than McDonalds.  (Some articles claimed that the
>> 1650 Payday Lending places in Ohio out-numbered McDonalds, Wendys and
>> Burger King combined - in Ohio.  I don't know if that's accurate or
>> not.)  Okay...so...this is bad, how?
>> 
>We've had trouble here finding any time when it makes sense to use
>a pay day loan place over a traditional lending institution if you
>have access to a traditional lending institution. So the fact that
>these pay day places are proliferating suggests there is an access
>problem to traditional lending institutions.

We've had trouble here finding any time when it makes sense to use a
payday loan place over a traditional lending institution because very
few of us here are shut out of traditional lending insitutions.  

Nikki Haley, a South Carolina Representative, has been quoted as
saying (my paraphrase) that while debating a bill to limit payday
lending in South Carolina, she and members of the committee went to
different banks and credit unions in SC and asked them if they would
be willing to make short-term loans like payday lenders do - but at
the proposed 36% APR cap.  They all said no.  It was too high-risk.  


>
>
>
>> I still don't have the figures, but according to anecdotal evidence,
>> when NC and GA banned us, people who lived close to the border simply
>> crossed state lines to get loans if they needed them. 
>>
>It's my understanding that that is true and that's what was
>reflected in the cites I provided.
>
>
>> It's too soon
>> to determine if residents of OR and PA will follow suit - we just
>> closed those states last year.  I suspect they will.
>> 
>> And Bill, if you want to compare us to Casinos, Prostitutes and
>> Assassin...I really resent the Assassin comparison.
>> 
>I wasn't suggested any commonality between those things, I was
>simply saying that your argument follows equally for all those
>things, your argument being, "The jobs, the jubs!"

I don't believe my argument was simply "the jobs!  the jobs!".  I had
a few other arguments in there also.

Lisa Ann