Re: Payday Lending Part Deux

Lisa Ann wrote:
> 
> 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.
> 
I think that I provided other examples of potentially harmful
industries that could be shutdown and it would cost jobs. The
argument you made was that pay day places being outlawed cost jobs.
I'm saying that sometimes society makes choices that reduce some
specific possible job, casino worker, prostitute, assassin, and
ultimately it's for the better.


> >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 think you are correct in this, it is too high risk. You should
note that I don't propose shutting down pay day loan places. I've
suggested controlling the length of time that interest rates above
some set limit can be charged. So charge 391% interest for the two
weeks, but it goes down to some statutory minimum after it is
written off.



> >> 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.
> 
Perhaps, but at that point I was really just addressing the Fantasy
Island aspect.




-- 
"Question, two men starving to death decide to eat their hair like

spaghetti. Is that funny?"

"Hmmm, well, it depends on if by funny you want to make people

laugh."

-+Eddie Izzard and Joanna Lumley, "The Cat's Meow"