check out some of the interest rates that payday loan companies are allowed to charge here, http://www.moneysavingfreetips.com/no-teletrack-payday-loan.html

Mississippi ($400, 18%)
Missouri ($500, 75%)
Montana ($300, 25%)
Nebraska ($500, 15%)
Nevada (no limit, no limit)
New Hampshire ($500, no limit)
New Mexico (no limit, no limit)

If you do a google news search on payday loan, there are a LOT of articles on local municipalities imposing (or trying to impose) zoning restrictions on payday lenders. Chattanooga, San Francisco,Tempe, Las Vegas… sounds like the Route 66 song.

If you do a google news search on payday loan, there are a LOT of articles on local municipalities imposing (or trying to impose) zoning restrictions on payday lenders. Chattanooga, San Francisco, Tempe, Las Vegas… sounds like the Route 66

Sorry I didn’t post much over the past few days. Flu shot I got Friday kind of got to me, like they say it sometimes does. I still feel like I am going to lose the contents of my stomach – except when I actually eat, I usually find that I am very hun…

Raise minimum wage, it does not really cost anything. Wrong, it means an increase in cost of goods and services. (What most people do not realize is that Union salaries are tied to Minimum wage, which is were the call comes from to raise minimum wage)

Tax Business more, it does not really cost anything. Wrong, it means the business will then pass the tax onto the consumer, meaning an increase in cost of goods and services.

Tax the Rich more, it does not really cost anything. Wrong, it inhibits amount of investment income. In the long term, means an increase in cost of goods and services.

Put prices limits on things, or not allow competition. Price limits cause severe shortages, and cutting competition means an increase in cost of goods and services.

All those things do is make people feel like something is being done, when in fact nothing is being done.

But try to explain those concepts to a government official or a socialist and you get blank stares. Makes you want to tap your mouth and say, “Is this thing on”.

This week’s COTC is up at TriplePundit. There’s lots of good material this week. Here’s some of the pieces that tickled my fancy:

Of course, Warren is absolutely correct that the “solution” offered by Peoria is anti-competitive and will, ultimately, undermine the needs of the poor who use these services. I also agree with Matt. Their is a veiled classism to those paternalistically claiming to help the people that use these services.

Steve

A lot of the opposition to the payday loan business I’ve seen (although I’ll admit that I’ve never lived in AZ or even visited there, so I can’t say what it’s like where you are) is little more than extremely thinly disguised racism and classism. “We know what sort of people use those companies, and we don’t want them showing up in our neighborhood or even our city, except to wash our floors and cut our lawns” is the un-subtle subtext.