Payday Pundit

Great post by Wondering Heretic if you have a few minutes to read. A few excerpts: 

In short, the demand for high interest loans for high credit risk people will always be there. The issue is how will this demand be met? It can be through the government controlled, legally restricted, and relatively gentler auspices of Payday Lenders, or it can come from another less official source.

My fear is not so much as to what will happen to the Payday Lenders as much as to what will replace them. Like my father’s day of “four for five” someone will be providing the funds to the people who perceive that they need them. If the poor can no longer have access to official sources then the risk is that they will entangle them in “unofficial” ones. By eliminating legally controlled and restricted sources you may very subject them to uncontrolled, unrestricted, and illegal ones.

Edmund Burke was only partly correct. Sometimes all that is necessary for the triumph of evil is for good men to do the wrong thing, or even the right thing the wrong way or at the wrong time.