And while we’re criticizing the media…
April 23, 2008 | Cleveland Plain Dealer, Ohio, media coverage, states | Comments (1)This Cleveland Plain Dealer editorial on payday lending is off the rails. The Payday Pundit doesn’t know where to begin, but let’s try:
The Plain Dealer says some legislators “display a lack of interest in what’s best for their consituents.” It’s so condescending the Pundit almost expected them to say something about ”people clinging to guns and religion.” It’s alway obnoxious when highly paid editorial writers living in an elitist bubble think they can speak for working people while their advertising department brags about what an affluent readership it has.
The editorial writers also note that a leading payday lending/pawnshop company had lots of “revenue” last year. Revenue is not profit. Profit is “revenue” minus costs. Accusing a company of having high revenue is a brain dead cheap shot. As is accusing legislators who receive a few thousand dollars in contributions of listening more to lobbyists than constitutents.
Finally, the editorials writers says that a legislator “is free to believe an APR higher than 36 percent might address that. Most other Ohioans don’t.” How do they know “most Ohioans don’t?” Have they polled “most Ohioans?” They mean that the elitists at the editorial board don’t because they know better than “most Ohioans.”
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