Comment of the day
September 3, 2008 | customers, industry | Comments (0)The alway erudite Jon Schultz responded to payday lending critic “Arthur Ham” (whose comment I deleted for calling a distinguished economist a “hack”) with this:
{Payday loans are} welfare enhancing, because that minority of payday loan customers either 1) had an emergency need for funds so critical, at one or more times, that it made the fees of the multiple loans a welfare-enhancing proposition, or 2) simply needed to learn from the school of hard knocks not to borrow irresponsibly, just as many people need to learn from the sickness they develop from eating too many desserts not to make that mistake. Do you want the government to place a cap on the amount of fat and sugar allowed in ice cream? Are ice cream manufacturers “preying” on the weakness of lonely people who seek solace in their oh-so-tempting product? Maybe every time you buy ice cream, Arthur, it should go into a database which the grocery should be required to check before they are allowed to sell it to you. If you make yourself sick and don’t have insurance our tax dollars will have to pay for your care. And by the way, do you do any nonessential driving? Think how many problems would be alleviated if gas stations weren’t allowed to tempt people to spend more than they can afford on gas…
Go to China, Arthur, you’d probably be happier there.
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