A weird satire on a British website:

Giros, normally cashed only on a Thursday can be exchanged for a payday loan supplied with a free, commemorative Bull Mastiff, “bitch” toy that shouts “Poppadoms” when you rub it up the wrong way.

Although we don’t get it, it still seems kind of funny.  Weird. 

From the story:

Under the bill, which passed the Senate Commerce and Human Resources Committee last week, loans would become void unless the lender was licensed in Idaho. Currently, only companies in Idaho – not those operating only online or outside Idaho – are required to be licensed.

Seems fair.

Regular reader, Glenn, has a thought about Sen. Bernie Sanders:

Perhaps that should be “the Senator from The People’s Republic of Vermont”.

From a report on today’s hearing on credit cards:

During the hearing, Democrats floated the idea of setting caps on interest rates. “I think people have had it up to here with financial firms,” Sen. Bernie Sanders, (I., Vt.), said at the hearing. He added that, “One way that we can go forward is putting a cap on interest rates.”

No, the Payday Pundit is not name-calling.   The Senator from Vermont is a self-declared socialist.

Incredibly, this guy picked Bernie Madoff’s prisonor number for his lottery picks.  Won $1500.   Now, if he takes that money to Vegas, puts it on red…. Oh, never mind.

The West Virginia AG is suing five Internet lenders.   West Virginia doesn’t allow payday lending and these companies are making loans there.

This Los Angeles television station thinks that check cashers and payday lenders are one in the same.

From the Washington Post:

Expanding a debate on whether the government should to do more to help embattled consumers, a Senate Judiciary subcommittee this morning will hear pros and cons of a bill that would provide relief to holders of credit cards with exorbitant interest rates.

New regulations issued by the Federal Reserve targeting predatory lending practices by credit card companies are scheduled to go into effect next year. The bill, introduced in January by Sens. Sheldon Whitehouse (D-RI) and Richard Durbin (D-Ill.), is aimed at giving more immediate relief to consumers struggling with mounting debt and tightened access as the credit crisis helps fuel the economic downturn.

From the story:

Seattle-based Starbucks is also working with non-government organizations to provide collateral-free, low-interest loans for cooperatives and small producers who don’t have access to credit, Cuff said.

Good for them.

All you can hope for is charity.   The Navy Marine Corps Relief Society, a charity, provides sailors and marines with interest-free loans.   Now there are relatively few marines and sailors–a few hundred thousand–but 300 million civilians.     We doubt that charities can pick up the slack for them if payday loans were banned.