Comments from readers about the House hearing
April 2, 2009 | federal legislation | Comments (1)Ms. Fox {Consumer group witness} had a hard go of it most of the time. I believe she was shown by Mr. Gutierrez to be impractical and overly ideological at the expense of fair compromise. Of course, this afforded her far more time once 36% advocates Ms. Speers and Ms. Waters held the floor and allowed her to speak more than a few sentences beyond her initial 5 minutes.
In the mean time, somebody’s got to educate representatives like Speers and Waters on the misleading inaccuracy of the 300% loan fee argument.
Someone should ask Ms. Fox that if payday lending is as destructive as she says it is, then why do customer satisfaction surveys show that most people who have used the service consider it to be a useful financial option?
And I would like to see the whole concept of usury laws criticized. APR rate caps are first of all an infringement of what should be the unalienable right of independent merchants and service providers to set their own fees, and they furthermore result in a perverted loan marketplace where consumers are robbed of the additional loan structures that the free market would otherwise generate to accommodate their individual needs as best possible.
Maybe I missed something, but was that just a meeting for Ms. Fox to speak?
Comments»
Our government seems hell bent on driving small business out of business. Great, drive the unemployment numbers higher and reduce cash flow for thousands across the U.S.