Comment of the Day
March 1, 2010 | Uncategorized | Comments (1)This one comes from reader Gabriel Rodriguez:
Now if the reporters and politicians did literally 5% of the homework this site does (let’s make it 36%!!) the “regulation” against the PDL industry would not even try to cap APR’s at 36%, and we would all have agreed upon a working model of regulation that allows working-class families the option and choice for short-term credit and PDL businesses the ability to charge enough to keep the doors open. Everyone wins!! Well, one can hope that the reporters and politicians will pick up a book, a calculator and not only learn to calculate an APR on long and short term loans (same formula, VERY different results) but also look at statistics regarding default percentages, charges associated with giving a PDL, and customer satisfaction statistics. Only then would I feel like “regulation” was an honest attempt to “protect” consumers and the economy.
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why would they do that though? Less power for them and less crises to “Create,” so that they can “invent,” a “Solution?” Don’t worry though come November(Next Election) many of our politicians will be brought back down to earth and will be looking for jobs along with the 30 Million other unemployed Americans. Karma and Irony is a beautiful thing.