Comment of the Day
March 15, 2010 | Uncategorized | Comments (1)It shouldn’t even matter how profitable the industry is. This is supposed to be a free country, where you can put an unusually large french fry up for sale on eBay for any price that you want and it is not your responsibility if someone buys it and then has financial problems – as long as your offering was honest.
It is the Times that is being dishonest, not only in pandering to the popular misconception that APR equals ROI (they should know better), but in using vague terms for the types of practices which they feel the CFPA should “police.” It is an infringement of freedom to pass a law against, or charge an agency with correcting, “unfair, abusive and otherwise unsound lending” because the definition of those terms is highly subjective.
How would they like it if the government were to pass a law against “unfair, abusive and otherwise unsound editorializing”?
Comments»
“How would they like it if the government were to pass a law against ‘unfair, abusive and otherwise unsound editorializing’?”
I personally would LOVE it!
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