the first time as tragedy, the second time as farce.”  

In today’s Wall Street Journal, a story begins: 

      “Concerned that “payday lenders” and other high-interest storefront operations are improperly capturing Social Security direct-deposit payments from the elderly and disabled, the Social Security Administration said it would likely change how it delivers some benefits.” 

Wait a second.  The Social Security Administration was actually responding to this Feb. 12th Wall Street Journal piece, which confuses payday lenders with installment and other types of lenders. 

So first we have the Wall Street Journal reporting inaccurately that payday lenders are involved in certain business practices, the Social Security Administration raises concerns based on this innacurate article, and the Wall Street Journal now reports on these concerns being raised.  

The Community Financial Services Association told the Wall Street Journal in strong terms that the initial article contained factual errors.  The business paper of record essentially told the industry in haughty tones that IT will decide what a “payday lender” is.   

The Payday Pundit has decided that he will decide what good journalism is and this isn’t.