The Cincinnati Enquirer is confused
July 17, 2008 | Ohio | Comments (0)And the paper wants to make sure Ohio voters aren’t similarly confused about the payday loan referendum. In today’s editorial, the Enquirer pulls no punches in portraying the issue in a fair, studied light:
Payday lenders have every right to propose such an issue, but Ohio voters have every right to see such an issue for what it is – a bid to sabotage a comprehensive, carefully crafted reform.
The Payday Pundit understands that this is the “opinion” of the editorial board, but in classifying what the voters of Ohio “have a right to see,” shouldn’t these writers be required to demonstrate they understand the issue they so quickly condemn?
If the primary argument of the editorial board is that 391% annualized interest is outrageous there must at least be a passing acknowledgment that payday loans have one or two week terms, and that it is illegal to continue rolling the same loan over for an entire year. Yet, the Enquirer and most other papers ignore this inconvenient reality and continue bolstering their arguments with anecdotal “cycle of debt” stories and shocking APRs that are impossible to realize.
The Enquirer ends its screed: “If that’s what voters want, that’s what they will get. But they should understand what they’re signing and voting on.”
This editorial board would be well-served to take its advice and clear up its own confusion on this issue.
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