Telling it like it is
March 11, 2010 | federal legislation, industry | Comments (0)From the Los Angeles Times today:
“We’re a small consumer loan industry and we had nothing to do with the economic meltdown, and we won’t have anything to do with any future economic meltdown,” said spokesman Steven Schlein, noting the industry lends about $40 billion a year, with an average payday loan of $354. “Consumer loans have been regulated by the states, and the states are doing a good job.”
That’s why Congress should regulate Wall Street and not us.
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