Biased coverage
March 17, 2010 | Center for Responsible Lending, industry, media coverage | Comments (1)The crux of my complaints about the biased coverage of payday lending lending:
- “Profits”–There continues to be the glib assertion in many stories that the industry makes large profits. I challenge any reporter to provide evidence of this. The public companies report profits of between four and eight percent.
- Lobbying–The media covers all industry lobbying activity, including ours, as if there is something devious about it despite the fact that it’s a constitutionally protected practice that is vital to democracy. Our critics’ lobbying efforts are virtually unreported on. Has there ever been a story about how many lobbyists Center for Responsible Lending has? Or how many they hired after receiving money from billionaire hedge fund mogul John Paulson? Of course not.
- Perspective–The payday lending industry makes $345 loans on average. Its total revenues are just over $7 billion. The industry has no macro impact on the economy. Does this industry warrant the relentless coverage that it’s receiving?
Comments»
As far as the CRL, you won’t see these facts/back-story very often….
http://www.capitalresearch.org/pubs/pdf/v1268673474.pdf
Not sure, but I may just be linking an article that I found here at the Pundit within the last few days. Sorry, can’t keep track of where all my info comes in from! Anyway, a GREAT article nonetheless!
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