The truth about reg reform?
March 17, 2010 | alternatives, federal legislation, industry | Comments (2)Who knows, but I like the name of this blog, Truthout:
“This bill wouldn’t have prevented the past crisis, and it won’t prevent a future crisis,” says William K. Black, an economics and law professor at the University of Missouri, Kansas City, and the former senior financial regulator who cracked down on the savings and loan industry in the 1980s. In a wide-ranging interview with Truthout, Black, joining other critics, raised alarms about assorted obscure bookkeeping ploys and outright scams that are laying the groundwork for the next meltdown. Moreover, the ongoing partisan tussling over financial reform and the independent consumer agency he supports are drawing attention away from the importance of getting the Obama administration to crack down on the corporate criminals now.
Yes, focus on preventing another economic meltdown, not consumer loans.
Comments»
The approach you’re advocating seems to be a little like blaming drug addicts for buying drugs, rather than punishing dealers who push them.
Ben, I’m not sure if I quite understand who you’re aiming your comment at (the Pundit, or Truthout.org) so please forgive me if I am misunderstanding your stance.
But, if the following “The approach you’re advocating seems to be a little like blaming drug addicts for buying drugs, rather than punishing dealers who push them.” is aimed at the Pundit, I would have to personally disagree with you (un-officially) on their behalf.
I read the Pundit daily, and have witnessed nothing short of a completely informed, un-biased look at our industry and more importantly the unscrupulous attacks and slander we face every day in the news and with current “protective” regulatory legislation.
In my opinion, the CFSA and the Pundit are advocates of personal responsibility across the board, for lenders, borrowers, legislators and the media…. a thankless and frustrating endeavor I would assume!! Also, unlike drug dealers, we offer a short-term credit option to adults who are responsible for every other financial decision in their life. Whereas drug dealers offer an illegal product usually resulting in chemical dependency for the user. Also, whereas drug dealers should in fact be punished for pushing illegal chemicals which harm people’s health and well being, we in the Payday Lending industry should be free to run a profitable business within a capitalist democracy within reason. (36% APR’s as we all know, are not within reason).
Again, my apologies if I had misunderstood the intended target of your comment Ben.
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