Comment of the Day
March 27, 2010 | California, industry, regulation | Comments (0)In the comments section of this LA Times story about a bill being introduced in California to cap interest rates on loans to the unemployed at 36%, someone wrote:
It’s a “supply and demand” and a “risk” situation. Similar legislation was proposed in DC and the “Pay Day Loan Companies” moved out to Virginia and Maryland. It’s a sad situation when the State has to engage in private contracts between two individuals. The only thing that it resolves is that more people will be without money or short-term loans and there will be less revenue, in the form of income taxes, going to the State and business licensing fees to the local governments.
Instead of passing stupid laws like this to “control behavior,” how about passing appropriations that get people out of this pickle, like relevant job training programs?
Stupid laws by stupid people. Now you know why California is broke.
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