For Memorial Weekend the Payday Pundit brings you the flag raising on Iwo Jima on video.

Join the club.  The Congress took a shot at Wall Street and seems to have hit everyone else.  From the story:

N.C. Bankers Association President Thad Woodard compares pending financial-services reforms to a pendulum swinging toward an extreme point before returning to its equilibrium.

But while he believes reforms will ultimately be good for the industry, Woodard and North Carolina’s community bankers are fearful of the unknowns they say could harm small lenders in the meantime. And they’re lobbying Congress to soften the blow.

Media finally looks into how people are impacted AFTER a law is signed.  Check this story from Wisconsin:

Charlie Buhler is afraid that Gov. Jim Doyle’s veto pen may have killed the business that Buhler’s grandfather started more than a half-century.

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Buhler, vice president at Motor Credit, said the law will kill a whopping 65 percent of Motor Credit’s business and may well put them out of business.

From The Atlantic:  “Stop Hyping Financial Reform.” The columnist is unimpressed.

The Las Vegas Sun loves the financial reform bill for this reason:

We face a situation of soaring layoffs caused by the recession and many Americans unable to make mortgage and personal debt payments — with Las Vegas and Nevada generally leading the nation in these areas with our record unemployment, foreclosure and bankruptcy rates.

The Consumer Financial Protection Bureau (or Agency) will not help with any of these problems.

Taking a long weekend.   Not much news anyway.

Congressman Barney Frank said this yesterday:

After passage of the financial reform bill, “there will be no entity in America that does not have to report financial transactions to a regulator,” said Frank.

And this is good?  What about the impact on entrepreneurship?

The network seems to love doing stories about the payday lending industry.   You can listen to the latest one here.

I believe that the States which cap APR%’s and fees at 36% should put THEIR money where their mouth is! If 36% is actually enough to run a business on, then the State should be required to open up “X” amount of State funded short-term loan centers which operate within of their own restrictive legislation. Then we’ll see how impossible it is to lend out $100 for a mere $1.38 and keep the doors open!

Wish we could all feel the same way.