Better late than never
October 19, 2010 | California | Comments (2)The Los Angeles Times corrects a story that ran back in September:
For the Record
Payday loans: An article in the Sept. 15 Business section about the financing that payday lenders receive from major banks said people who take out payday loans generally don’t have bank accounts. In fact, payday lenders require borrowers to have a bank or credit union checking account.
Comments»
Along with a “correction”, they should issue an apology to their readers for side-stepping their responsibility to ACCURATE reporting!!
It’s not a simple “mistake”, it is simply LAZY to write an article thrashing our industry without even making an attempt to investigate the facts.
I was interviewed this week by Newsweek for an international article investigating the effects of Payday Lending Regulation (or lack thereof) on the American economy/people and abroad. The writer was very interested in actually LEARNING about the PDL industry from all sides, and was happy to digests many facts and figures I had prepared for him. But, his is writing INTERNATIONALLY, and that type of unbiased research certainly wouldn’t fly in US media outlets. We don’t want to think, or **GASP!!** perhaps challenge our preconceived negative notions of these “Payday Lending” sharks!!
American media/populace is getting way too “1984″ for me…. We will, and LOVE to believe what we are supposed to.
The fact they got this wrong in the first place leaves no question as to why dead-tree media is on its way to becoming extinct.