He opines they hurt the poor folk.
Payday loans were an iffy industry and the Tennessee Legislature decided they needed to be “regulated.” Once the bill was passed it didn’t “regulate” payday loans. It made them legal and turned them into thriving enterprises that hook the poor on a treadmill and extort up to 400 percent interest on their loans. If you need money badly and you borrow your next paycheck, what is the likelihood you will be able to pay off the loan and interest when your next paycheck comes? So you “flip” the loan and do it again, forever. Paying ridiculous charges each time.
In Georgia, payday loans are a felony and you can be charged with racketeering. In Tennessee, they name college buildings after you.
The worst scam on the poor is the Powerball lottery in which the poorest of the poor are sold hope at $1 a shot. The proceeds are used to pay the college tuition for the children of the middle class. Not only will we continue the Powerball program, we are in the process of adding “Megamillions,” another multi-state huge-payoff, low-probability game.
In the end he wants payday loans outlawed. An interesting point of view from the traditionally libertarian leaning Cagle.
No mention on if he feels the same way about the lottery. Possibly this could be an option for him.
0 comments:
Post a Comment
You can post a comment, but keep it clean and on topic or it won't get published. :)