The Political System Supports Predatory Lenders

After going through the economic crisis it amazes me that we still have a “payday loan” industry in this country. But we do. This was not a natural development of the market. Historically, it has never been a good idea to loan money to poor people. You would loan to people who have some resource they can put up as collateral. Then, if they can’t pay the loan, you take the collateral. That ends the debt obligation. But the modern state, rather than being primarily an institution for protection Read more […]