“Payday” lending has been big in the news lately. Payday lending is where you go to a licensed loan shark to borrow money at interest rates in the hundreds (450% is not unusual), generally give the shark a post dated check, and 2 weeks later, end up having to renew the loan so the shark doesn’t deposit the check and get you hit with bank charges for bounced checks. There are some interesting permutations, but I’ll save that for another time. In the meantime, this parody was just too good to pass up. Check out this opinion piece by the publisher of a small Nevada newspaper.
"13 payday loan companies in little ol' Fallon, population 8,300 . . . "
Amazing. Depressing.
Imagine how much better America would be if people were investing at 1/10 the rate that they are borrowing.
Congress could quickly elimiate these operations if it wanted to. But you already covered that issue. http://dangerousintersection.org/?p=400
I invest in the stock market, usually losing money.
If I'd have borrowed from a shark, I'd have some nifty consumer crap as well as the hole in my equity.
(Most of my original reply here got expanded into Stock Market and the IRS: Insult to Injury)