Thanks for Commenting
You're right about the inconsistencies in trying to rein in the more rapacious businesses seeking to capitalize on the the miseries of the working class who may be unwary.
Capitalism is about exploiting these vulnerabilities on both a local and global basis.
FDR saved capitalism in the US by damping its worst effects. We are now systematically disassembling the choke points initiated by the New Deal in order to experience laissez faire capitalism in all its naked glory.
If we were to be consistent, we'd probably just eliminate all those pesky anti-monopoly and other laws that restrict to some degree the exploitation of the weak (and, yes, stupid) by the strong.
Either that or we could go in another direction.
BTW, if we were to apply that 25% rule to the United States, would we be able to proceed with our latest Treasury bill auction?
CharlieABQ speaks soothe. And it's not often that you find a blogger defending predatory payday loan sharks. Mario, gotta hand it to ya!
Running a payday loan business is not the way I would choose to make a living. Nor for that matter would I want to make it running a casino, or selling cigarettes. All of these are detrimental to the health and well-being of the individual, and in every case the individual knows that. At some point, personal responsibility needs to come into play.
Does anyone know what the profits after taxes are on payday loans?
I would assume that the number of defalts on payday loans would be very high.
Maybe Madrid will take on the predatory profits of the oil companies.
I am not defending the payday loan companies just concerned that the government is interferring with the profits of the private sector.
Mike
If it were the job of government to make sure that nothing interferes with the profits of the private sector, why have any regulations about either payday loans or oil companies?
Let's do away not only with usury laws but also any regulation of how much information a borrower must receive. I'm sure that the business would be much more profitable if the company didn't have to expose the true interest rates.
Why regulate at all? Why not just legalize loansharking and let guys like Guido handle those pesky collections?
Oh, and let's let "market forces" determine how much a person pays for medical care. Don't like the ER charges? Well, perhaps you should have exercised some "personal responsibility" and shopped around.
Oh, and all those corporate and individual income taxes really inhibit capital accumulation, so we should shift to all sales taxes to redistribute income upward. We'd set the rate to cover our "defense" and corporate giveaways along with the interest on the debt; those are really all that we need government to do, and we can subcontract as much of that as possible to Custer Battles and Halliburton.
Oh, and those minimum wages? We should eliminate them altogether. A return to indentured servitude would do wonders for many bottom lines.
Yeah, that's the ticket.
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