Archive for November, 2008
Here is an idea for all the liberal whack jobs still trying to get payday loans banned. Instead of trying to protect consumers by banning payday loans, why not protect consumers by teaching them about payday loans? Surely education is the best approach, right?
I still do not understand the mindless mobs behind the movement to ban payday loans. What is the rationale here? Do we ban alcohol or tobacco because they harm the human body? Do we ban guns because of their potential to injure someone? Do we ban casinos and gambling even though millions of people lose billions of dollars there annually? Yet activists are so quick to try and ban payday loans in the name of protecting consumers. Protecting them from who?
There really is no shortage of people willing to offer financial advice. Financial planning and financial advising is a huge industry. But as with any kind of advice in life, some advice is good advice and some advice is bad advice. The question is how to know which is which?