Wednesday, April 27, 2011

Don't Hold Your Breath

....waiting for the "Free Markets Forever!!!" crowd to denounce this move.

Interest rates on payday loans would be capped at 36 percent under a proposal Republicans are circulating in the Wisconsin Legislature.

New regulations on the payday lending industry took effect in December, but the previous Legislature controlled by Democrats rejected a cap on interest.

What about all the folks who will no longer be able to get cash? Who'll starve b/c they can't borrow a few bucks in payday-anticipation? Are the Republicans killing off the poor?

1 comment:

John Foust said...

Payday loans are the only thing keeping the poor alive? Please, explain the math on that one.