The Rant | Free market forces, sure
Video Essay by Chris Graham
freepress2@ntelos.net
Virginia Gov. Tim Kaine wrote this week in a Wall Street Journal op-ed that the payday-loan industry is “an obvious consequence of free market forces responding to consumer demand.”
AFP editor Chris Graham points out other examples of free-market forces responding to consumer demand that are just as harmful as payday lenders in the course of shedding light on the hows and whys of the watered-down payday-lending reform effort in Virginia.
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The Rant | Free market forces, sure (2:51)
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I also was upset when I read that sentence. But I don’t think Governor Kaine has sold out to the industry. I think he is pushing the alternatives such as the employee loan product and not realizing that the payday lenders may use his words as sound bites in the future. I am all in favor of products and programs to help people in financial duress (especially now) and the programs Gov Kaine is discussing are good ones. But DO NOT call them payday loan alternatives. You don’t need alternatives to scams. That is the fundamental problems with the sentence you are raving about–it elevates payday lending to just another product offered to meet a demand when the truth is that it is dressed up to look like that but is just another scam designed to take money from desperate people. Remember that 92% or payday borrowers in Virginia are REPEAT BORROWERS.