Because cash

A defense of the payday-loan industry:

Raise your hand if you’ve ever used the services of Payday Loan. No? That’s because you’re an upstanding, respectable citizen with a decent paycheck and a bank account. I, on the other hand, (ahem) haven’t been any of those things for going on 20 years. And since I fell on hard times in California, where the Franchise Tax Board can and absolutely will hoover up the contents of your bank account if you piss them off, even when I had a paycheck I found myself looking for ways to do without banks.

What I’m saying is, even though I never actually took out a loan with them I do know the inside of a Payday Loan. They also cash checks for a fee, and help you wire money to Guatemala or wherever. Personally I’ve always suspected that this is what [Sen. Elizabeth] Warren and her totalitarian pals really object to: Payday Loans (PL in future) makes money less transparent to the government and less susceptible to confiscation. For that reason alone I like it.

Besides, the government hates competition:

Now, they are pushing to include language in the Democratic Party platform to add banking to the line of services provided by the U.S. Postal Service.

Imagine it with me, Mr. and Mrs. America. The post office, which has practically driven itself out of its own centuries-old monopoly through incredible ineptitude, would now be granted…

“nothing fancy, just basic bill paying, check cashing and small dollar loans.”

What could possibly go wrong?

“But… but… non-profit!” I’d perhaps be more impressed with that, except that my stint last month in an ostensibly non-profit emergency room ran up a tab of twenty thousand dollars.

(Via View From The Porch.)





1 comment

  1. McG »

    27 July 2016 · 7:28 am

    Profit creates two incentives. The one socialists get right is to cut costs — which they complain are always on the backs of the “little guy.”

    The one they get wrong is to increase profit, which they depict as increasing profit margins without regard for the customer. In the real world, only a monopoly can make more money by selling less product.

    And where do we see actual monopolies? In the “non-profit” government.

    And to anyone who thinks you can’t make a profit in government, I say three words: Hillary. Rodham. Clinton.

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