Norman Leahy: McGovern, Kaine, and Economic Paternalism
By J.R. | March 7, 2008
Filed Under Uncategorized |
Norm has a a post up on on pay-day lending today over at Decision 2008 that is worth considering. In it, George McGovern…yes, THAT George McGovern…discusses the unintended consequences of tinkering with free market economics. Which brings me to this conclusion: when politicians mess with Adam Smith, we, the people, usually end up with a good swift slap from the “invisible hand.”
McGovern’s entire op-ed in the Wall Street Journal also discusses government intervention in the sub-prime market and health-care.
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The points McGovern makes about healthcare are also very interesting, Jim. The idea that people should be allowed to buy health insurance across state lines — damn the state-imposed mandates — makes wonderful economic sense.
The whole piece shows that, given enough time, even the most recalcitrant Liberal can discover the virtues of the free market.
Just curious, do you also see the fed govt’s cap of 36% interest on such loans to military personel ill-concieved? I recall hearing that before the cap, 1 in 4 military families had used the service, making it one of the most popular demographics. Bear in mind that the current cap in virginia is 768%, IIRC.
I personally would like to find a study that showed the percentage of payday loan customers who later filed for bankruptcy. My guess is that its a fairly high percentage, as the vast majority of people using the service are ‘repeat’ users. The industry portrays itself as offering options to help people with low income deal with emergencies, but i would be willing to bet that the vast majority of people end up there from a result of poor budgeting and pre-existing overuse of credit. As such, using the loans only digs them deeper into the sinkhole of debt, making bankruptcy perceived as the only eventual option.
Our society already abuses credit to a ridiculous degree, a reflection of which is the subprime meltdown. Of course, what we’re really talking about here is more a societal perception or mindset, which is not so easy to change. Payday loans are a manifestation of the outcome of that mindset. IMHO, banning them is good, but working on shifting that mindset is a better eventual goal.