Into the 2nd installment for this week’s Dust-Up, Thornberg and Leonard debate regulation of payday lenders. Formerly, they talked about the public’s reluctance to aid federal assist with distressed borrowers. Later on within the they’ll discuss the Bear Stearns deal and whether lenders should be required to renegotiate mortgages with borrowers who are in default week.

Fulfilling a need By Christopher Thornberg

Certainly one of my movies that are favorite arrived away in the last few years is “Thank You for Smoking,” which then followed the activities of a advertising expert for the tobacco lobby. Within the movie, the protagonist held regular dinner conferences with lobbyists through the weapon and liquor companies; they called their team the “MOD” squad, which endured for “Merchants of Death.” we wonder why the screenwriters didn’t are the payday financing industry, considering that it too suffers from exactly the same problems of widespread derision even though it acts a sizable general public need.

I might end up being the first to acknowledge it is difficult to justify the apparently crazy charges charged by many people payday lenders for little, short-term loans; I’m maybe not planning to attempt to right right here. (more…)