iknoknot

Payday Lenders Getting Obama'd

with all due respect, mr ed,

"Have Americans really become so dimwitted that they cannot make a competent decision about whether to use a payday loan ?"

as i see it, when mr. buffet misses the bottom call three times, can we safely assume that the average joe has enough understanding of the current situation to properly make a rational 400% loan decision? This has nothing to do with competence.

I defy anyone to explain to me why anyone bought (non-short) stocks on Friday. "certainly can't go much lower than this?". And I assure you the guys buying those stocks have much better access to the 'bigger picture' information driving today's markets, and they still bought.

not to miss your point, i abhor government regulation of this sort, but to assume competence is relevant when so little meaningful information is available (via the NYT, etc.) to otherwise bright people... hell, with these kinds of policies making headway, why stop there... perhaps brokerage firms should be shut down as well for allowing this same lunacy.

i'm concerned,

--ikk