A recent letter to The State that will never be published:
Dear editor,
The State recently published an editorial calling for
legislative action against payday lenders. I oppose
such legislative action. Here's why.
Payday lenders are part of an industry I call "white
trash finance"--title loan companies, paycheck advance
places, finance companies, etc. I'm not fond of these
industries, but I recognize that they exist because
consumers want these services.
No one forces anyone to use these services. No crime
is being committed here. There is definitely some
stupidity here, but there is no crime. Why should the
government step into this area? Why do we have a
responsibility to protect idiots from themselves?
By regulating or outlawing this industry, the
government will be limiting consumer choice which will
drive people who want these services to the black
market to get them where people will offer body parts
as collateral. We see and have seen this phenomenon of
the black market with abortion, drugs, alcohol,
tobacco, prostitution, or what have you. Outlawing
these things does not eradicate them but make them
more expensive and more dangerous to consumers.
Whenever a free market is outlawed, a black market
will replace it.
Why would The State demand these regulations? Should
we regulate the newspaper industry to clean up trashy
tabloid journalism? Would The State support such a
measure then? Or would The State stand on the First
Amendment?
We tolerate things we don't like or even disagree with
for the sake of freedom. In this case, it is the
economic freedom of people to lend and receive loans
on terms they voluntarily enter into. By calling for
action against this, The State is being hypocritical.
I have never understood how a free press could ever
advocate tyranny, but that is what The State does.
The best thing for our government to do is stay out of
regulating these finance companies. Unless a crime is
being committed involving fraud or theft, people
should be left to make their own consumer choices and
suffer the consequences of those choices.
Sincerely,
Charles Broadway
The State recently published an editorial calling for
legislative action against payday lenders. I oppose
such legislative action. Here's why.
Payday lenders are part of an industry I call "white
trash finance"--title loan companies, paycheck advance
places, finance companies, etc. I'm not fond of these
industries, but I recognize that they exist because
consumers want these services.
No one forces anyone to use these services. No crime
is being committed here. There is definitely some
stupidity here, but there is no crime. Why should the
government step into this area? Why do we have a
responsibility to protect idiots from themselves?
By regulating or outlawing this industry, the
government will be limiting consumer choice which will
drive people who want these services to the black
market to get them where people will offer body parts
as collateral. We see and have seen this phenomenon of
the black market with abortion, drugs, alcohol,
tobacco, prostitution, or what have you. Outlawing
these things does not eradicate them but make them
more expensive and more dangerous to consumers.
Whenever a free market is outlawed, a black market
will replace it.
Why would The State demand these regulations? Should
we regulate the newspaper industry to clean up trashy
tabloid journalism? Would The State support such a
measure then? Or would The State stand on the First
Amendment?
We tolerate things we don't like or even disagree with
for the sake of freedom. In this case, it is the
economic freedom of people to lend and receive loans
on terms they voluntarily enter into. By calling for
action against this, The State is being hypocritical.
I have never understood how a free press could ever
advocate tyranny, but that is what The State does.
The best thing for our government to do is stay out of
regulating these finance companies. Unless a crime is
being committed involving fraud or theft, people
should be left to make their own consumer choices and
suffer the consequences of those choices.
Sincerely,
Charles Broadway
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