Payday lending to be restricted
NY Times article explains that under new regulations from the Consumer Financial Protection Bureau, payday loans will be sharply curtailed.
I know that libertarian Republican types believe the explanation from the lobbying group for payday lenders, “thousands of lenders, especially small businesses, will be forced to shutter their doors, lay off employees, and leave communities that already have too few options for financial services.”
But because we at this blog know about HBD and also know about value transference, we know that this industry is a value transference scheme that rips off people with low IQ and low future-time orientation. Thus I support these new regulations.