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Hiding behind a tribe.")

Last legislative session, the General Assembly all but put the payday lenders out of business in Colorado with new regulations. Our elected representatives decided these lenders were "predatory" and taking unfair advantage of their customers.

Ignoring, of course, that none of the payday victims customers were forced to use the payday lenders nor lied to or defrauded in any way. In short, the benevolent know-it-all legislature substituted its judgment for that of people that voluntarily used a service. The legislature decided that those poor, uneducated dumbass poor people using the service were too dang stupid to be allowed to make their own decisions and needed their betters to protect themselves from their own stupidity.

Ain't government grand.

Now, it appears, some Indian tribes have the void and gotten into the payday loan business. Indian tribes, as sovereign nations, are not subject to state regulations. Republican Colorado Attorney General John Suthers is aghast*. He believes the Indian tribes have teamed up with payday lenders and are committing a ruse to avoid state regulation.

So what?

The entire scenario demonstrates the abject absurdity of state attempts to control markets. When there is a demand for a service, people will have that demand met, regardless of state regulation.

The government should not spend a dime restricting voluntary transactions between adults. I know, that simple proposition makes me a crazy radical, well outside the norm of modern political thought.

Thank god.
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*Aren't Republicans supposed to believe in free markets and less regulation? It is a rhetorical question. Of course they don't. Not unless it's politically expedient.



Payday lenders, government force, and the power of the market.

Denver Post Editorial Writer Alicia Caldwell has an article on the effects of the Colorado legislature’s regulation of payday lenders. (See “Hiding behind a tribe.“)

Last legislative session, the General Assembly all but put the payday lenders out of business in Colorado with new regulations. Our elected representatives decided these lenders were “predatory” and taking unfair advantage of their customers.
Ignoring, of course, that none of the payday victims customers were forced to use the payday lenders nor lied to or defrauded in any way. In short, the benevolent know-it-all legislature substituted its judgment for that of people that voluntarily used a service. The legislature decided that those poor, uneducated dumbass poor people using the service were too dang stupid to be allowed to make their own decisions and needed their betters to protect themselves from their own stupidity.
Ain’t government grand.
Now, it appears, some Indian tribes have the void and gotten into the payday loan business. Indian tribes, as sovereign nations, are not subject to state regulations. Republican Colorado Attorney General John Suthers is aghast*. He believes the Indian tribes have teamed up with payday lenders and are committing a ruse to avoid state regulation.
So what?
The entire scenario demonstrates the abject absurdity of state attempts to control markets. When there is a demand for a service, people will have that demand met, regardless of state regulation.
The government should not spend a dime restricting voluntary transactions between adults. I know, that simple proposition makes me a crazy radical, well outside the norm of modern political thought.
Thank god.
=======
*Aren’t Republicans supposed to believe in free markets and less regulation? It is a rhetorical question. Of course they don’t. Not unless it’s politically expedient.