There was simply no need to change the law,” said Rick Glazier, a North Carolina lawmaker, who opposed the industry’s effort to change the rate structure in his state. “It was one of the most brazen efforts by a special interest group to increase its own profits that I have ever seen.”

Ike, if you go into a store to buy a shirt, and the shirt is priced too high, what do you? You probably look elsewhere. Every commercial transaction requires a willing buyer and seller.

If someone offers you a loan at 31%, there is nothing that says you have to accept it. I guess you just prefer the warm blanket of government protection because you are too naive to enter into a commercial relationship on your own.

If someone offers you a loan at 31%, there is nothing that says you have to accept it. I guess you just prefer the warm blanket of government protection because you are too naive to enter into a commercial relationship on your own.

I hear you BF. The payday lending industry and other places like used car lots are definitely predatory. There is a simple solution, which of course no one wants to hear- live within yours means, pay yours bills on time, and negotiate on your own behalf. Sure personal responsibility in our society is a lot concept, but I still believe it's the best defense.

I hear you BF. The payday lending industry and other places like used car lots are definitely predatory. There is a simple solution, which of course no one wants to hear- live within yours means, pay yours bills on time, and negotiate on your own behalf. Sure personal responsibility in our society is a lot concept, but I still believe it's the best defense.

We live in a victim culture where someone else is always to blame for one's financial mistakes.

Tell that to all the homeowners who are currently underwater and have no chance of any government intervention.

You and me basically had to write a check to the big banks in Wall Street to cover the costs of their predatory practices. I have no problem then limiting some of their other ways of doing it.

Tell that to all the homeowners who are currently underwater and have no chance of any government intervention.

You and me basically had to write a check to the big banks in Wall Street to cover the costs of their predatory practices. I have no problem then limiting some of their other ways of doing it.

The problem is how society suffers from this like we saw a few years ago.

Some degree of consumer protections are always needed. We give corporations enough leeway to screw people over. They'll survive with one less.

You can't just say "I wouldn't have done it". The reality is that they did it after the banks asked for it. That means we can and should start looking at what other predatory practices we can stop by them.

The banks WANT the government to intervene in their affairs. They opened up that door. Now, they can accept the consequences.

This is the key. The decisions people make don't just affect themselves, as Rick has pointed out. They end up affecting all of us (regardless of whether you believe they should).There is no such thing as a free market here, and there really never has been. There needs to be regulation of financial institutions unless we'd like them to drive our economy to the brink of destruction again. The current Administration and Congress have done very little to prevent 2008 from happening all over again.

There are externalities in all sorts of stuff. It is that type of thinking, like it affects us all, that gives the government a reason to intervene in Happy Meals. Our fat society costs Medicare and Medicaid, which I pay for, so it gives me the right to tell you how to eat. Uhh no it does not.

I am 100% for reasonable regulation of business. I don't want to go back to the Gilded Age. I just expect individuals to look out for themselves. If folks didn't buy homes they couldn't afford, then the subprime crisis would not have happened. Yes, the lenders are just as responsible, but I don't feel bad for people with minimum wage income buying $800,000 homes in California.

http://www.reuters.com/article/2013/08/29/us-financial-regulation-earnings-idUSBRE97S0O520130829

You de-risked them to the point where the loans aren't profitable.

I could get knee deep in bank profits with you as I underwrite hundreds of banks. I don't want to spend a ton of time on it because you have to understand accounting and finance at a high level have an intellectual discussion on this topic. Consider though

The government and banking was just as responsible as the individual leading to 2008. Congress was pals with banking and go things all loose and people bought huge homes with nothing down. The quicken and their like called and said we will also refinance all the debt you had in furnishing your new home with a 2nd mortgage at 125% of its appraisal with no more down. These are golden times that will never end.

They ended. Changes are made and now lending is too tight lets loosen. I feel like I have seen this movie before.

We get it Dennis. You're an accountant.