It's always been my opinion the Ohio Lottery is 3000 times more destructive to poor people's lives than check cashing operations; yet everyone wants to look the other way at that.
Well here's another incident where legalized gambling has ruined another family.
Excerpt
A former Lockland account clerk is accused of bilking the village out of $60,000 and then using the cash to buy lottery tickets and feed a gambling addiction at the Argosy casino, Hamilton County prosecutors said.
Tell me again how many families pay day loan operations have destroyed in this manner.
3 comments:
I should probably clarify. I am also opposed to state lotteries as you are, as well as any other business that relies on other people being stupid and ignorant. That includes payday lending, but by no means is that the only industry.
In an ideal world shame and public humiliation would prevent these companies from getting a foothold and no regulation would be necessary.
and it's not so much that I favor regulation, as I see the payday lending operations funding and taking over general GOP politics in order to stop regulation. That's a PR disaster in the making.
-Dave
Payday loans are simply another form of short term credit that competes with late fees, overdraft protection fees and bounced check fees. Consumers are better off with more options available to them. Payday loans are highly regulated in most states, and lenders follow the same disclosure guidelines that banks and credit unions follow. Could it be that the banks are behind the move to eliminate payday lenders because they eliminate lower cost competition for their other short term credit products?
I disagree with Dave. If payday loans are so terrible, and lenders are taking advantage of people, why hasn't "shame" and "public humiliation" driven Dave to open up a financial services store, dispense loans at a price he thinks is fair or otherwise administer alms to the folks he describes from his lofty perch as "ignorant." Really, Dave - have a heart. I do, however, like the Oliver Stone bit about taking over GOP politics - good stuff!
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