Now that the state of Ohio has decided that payday lending businesses are bad for the poor, they're finally going to regulate them.
I find it ironic that this law passed the House right on the first of a month. Because today, there will be thousands of poor people all over the state taking their welfare checks to buy beer, cigarettes and lottery tickets. Ask any convenient store owner and they'll tell you that they live off of the first week of the month.
But somehow, I don't see anything in this article indicating the state is going to keep those things from the poor.
Nothing, and I do mean nothing, zaps wealth out of poor communities more than the Ohio Lottery, yet somehow, everyone seems OK with that.
Couple that with the purchase of alcohol and cigarettes and poor people would never need payday lending operations in the first place.
So if you are one of these people who want to regulate payday lenders, I'll ask once again, why is it OK to rip off poor people with the lottery? I guess if you use the money for schools it's OK.
So maybe the payday lenders can avoid regulation by selling their businesses to the state and the state can then rip people off. But that will be OK because they'll use the profits to fund schools or health care.
Sharing DNA with Nostradamus, let me make the following predictions when this law passes.
1) Car repossessions will hit all time records.
2) Bank overdraft charges will run at an all time high.
3) Pawn shops will never be as profitable.
4) Over limit fees on credit cards will reach all time highs
Nice job Ohio.
2 comments:
The claim politition make, that the Ohio Lottery goes to schools, is basically the perfume that they spray on the Ohio Lottery turd to make it smell good. Truth is that the school budgets are set. So even if the paper trail of lottery money leads to the schools, it simply frees up other money to go where the politicians really want it. The government is basically using the public school system to launder money from the lottery. And the schools continue their downhill spiral.
Let me illustrate. If the public schools were doing their job they would be teaching math. If they were teaching math, the students would grow up knowing how much of a scam the lottery is. You can see why the politicians have an incentive to keep their constituents stupid.
The democratic party slogan
The Democrats... Creating needs then filling them since 1932.
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