I was just reading a New York Times piece from Ohio about how pissed off everyone is over there about payday loans. The spokes person for the CRL even went so far as to say that "it takes real will of the regulators to ensure that the will of the legislatures are met." Good to know government is still of the people, by the people and for the legislatures...er...I mean people.

Sadly there were no anecdotal sob stories this time around. That's too bad. I do enjoy reading those inventions of fantasy about as much as I love reading fake testimonials online. My favorite part of the whole article was that after blasting payday loans the whole time, they included the last two paragraphs about CFSA.

CFSA explained how no one is charging anywhere in teh vicinity of 680% APR as the article falsely claims. The state of Ohio passed a law capping loans at 28% APR, effectively killing payday loans. Of course, lenders found a different way to operate, and now the legislature....er...I mean people are pissed.

When will they learn? If legislatures attempt to ban payday loans and lenders change their practices to stay in business, what does it tell you if people STILL COME IN FOR LOANS? It is with that in mind that Check City is please to present our approach to regulating payday loans.

First, Congress will enact a law that enables the people of this country to do business with whomever they choose. People will be free to be patrons of whichever bank, grocery store, restaurant or any other business they please.

What? That's already a law? Oh, I didn't realize there was something called the Constitution that guranteed freedom and liberty to citizens of this country. Oh well, that's fine, it should save us a step. Scrap step one, already been done a few hundred years ago.

Ok then, step two- all payday lenders will be required to fully disclose the terms and conditions of their shady practices. That should show all of us who is boss. Surely once people know what criminals we are, they will tuck their tails and run out the doors.

Wait, what? That's a law too?! People have to be made fully aware of what they are getting with a payday loan and agree to those terms and conditions? Oh, well, great, the Truth in Lending Act has us covered there, too. Scrap step two.

All right, last step- with people allowed to 1) choose whether or not to get a payday loan and 2) choose from whom to get the loan, we can end predatory lending. If any particular payday lender is ripping people off, surely no one will go back and they will go out of business.

And if payday loans in general seem like a ripoff to consumers, they will surely stop getting these terrible products. Brilliant! It's a perfect plan! Allow the industry to be regulated by the consumers! Just like groceries online, poorly made automobiles and anything advertised by Billy Mays, payday loans will go out of business as consumers refuse to buy them.

Wait, wait...hold on one second. This sounds exactly like the system currently in place. And payday loans as an industry have continued to see growth? How is that possible? Shouldn't consumers have wisened up and stopped getting loans from these loan sharks? Or could it be [gasp] that payday loans aren't the brainchild of Satan?!

Could it be that the only people who complain about payday lenders are those who didn't pay them back or those who compete with them? Wait, yup, that is it! Only lobbyists, consumer "advocacy" groups (lobbyists in disguise) and competitors to payday loans are pushing for their ban. And boy have they gotten the public on their side. They have convinced just about everyone who has never gotten a payday loan just how bad they are!

Well, if the day comes that our regulation plan doesn't work and Congress outright bans payday loans, then it will be a sad day. Especially when access to short-term credit becomes either non-existent or more expensive than payday loans. If that day comes, pick up your local newspaper, because I will be sending out thousands of editorials saying I told you so.