Lie to me, I won’t believe
Jeopardy answer: What has Jerry Harper thrown up?
Jerry Harper, a Lawrence Journal-World reader from Lawrence, Kansas writes in a Letter to the Editor that he’s fed up with cash advance lenders. Then he begins to parrot up the crackers that he’s no doubt been force fed by either a media outlet with a sensationalist ax to grind or direct from the Center For Responsible Lending. It’s wrong and we’ve heard it all before. A repeated lie will only become the truth when people stop caring.
The framework for Mr. Harper’s diatribe is discussion of a previous Letter to the Editor from Robert Baker, who Harper feels “was far too modest in describing Housing and Credit Counseling Inc.’s (HCCI) help for the financially distressed; and, far too polite in characterizing the payday loan industry.”
What’s got him twisted?
Imaginary interest rates. How original, Mr. Harper. After making unfounded, incorrect statements about sending consumers into bankruptcy, Harper parrots the “loan shark rates” of 391 percent to 441 percent annually. He even points out that the “Congressional Research Service” says this is so. Great, but payday loans aren’t annual loans. I guess “Congressional Research Service” studied apples when everybody is talking oranges. After this gaff, Mr. Harper calls for the 36 percent APR cap that would lead us all into the promised land… of increased joblessness. Bad idea.
I could go on, but Mr. Harper doesn’t have much use for facts. Thus, I have no further use for Mr. Harper’s letter about cash advance character assassination.
Related articles
- Shapps Exposes Loan Sharks Who Charge 10,000% Interest (iaindale.blogspot.com)
- Pridemore Proposes to Protect Proletariat from Predators (democracyforvancouver.org)
- Canadian Payday Loan Association Believes Half of Ontario Lenders Will Have to Tighten Belts Under Proposed Rate Cap (newswire.ca)
I wish everybody could read this article and see the light.
I wonder just how much this guy has been paid by the bank lobby. It seems odd that no one has paid attention to the research, including the FDIC study, that demonstrates the positive impact of payday lending, and also the slightly less obvious qui bono of the situation. Qui Bono, or Good for Whom, meaning that if you think about it, the industry that suffers from payday loan lending is banks. Payday loans can be used to circumvent overdraft fees and late charges – where banks, mortgage and credit card companies derive the greatest portion of their income. I doubt that connection has been made by too many others – unless they’ve been bought off.