This is the conclusion of my look at Lawrence Meyers’ critique of Graves and Peterson’s biased academic screed “Usury Law and the Christian Right: Faith Based Political Power and the Geography of the American Payday Loan Regulation.” CLICK HERE if you missed the last segment of this article. Before I move on to Meyers’ wrap-up of the authors’ final odds and ends, I want to hit the reset button on a pertinent topic when it comes to payday loans and “usurious” interest: British philosopher Jeremy Bentham and his utilitarian views of freedom.

Defending usury

Customer satisfaction with and the proliferation of payday loans in society are strong indicators that the product should be here to stay. English philosopher and financial reformer Jeremy Bentham would no doubt agree. In fact, he argues on behalf of usury as an essential element of free trade and financial freedom. The market dictates price, and competition forces a fair price when collusion is guarded against.

Bentham’s ideas about usury have been debated ever since his work “Defence of Usury” first appeared in 1787. Policymakers and the lay public are more conscious of undue regulation of interest on products like payday loans in large part thanks to reformist thinking like Bentham’s. I advise you to check his work out if you are at all interested in liberty and utilitarianism.

Meyers sweeps the floor

Here’s more, straight from the authors’ mouths. Meyers has the broom out, ready for the sweep.

PDLs have exploded into an industry with more than McDonald’s, BK, Sears, JCPenny, and Target combined. For those concerned about the social moral and spiritual well-being of the lower and moderate income Americans, this is a profound, unprecedented and troubling change.

Obesity and heart disease are REAL social issues. The authors have failed to make their case that we should be worried about payday loans. Fast food presents a real and present health risk if consumed too often (as Americans like myself are wont to do). If you want to talk about cost, Meyers argues, how about “rising health care costs, burden on the health care delivery system, as well as to the individual health of those that use those products irresponsibly?” This is far more serious than any minority of customers who default upon their payday loan repayment. As far as the retail outlets the authors mention, I could assay a guess that they contribute to rampant consumerism, and frayed credit ratings, stress and financially challenged families are the result. I’ve been there, too.

Mapping malady

The connections the authors attempt to convey via their mapping of payday loan store locations and their “assault” on the poor and minorities falls utterly flat. Meyers says in no uncertain terms that their strategy “fails to fully develop a broad economic theory of the many possible determinants of payday loan storefront locations.” It goes beyond mere census demographics for areas considered. Meyers suggests there are likely numerous omitted variables here, variables which the authors completely ignored.

According to Indiana Wesleyan Economics Professor Thomas Lehman’s critique of the 2005 D. Saltes study “Race Matters: The Concentration of Payday Lenders in African-American Neighborhoods in North Carolina,” the professor states that “finding an apparent relationship in a regression that actually doesn’t exist can be a consequence of omitted variable bias.”

CLICK HERE for the conclusion of this article…

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As Americans, it is our fundamental right to have our voices heard; this includes what we have to say about the auto bailout and our access to payday loans. Americans care about the auto bailout because it has everything to do with our tax money. Budgets are tight, so Americans are extremely vigilant about where their tax dollars are being spent. Americans are also concerned about their financial freedom. Some states are eliminating access to payday loans, which in essence, is eliminating financial freedom.

Auto Bailout

The Big 3 auto companies are struggling to remain above waters

The Big 3 auto companies, GM, Ford, and Chrysler, are begging Congress for money to help them avoid bankruptcy. The Big 3 are up against more than just Congress. A recent CNN poll claims that 6 out 10 individuals are opposed to the auto bailout more than half of the people polled are not in favor of bailing out the nation’s biggest automobile companies. Opposition increased when Americans learned of the poor performances by auto executives, and the private jet they flew to get to the Congressional meetings. Opposition to the bailout can be found across the nation, including the Midwest, where the auto industry employees thousands of Americans. With such widespread disapproval it will be interesting to see which way Congress votes. What do you think about the auto bailout?

Is the Government Listening?

Many Americans have absolutely no interest in saving the country’s major auto companies, but the auto companies are desperately pleading their case. On the contrary, many Americans are interested in preserving their financial freedom, including their right to payday loans, while several politicians are trying to eliminate payday loans nationwide. There is something wrong with this picture: Americans don’t want to bailout the auto companies because they would like to see their hard earned tax dollars go towards a more legitimate cause. Yet, the government is considering granting the Big 3 their bailout wishes? And Americans want to preserve payday loans and financial freedom. Yet, the government is trying to abolish payday loans? It sounds as though the government isn’t listening.

Use Your Voice

No matter what the issue is, Americans have the right to be heard, and Americans are catching on to this. If we want something bad enough we will use our voices to get it. Take this year’s election, for example. Our country desired change, and there was a record turnout for the presidential election. Barack Obama was elected president, due in part to his promise for change. Obama will surely bring big changes to the United States, but it is unclear if those changes will positively or negatively affect Americans. Obviously, the majority of the country believes Obama will bring much needed, positive change. He wouldn’t be president otherwise. However, Obama is one of the many politicians that would like to eliminate payday loans nationwide. You used your voice to put Obama in office, now use your voice to tell your president that you want to keep your financial freedom and your access to payday loans.

Haven’t you noticed that when it comes to money everybody wants their hands in your pockets. Every service comes with a fee and don’t forget a tax as well.

Taxes today consume about 43% of the average American’s paycheck. We are taxed upon making the money, and on everything we buy, or consume afterward such as groceries and gas.

When is enough, enough?

What’s even worse however is that once our heavily taxed and hard-earned American dollars finally pay off our personal assets, our beneficiaries get taxed on what is willed to them at our death. After a set amount of about $10,000 a year, you can’t gift anything more without the receiving party being taxed on the gift you have given.

Oh, and did I tell you there is a death tax as well. Yes it’s true. The IRS doesn’t stop with the just taxing the living. They get you when your dead, too. I will spare you the story however, and let you die in peace.

Can You Make Your Own Financial Decisions?

The point I am trying to make is that if it involves money it almost always involves the government who tells us what we can and cannot do with the money we have already been taxed on.

Shouldn’t we have the right to make our own decisions with our own money? After all, we have already paid our dues. Is it right that giving the money away should cost us more?

You see a lot of this frustration in the economy today. As of lately, the bailout bill has caused the greatest outcry as the federal government has stuck the US taxpayer with over $700 billion dollars of debt, the price to bail out the nation’s biggest banks who helped create the crisis in the first place.

The Last Frontier

There is a last frontier of financial freedom, that although not left untouched by government legislation, still operates quite freely. This industry is the payday loans industry.

There are not many places that you can go today and get quick cash without a drawn-out loan process that you expect to see in places like the bank. Payday loans can be applied for in person or online, approval takes just minutes and deposits are made in as little as two hours.

The costs associated with payday loans are minimal, usually between $15 and $25 dollars per $100 borrowed. This may seem high for some but you have to take into consideration the risk that the company is taking in consumers to provide by providing them funds almost instantly and often time without a credit check.

This is a service that will serve you well in times where you need payday loans. Good examples of these times would be like when you have fallen short on your mortgage or car payment. Avoiding the late penalties by using a payday loan can save you quite a large sum depending on how much you have fallen short and therefore how much you need to borrow.

Many states are losing this privilege as the government and big bank lobbyists who want the consumers to come to them first wrestle the payday loan industry to shut them down or lower the interest rates to a point that they cannot stay in operation. You may recall Ohio passed legislation that capped interest rates to such a low APR that for every hundred dollars loaned, only about a $1.08 could be made, and 79 of these payday loan stores had to close doors.

Know that amidst all the decisions that are be taken away in the financial arena, you still have a place to go that understands your needs and we aim to provide for you anyway that we can.

-Personal Money Store

Your Online Source for Payday Loans

Juicy Burgers contributes to the childhood obesity epidemic in America

Fast food is cheap, easy, and unhealthy, but quick payday loans can help you pay for real groceries. Unfortunately, nutrition comes at a cost. America’s alternative to nutrition is fast food. The world’s alternative to nutrition is no food at all. Fortunately for Americans, this is the land of the free, and one of our financial freedoms is the access to all kinds of loans. If you want to feed your family nutritious, healthy food, it’s comforting to know that grocery stores boast aisles of wholesome foods and quick payday loans are available as a short term financial solution for paying the grocery bill. The rest of the world isn’t so fortunate.

Obesity Epidemic and World Hunger

While American children are getting fatter, children around the world are starving. An obesity epidemic and world hunger? It seems like a sick contradiction, but the numbers don’t lie. Obesity in American children ages 6-11 has more than tripled in the last twenty years. Nearly 20% of American children are overweight or obese, and almost one-third of American children eat fast food every day. Fast food consumption accumulates to about six extra pounds each year for every child. Elsewhere in the world, one child dies every six seconds from starvation. The World Food Programme has calculated that hunger now kills more people on an annual basis than tuberculosis, malaria and AIDS collectively.

Unequal Distribution

The unequal distribution has been one of the biggest contributors of world hunger. This year, more food has been produced worldwide than in all of history, which means that there should be more food per person. However, the way food is distributed denies those dying of hunger the right to eat. Other reasons for increasing world hunger include high transport costs, more droughts, and the depletion of natural resources like water, farmable land, and oil.

Limited Resources

Like oil, food is a limited resource, but Americans eat and consume as though food is a never-ending commodity. Americans take food for granted, and our meat-eating habits are taking a toll on the world. It takes about seven pounds of grain to produce one pound of beef. So every time you roll through the drive-thru to order juicy burgers for your children, not only are you contributing to the childhood obesity epidemic in America, you are also contributing to world hunger. Imagine how much further seven pounds of grain could go than one pound of beef.

Smart Food, Smart Money

It’s easy to understand that eating fast food is more convenient for you and your family. Although both are pricey, getting fresh produce and other healthy foods at the grocery store can definitely be more expensive than your favorite fast food restaurant. It’s even easier to understand that cheap food is appealing right now because of how the economy is going. Your budget is tight, and the more money you can save, the better. However, in this case, even though the nutritious foods are more expensive, it will be worth it in the long run. By feeding your family healthy foods and skipping those greasy burgers, you’ll be making the world a healthier, better-fed place. In case you’re running low on cash until your next payday, don’t give into the convenience and low price of fast food. Opt for quick payday loans to pay for those wholesome foods.

IL: 2009 Presidential Inauguration

Election Day is behind us, and America will soon see changes in policy regarding foreign policy, payday loans, and taxation. The U.S. has chosen “change” by electing Barack Hussein Obama as its 44th president. There is no doubt that change is in store for the United States. Whether the United States changes for the better or for the worse is yet to be seen. Time will tell, and Obama will try to make good on his promises when he is inaugurated on January 20, 2009.

I Promise…

It is obvious that Americans believe Obama will bring a positive change to our country—he would not have been elected otherwise. Throughout his campaign, Obama won the hearts of Americans by offering us a fresh start and policies that differ greatly from the previous administration. Obama promised the U.S. a lot of changes, including his guarantees to lower taxes for the middle class, to put a timeline on the war in Iraq, and to trim the federal budget “line by line.”

Celebration in the Streets

When Obama was announced president the night of November 4th, the nation broke out into a unified celebration. Across the country, Obama supporters were crying tears of joy, singing songs of praise, and dancing in the streets, all in the name of victory. Some people think this is the first time in a long time that America can be excited for its political future. And what’s not to be excited about? Pro-Obama voters can’t wait to be out from under the “oppression” of the Bush administration; eight years of tyranny is almost over. They only have to wait until January 20th.

A Reason Not to Celebrate

Many Americans have been completely dissatisfied with Bush’s presidential performance, so it’s easy to understand all of the celebration brought on by the announcement of Obama’s victory. Americans are satisfied with who they elected president, for now.

However, what many Obama supporters don’t realize is that along with all the proposed changes, Obama has also supported the elimination of the payday loan industry. The valiant Obama believes that doing away with the payday loan industry will protect low-income, and often minority, families from being victimized by predatory lenders. It’s true that all Americans need protection from predatory lenders, but getting rid of payday loans is a violation of our financial freedom. Eliminating such a vital industry will make life even harder for low-income families.

Maybe Obama will give America what it needs, but taking away payday loans and our financial freedom isn’t a great start to creating the positive change we voted for.

On November 4, 2008, we will not only find out who our new leader for the next four years is, but we’ll learn the fate of several controversial things in a number of states.

In Washington State, for example, lawmakers wish to enact a measure that would legalize physician-assisted suicide. Initiative 1000, if passed, would make the Evergreen State only the second in the country to give terminally ill patients the option of ending their own lives under the supervision of their doctor.

Here is a quick video;

Supporters say that enacting the law means that people can avoid the excruciating pain and humiliation that comes with withering away due to terminal illness. Thus, they would end their suffering and be able to “die with dignity,” as the affirmative case states. Several folks in this camp cite what happened to Terry Schiavo, who became the subject of a high-profile national debate, government weigh-ins, and the inevitable media circus, before succumbing to her terminal brain illness.

Opponents of the proposed law state that the language of the initiative contains way too many loopholes; many of which could constitute a breach of ethics or create other problems. For instance, opponents claim that the initiative requires no consultation or consent from the patients’ friends or family, before the lethal drugs are administered. Therefore, friends or family would never know that their terminally-ill friend decided to take their own life.

Many other folks don’t like the law, stating that the bill also enables mentally-ill, depressed, and/or suicidal folks to irrationally decide to go through with the procedure without a psychological evaluation. Currently, Oregon is the only state where physician-assisted suicide is legal.

A New Take on an Old Issue

Meanwhile in California, their potentially controversial Proposition 4 will also be put in the hands of voters on Election Day. The measure, also referred to as Sarah’s Law, would require that all un-emancipated minors, sans a few exceptions, have their physician notify their parent or legal guardian before they are allowed to terminate their pregnancy. The measure would also require that a minor wait 48 hours after the notification, before the procedure is completed.

Supporters of this Constitutional amendment say that it ought to be passed, because of the chance that a minor may put themselves at risk of complications by having such a procedure. Furthermore, we could better hunt down dangerous and/or violent sexual predators that impregnate their young female victims.

Opponents say that things should stay as they are, because some parents would kick their daughters out of their homes, beat them, or even worse, upon learning that they’re pregnant and/or requesting an abortion. Also, besides the fact that communication is non-existent in some families, it is argued that such a law would make dangerous back alley, or self-inflicted abortions that much more attractive.

We All Fall Down

However, for reasons of putting the welfare of entire states, not just individuals, in jeopardy, two measures in Arizona and Ohio put a lot more on the line. In specific, Arizona’s Proposition 200, and Ohio’s House Bill 545, will determine whether the no fax payday loans companies shall continue helping working Americans in dire straits.

A law on the books in Arizona installs an exemption, in favor of the no fax payday loans lenders, so that they’re not subject to the same 36 percent interest rate cap that other loan products (mortgages, credit cards, other bank loans) must conform to. If this law, dubbed the Payday Loan Reform Act, were to pass, no fax payday loan stores in the state would remain open past 2010, the year when the original bill’s “sunset clause” goes into effect. If not, Arizonans would be robbed of an invaluable way out of tough times once the measure expires. Additionally, the failure would put 2,500 people out of work, in a time when the economic outlook is pretty bleak.

No fax payday loans are also at risk in Ohio, thanks to the Governor Ted Strickland-backed HB 545. In this case, citizens’ financial options will be ripped right out from under them, should the measure be enacted. What’s worse, the number of Ohio jobs lost would dwarf the number on the chopping block in Arizona; a whopping 6,000 to be exact.

Bottom line, nobody can tell you how to vote. But, shall you be concerned about losing your access to no fax payday loans, and preserving 8,500 families’ abilities to supply a roof over their heads and food on the table, maybe you ought to think about it.

On November 4, you can save an entire state’s economy from hitting rock bottom; Vote “Yes” on Arizona’s Proposition 200, and “No” on Ohio’s HB 545.