As far as not regulating profits – have you read the papers lately? Greed and non-regulation are big factors in this entire subprime mess. How’s that going for you?

Are you familiar with naked shorting? Another little deregulation loophole that is biting people in the arse.

I’m not saying these are the only reasons – but if there was ever a business that does need some form of regulation, it is financial industry.

Some religions prohibit profiting based on loaning money. Money and debt are very, very slippery slopes.

A guy goes into a bar. (no this is not a joke) Orders a shot of liquor and pays $5 for a shot from a bottle the bar owner paid $15 for. If he can sell 15 shots from the bottle, his profit margin is 400%. In addition, a certain number of the customers don’t handle their liquor well. Government solution? Since the bar owner is taking advantage by charging an outrageous markup and many of the patrons come back too often leading to serious personal problems so let’s put a 20% limit on the markup and they have to sell shots for $1.20. Bar goes out of business.

Shutting down the bar isn’t going to solve the problem any more than closing the payday lenders. Education in personal finances and a government that doesn’t chase jobs out of the area will.

It’s easy to say that people should save more, but there are a huge number of Ohioans living pay check to pay check and it can’t all be blamed on financial irresponsibility. Some do live above their means, but some have cut everything they can cut. When I did the coverage of the Income Self Sufficiency results for Ohio, it points out what is the root cause of some turning to these payday loans.

Even if I remove the banking lobby scenario as a motivation, I understand why some are targeting the payday loan industry. Yet unless we focus on our economy and the root causes? Having a bad safety net is better than no safety net at all.

It’s a pay me now or pay me later. While I appreciate your compassion for those that need the money, quickly, I just disagree with how they are getting it. Digging a hole you can’t get out of is only making the problem worse. Compounding it with a company profiting on someone’s misfortune is just plain wrong.

You are exactly correct but many don’t do that. Americans don’t save. Americans rack up huge unsecured debt.

You and I are going to end up bailing these people out eventually if they default, by paying higher fees for things that we use responsibly.

I’m sorry, but if someone has an emergency and needs a car repaired, they could dip into their savings to fix it, charge it (and pay it back at payday), or take a bus, get a ride from a friend, ride a bicycle, take a taxi.

Come on, we know who this 360% interest is targeted at – exactly those who can’t afford it.

Unless you are suggesting that CNN is a part of the industry…