The do-gooders at the Obama administration never do good.
These borrowers aren’t incompetent and irrational bums, whatever federal regulators and consumer activists may imagine. They are mostly lower middle class, not poor. Nearly all are high-school graduates. Every one of them has a job and a bank account.
Obama’s unicorn-obsessed social engineers would put the payday loan industry out of business (destroying jobs at 20,000 locations), while simultaneously increasing the number of bounced checks, debt collections, and bankruptcies.
Hooray for liberals. Your read of the day.