Then again, anything that reaches Lodi and below for one reason or another were traditionally Republican in "The Buckeye State".

As far as the taxes, I can say that part of the reason why we have such high taxes is because of the abomination that were the Taft administration, having spent way more than we could afford, and having committed to worthless projects, that in part were due to the attempted privatization of agencies, that only proved sub-par in quality and quantity for the taxpayer buck. One example? That privatized prison mess in Youngstown.

Soldier_CLE scratches himself, seems pleased.

Most, if not, all payday loan shops that I have seen in Ohio are interestingly enough, located in some of your areas where predatory payday loaning can target the lower to working income families, which I feel adds on to our nation's economic crunch. By putting the cap on the loans, it gives Ohioans who were unwise enough to fall for the payday loan trap a chance to get back on their feet, and effectively give them
a chance to get back into the black, thus helping Ohio's economy.

Republicans in the state assembly did something pretty smart, in that it draws attention to them in a good way, having been shown all throughout Ohio's news stations as having spearhead this bill. Democrats (and Republicans) would be compelled to pass it, as it as a "Nay" vote would come down upon that politician, when it comes down for reelection.

I fail to see how people would be against this, unless they have an invested interest in payday loans.

Soldier_CLE scratches himself, seems pleased.

Give us time. We're still working our way out of one party rule. Back in 1994, the Democrats were very close to losing status as a political party in the state because of their (lack of) electoral success.

Bankrate has a nice chart of Ohio tax rates. The government takes a relatively large chunk as far as states go, but then again we have to repave our roads every 2 or 3 days due to the weather here.

stinerman

Really? It passed the House pretty easily and the Senate is "expected" to pass it as well. Strickland certainly won't veto it, so I'm not sure who you think will stop it.

stinerman

Dear sir,

Unless you're a citizen of the state of Ohio please kindly STFU. If we want to make our state a Communist Workers' Paradise™ or any thing else for that matter, it's none of your concern.

HTH

stinerman

If you are needing a payday loan because of an emergency, that's a telltale sign you need an 'emergency savings' fund.

Otherwise they are loan sharks

Jcakes

Psychodad1961

luminus

And I get the tired old argument of consumer protection. The people (i.e. the body represented by the state, the government) obviously want this service. Why not privatize it? Does that automatically void any worth? Are federal and state programs proving their worth, or are sanitary conditions continually proving to be poor nationwide? Ever heard of "Kosher?"

That's all extremist anyway. All systems need moderation before change, and Ohio mandating the operation of the payday loan industry is a big misstep. Would you prefer the "public" mandate your business too, or just everyone else's?

chrisjames

The government has always limited the options of the cheap and the desperate, and I for one don't think that's a bad thing.

lihtox

pastabatman

thanks for saving me the trouble of explaining to superdynamite.

i also don't get why banks would like this. a vast mojority of people would use a bank over a payday NOW anyways.

pastabatman

A "needed service" can include murder. Or theft.

hegemonyhog

Squeezer99

Dear business: act ethically and we won't do a procto exam on your books.

Love,

The Government

BigElectricCat

Meltdown

Yes.
Your annoying nosing around in my private heparin-cutting business is annoying. If I want to cut my heparin (or piss on my meat, or steal from my employees) and I can get away with it, why are you nosing around and making laws against my money-making activites?

rhombopteryx

uberbucket

#3 amended.

chrisjames

I didn't get the memo on the name change! :)

Bryan Price

COELACANTH

All of you advocates of predatory lending are just parroting a bunch of nonsense put out by this industry.Lower costs loans are already available for these people-they are called credit cards and signature loans and the like. The companies that provide them make plenty of money. Now, the people that can't get credit cards don't need a dose of this financial poison to make their bad situation worse.They need to be WITHOUT CREDIT for a period so that they can get their lives in order and get a real credit account instead of these mantraps.

Pain ? Yeah, there will be some pain as they can't have the immediate gratification of that hot money in their hands. But like most remedy's,you have to take your medicine before it will do any good.

And please,no posters saying that they need the money for "the children" or I'll go postal. These things are chattel slavery. No more and no less...

Snarkysnake

firesign

womynist

chrisjames

So, you're going to tell someone with no/bad credit history to get a credit card? Hell, some of those fees run more than a pay day loan...

>2) Save some money.

If they had money to save, they wouldn't need to borrow it.

>3) Borrow against a retirement fund.

If you have one. Then, when you're unable to pay it back and go to retire, you'll find that all the short-term lenders are out of business...

4) Ask a friend.

"Ask a future enemy."

5) Join a credit union and get a loan against property.

Generally, the type of people who "need" payday loans don't have much in the way of property.

6) Ask about financing options with the doctor/mechanic/vet/contractor/bookie/whatever your emergency is.

Wonder what the limits to fees charged by your bookie are....

TheUncleBob

These places prey on the desperate and destitute, and any bill passed that will rein them in is 110% alright in my book. I hate these places with a passion, and I absolutely refuse to use them, even for just cashing cheques.

ShirtNinja

Loki_Monster

Payday lending is high-risk, high-default shitty business that banks don't want. I doubt if banks will even want in on the action since the loans will generate so little interest in comparison to the cost associated with generating and servicing the loans. If this type of loan were profitable, banks would already be doing them.

Rep. Widener better look at the default rates of payday loans before he pledges Ohio taxpayers' money to guarantee them.

Loki_Monster

cbartlett

Putting aside the fact that if one were "educated" on the matter they wouldn't have questions, here are six possibilities:

1) Get a credit card.
2) Save some money.
3) Borrow against a retirement fund.
4) Ask a friend.
5) Join a credit union and get a loan against property.
6) Ask about financing options with the doctor/mechanic/vet/contractor/bookie/whatever your emergency is.

SuperJdynamite

These pull money from the banks in fees, since payday loans avoid floated checks. The banks make it back by being the investements behind the payday loan places.

Unless wages move up, the american people are screwed anyway.

tmed

No, if people had enough, they'd simply stop using these places.

Hey Ohio lawmakers - how are your government ran schools going? Pollution levels? Unemployment rate? Government corruption?

But let's focus on restricting legal cash transactions... that's a good use of taxpayer money...

Speaking of which, any idea what percentage of the average Ohio resident's paycheck goes to taxes? I bet it's more than what a payday lender takes...

TheUncleBob

Ever heard of usury laws ?

AMetamorphosis

howie_in_az

dlynch

surgesilk

vladthepaler

chrisjames

Steaming Pile

speedwell

And now, back to not having anything better to do.

nerdsavant

Payday loans are a debt trap for which most uneducated users get stuck in and can never dig out of.

AMetamorphosis

Another bid for the banks to get a bigger piece of the pie all while privatizing the profits and socializing the losses.

Taxpayers lose!!!

laserjobs

bohemian

EyeHeartPie

laserjobs