online cash advance
Online cash advances Are Business
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 Online cash advance 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 online cash advances and “usurious” interest: British philosopherJeremy Bentham and his utilitarian views of freedom.
Customer satisfaction with and the proliferation of online cash advances in society are strong indicators that the product should be here to stay. English philosopher and financial reformerJeremy Bentham would no doubt agree. In fact, he argues on behalf of usury as an essential element of free trade andfinancial 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 online cash advances 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 online cash advances. 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 online cash advance repayment. As far as the retail outlets the authors mention, I could assay a guess that they contribute to rampant consumerism, and frayed creditratings, stress and financially challenged families are the result. I’ve been there, too.
The connections the authors attempt to convey via their mapping of online cash advance 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 online cash advance 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.
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