Would you buy a used car from these guys?

There is a wonderful picture in the NYTimes this morning, showing Senators Dodd, Corker and Shelby huddling together as they discuss an “exemption on payday loans” in the consumer bill they are helping to legislate. Here is the link: http://www.nytimes.com/2010/03/10/business/10regulate.html?hpwWould you buy a used car from these guys?

Really the picture says it all, these three dickering over “proposed legislation . . . that would give a new consumer protection agency the power to write and enforce rules governing payday lenders, debt collectors and other financial companies that are not part of banks.” Or in other words, the poor, the uneducated, the disadvantaged among us lose again.

This is so like the Bush administration, calling legislation that allowed increased particulate matter into our environment, and allowed for less EPA control over that matter, The clean air act, when it clearly was anything but clean.

This is Newspeak from Orwell’s 1984:

By 2050—earlier, probably—all real knowledge of Oldspeak will have disappeared. The whole literature of the past will have been destroyed. ChaucerShakespeareMiltonByron—they’ll exist only in Newspeak versions, not merely changed into something different, but actually contradictory of what they used to be. Even the literature of the Party will change. Even the slogans will change. How could you have a slogan like “freedom is slavery” when the concept of freedom has been abolished? The whole climate of thought will be different. In fact there will be no thought, as we understand it now. Orthodoxy means not thinking—not needing to think. Orthodoxy is unconsciousness.

When are we going to stand up to these people? When will we enact term limits and drive out special interests? When will we be smart enough to realize that when we allow one segment of society to be taken advantage of, that ultimately we all suffer? How different is this, really, from an unregulated Wall Street? Financial institutions should not be regulating themselves. Payday loan operators should not be allowed to regulate themselves.


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