Okay, the two aren't really related. Did 6x400 this morning. It hurt, I was slow, but glad I did it.
Then I read the paper, and saw that the New York AG is charging pay day lenders with usury. This is great news for a bunch of reasons. First, because it will add some immediacy when I teach about payday lending and consumer financial protection in the Fall. Second, the article does a nice job of showing how fringe lenders can structure themselves to place their operations largely outside the reach of state regulators.
I find payday loans to be very interesting. They are simple, transparent and clearly abusive. What does it tell us about consumers that they are willing to use them (given that they must have both a job and a bank account)? What does it tell us about state legislatures (other than New York) that have expressly lifted their usury caps to allow legal pay day lending, auto pawns and other scary lending practices?