Defending 1,564%

It's pretty hard to stand up on the House floor and defend 1564% APR, but Representatives Don Wells (R-Kwik Kash) and Ellen Brandom (R-Sikeston) did a pretty good job yesterday. They were able to extol the necessity for and the virtue of the sharks in the water of the short term loan. Sandy "I'm a Banker" Crawford (R-Buffalo) said she felt a lot better about payday loans after the March hearing before Financial Institutions. Was it the slick lobbyist, the paid UMKC kU hack economist, or Mr. QC Holdings himself who convinced her that predatory lending is indeed a service all states should want? Maybe it was the expensive shoes, the odd razor haircuts, or the genial repartee that identified the lender as the benevolent banker and stellar community member who is just helping friends and neighbors through a temporary time of need. In order to appear as a serious and respected policy expert, Mr. QC was allowed to testify for informational purposes, not as an advocate, adding a new tool for the promotion of self interest.

Debate became contentious Tuesday afternoon as the bill's detractors explained the "reform" offered by HB656. The truth about the bill was just too much for Speaker Pro Tem Shane Schoeller, and he gaveled the end of debate without a vote. Are there some defenders of the liberty to charge what you want who don't want to go on record supporting such egregious rates? Miss Liberty knows the Industry will decide if a vote is taken.

Image credit: Houston Herald