Weekend Economists Waiting for Godot March 7-9, 2014

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24. Ever Thought About A Career In Loan Sharking, A Booming Industry?

in Consumer Watch / on March 6, 2014 at 12:01 am /

Ben Delicious writes from London:

Have you thought of a career in loan sharking? No? Well you should, you know, because it is experiencing a serious boom in the land some people still call Great Britain.

The beauty of the whole thing is that you would no longer have to operate in the back alleys or dodgy drinking holes, oh no! You’ll be full-time legit, advertising yourself all over the place, pushing your message that taking out a short-term loan for a mere 4000 per cent interest or more is a great idea for
...

But what of the Tory Lib Dem coalition, you may wonder, that likes to talk so much about feeling the pain that their people are going through? Well, as for the Lib Dems, they see nothing wrong in lenders charging thousands in interest. In fact, one of these companies had even sponsored the Lib Dem annual party conference. So that sort of told everyone where these left-wing loonies stand when it comes to sucking blood out of people who have fallen on hard times.

...
So what we have is that in a supposedly civilised country like Britain dodgy operators are making a quick buck on ripping people off. And feeling quite smug about it. Incidentally in Libya that the West had liberated charging excessive interest was a criminal offence. Just thought I’d mention that.

–End–

Here.

Glad that sort of stuff only happens in other places.