Payday Loans Are Business; Scripture Has No Place (Pt. 5)

Badly conceived attack on freedom

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 Payday Loan Regulation.” CLICK HERE if you missed the last segment of this article. Before I move on to M eyers’ wrap-up of the authors’ final odds and ends, I want to hit the reset button on a pertinent topic when it comes to payday loans and “usurious” interest: British philosopher Jeremy Bentham and his utilitarian views of freedom.

Defending usury

Customer satisfaction with and the proliferation of payday loans in society are strong indicators that the product should be here to stay. English philosopher and financial reformer Jeremy Bentham would no doubt agree. In fact, he argues on behalf of usury as an essential element of free trade and financial freedom. The market dictates price, and competition forces a fair price when collusion is guarded against. ... click here to read the rest of the article titled "Payday Loans Are Business; Scripture Has No Place (Pt. 5)"