Localities across Virginia are urging the General Assembly to cap the annual interest rate that payday lenders can charge at 36 percent, something legislators have refused to do and a ceiling that the lenders say will drive them out of business. (Washington Times, Monday)
After 40 centuries of price controls, the lesson still has not been learned.
FEE Timely Classic
Victims of Reform Laws by E.C. Pasour, Jr.