The Truth? Starkman, the CRL Ain't Worth It... (Pt. 4)

Payday loans aren’t subprime mortgages

Truth? Truth?

Starkman brings his criticism of the Forbes article to a close. If you missed parts one, two or three, check them out.

• “Consumers’ complaints as a seismograph? Does anyone believe that?”

This again refers to Donald Morgan’s work, and again, Mr. Starkman can’t see the forest for the trees. A seismograph indicates seismic activity. The more activity - the more shocks there are - the more the needle moves. Since there were plenty of consumer complaints once payday loans were banned in a few test states, I see that as an indication that the problem is significant enough to prompt significant commentary from the people. The analogy is a good one, and you’re sophisticated enough to understand that, Mr. Starkman.

You can’t handle the truth!

• “The Fed just appointed the CRL’s president (Eakes) to its Consumer Advisory Council, while (Morgan’s) paper is still looking for a publisher.”

The truth is often unpopular. And everybody knows that banks haven’t been able to save themselves to spite their faces… the same holds true for government, for that matter. It’s a comedy of errors.

Care to elaborate, Dean?

• (Regarding Morgan’s assertion that credit unions (like Self-Help!) benefit from payday loan bans): “Oh, please.”

Sounds like a reasoned, research journalistic response to an assertion that is easy to prove. Go to the head of the class, Dean Starkman! ... click here to read the rest of the article titled "The Truth? Starkman, the CRL Ain't Worth It... (Pt. 4)"