MSNBC’s audience continues to decline and its totally understandable, after all they have no respect for their viewers, according to the on-air elitists, they are all stupid. Just yesterday, Rachel Maddow indicated that Americans are too stupid to understand when they’re being ripped off.  That’s why government needs to run our lives.

“Last week we did our best to explain payday lenders – who they are and who they are, who they – what they do and who they are, excuse me,” Maddow said. “Payday lenders are basically loan sharks with nice store fronts. They specialize in turning what look like short-term loans into ongoing obligations that rollover every two weeks, piling up fees until they’re ultimately collecting 400 percent annual interest.”

Maddow went after Allan Jones and she is totally convinced that it is this one person that convince the GOP to hold up the Dodd bill. Why does she go after Jones? Well he is evil because he owns  a football stadium:

“Payday lending king Allan Jones has argued that his business is poor,” Maddow said. “That payday lenders make so little money that they couldn’t bear any restrictions on their loan-sharking that might come from being regulated under the new Wall Street reform act. Lest you think it is critically awkward for someone like Allan Jones to plead poverty while he also brags about owning a full-size football stadium on his estate where he hosts private college football games for his own amusement, consider that Allan Jones and payday lenders have apparently convinced Republicans with their argument.”

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Payday lending, (very short term loans, or pay advances) did not bring about the housing collapse, the government forcing lenders to provide mortgages to people who couldn’t afford them was behind the collapse. I guess Maddow has problems telling the difference between long term loans like mortgages and short term loans.

“The proposed financial reform bill from the Democrats includes a consumer financial protection agency that would enforce regulations on payday lenders. A new proposed Republican alternative to the Democrats’ bill would leave payday lenders, on the other hand, the way they are now – totally unregulated by the federal government, free to roll people into 400 percent interest loans. Right there on page eight of the summary of the Republican bill, Republicans describe their council for consumer financial protection which leaves payday lenders like Allan Jones exactly as unregulated as they are right now.”

Excuse me Ms Maddow, but  borrowing money via a payday loan is a personal decision.  No one is forced to go to Jones’ company for a loan, and people know what they are getting into. The federal government was not designed to save people from their own Stupidity.  If that was the case, MSNBC would be forced off the air to protect people from watching your show.

As usual, missing from her attack on Republicans was any suggestion that payday borrowing is an individual’s personal choice. Judge Maddow deemed Jones’ business practices usury and invoked the Bible, which condemns usury.

Source: Business and