If only President Obama would spend five minutes with Duke University professor Mike Munger. Here’s Munger, serving up the economic reality of Mr. Obama’s so-called financial “reform” package. From LegalNewsline.com (emphasis is mine)
“The problem is that many people can’t find credit, or secure loans, at the traditional credit service organizations,” Munger said. “Their only choices are to seek illegal sources, which means loan sharks.
“These restrictions on the ability of the poor and disadvantaged to find nontraditional, higher interest rate loans are harming the very people that the Obama administration is claiming it wants to help.
“If you make it unprofitable for legal banks and auto companies to make loans, the only remaining sources of loans for the poor are Tony Sackodonuts, down on the corner, and his knee-breaking pals.”
