Comments on: Lohr, Saxman won over by lobby money? http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/?utm_source=rss&utm_medium=rss&utm_campaign=lohr-saxman-won-over-by-lobby-money Harrisonburg's Community News Network Sat, 03 Dec 2011 18:10:47 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: finnegan http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-974 finnegan Wed, 07 Feb 2007 14:09:07 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-974 Well, it seems that <a href=http://www.timesdispatch.com/servlet/Satellite?pagename=RTD%2FMGArticle%2FRTD_BasicArticle&c=MGArticle&cid=1149193065030&path=!news&s=1045855934842 rel="nofollow">Del Ware pulled the bill</a> anyway. I wonder what sort of pressure he was under behind closed doors. Apparently they were dumping tons of bills yesterday. I hope Kaine intervenes to save <a href=http://www.richmondsunlight.com/bill/2007/sb1014/ rel="nofollow">Saslaw's bill</a>. That at least would be some small token of reform. Well, it seems that Del Ware pulled the bill anyway. I wonder what sort of pressure he was under behind closed doors. Apparently they were dumping tons of bills yesterday.

I hope Kaine intervenes to save Saslaw’s bill. That at least would be some small token of reform.

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]]> By: forehead on keyboard http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-961 forehead on keyboard Tue, 06 Feb 2007 19:32:17 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-961 There is, apparently, a market for payday lending. There is a number, however, at which it will dry up -- lenders will no longer be willing to accept the risk and lend short term (high risk, I assume) money if the cap were, say, 2%. Do we know what that number is? Is it higher or lower than 72%? Do we want to eliminate the payday lending market altogether? Maybe we do, but it seems that any adjustments to the market need to be grounded in some sort of economic research (including an analysis of collateral effects), not just numbers pulled out of --- the air. Perhaps there is such a study -- has anyone seen one? There is, apparently, a market for payday lending. There is a number, however, at which it will dry up — lenders will no longer be willing to accept the risk and lend short term (high risk, I assume) money if the cap were, say, 2%. Do we know what that number is? Is it higher or lower than 72%? Do we want to eliminate the payday lending market altogether? Maybe we do, but it seems that any adjustments to the market need to be grounded in some sort of economic research (including an analysis of collateral effects), not just numbers pulled out of — the air.

Perhaps there is such a study — has anyone seen one?

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]]> By: finnegan http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-960 finnegan Tue, 06 Feb 2007 18:58:10 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-960 I think 72 percent is double what they're allowed to charge military personnel. Don't ask me why they doubled it. The fact that they would not want to cap it at the high rate of 72 is baffling to me. I think 72 percent is double what they’re allowed to charge military personnel. Don’t ask me why they doubled it.

The fact that they would not want to cap it at the high rate of 72 is baffling to me.

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]]> By: Del Marvel http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-958 Del Marvel Tue, 06 Feb 2007 18:37:29 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-958 "If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest." Exodus, 22:24 “If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor; neither shall ye lay upon him interest.”
Exodus, 22:24

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]]> By: forehead on keyboard http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-957 forehead on keyboard Tue, 06 Feb 2007 18:35:07 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-957 No, finnegan, I meant bombardment regarding prior anti-free-market votes from our delegates. You were asking, though, if there are any other explanations for a "no" vote other than vote-buying. So why a cap at 72%? Isn't that predatory as well? Why not 6%? No, finnegan, I meant bombardment regarding prior anti-free-market votes from our delegates.

You were asking, though, if there are any other explanations for a “no” vote other than vote-buying.

So why a cap at 72%? Isn’t that predatory as well? Why not 6%?

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]]> By: finnegan http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-956 finnegan Tue, 06 Feb 2007 17:27:24 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-956 I hope you don't consider this bombardment, and I hate to plagiarize, but Stephen said it best when <a href=http://thenewdominion.com/?p=157he wrote</a rel="nofollow">: <blockquote>If you buy such arguments, you will forget that this industry destroys the fiscal position of the consumer, removing them from the free market, therefore reducing their contribution to the tax base of a community, reducing the number of products and services they are able to purchase, while at the same time increasing the demand on entitlements such as Medicaid, food stamps and social-service resources that are already overextended.</blockquote> He points out that the problem is the repeat borrowers. It's like heroin: there is a demand for both. Heroin is illegal because it's damaging to the user and to society. At the very least, payday lending needs reform. 72 percent is not that low. My point is simply this: elected representatives should always be looking out for the best interests of the people in their district. Who benefits if the industry remains unreformed, with no self-regulation? Who loses? I hope you don’t consider this bombardment, and I hate to plagiarize, but Stephen said it best when :

If you buy such arguments, you will forget that this industry destroys the fiscal position of the consumer, removing them from the free market, therefore reducing their contribution to the tax base of a community, reducing the number of products and services they are able to purchase, while at the same time increasing the demand on entitlements such as Medicaid, food stamps and social-service resources that are already overextended.

He points out that the problem is the repeat borrowers. It’s like heroin: there is a demand for both. Heroin is illegal because it’s damaging to the user and to society. At the very least, payday lending needs reform. 72 percent is not that low.

My point is simply this: elected representatives should always be looking out for the best interests of the people in their district. Who benefits if the industry remains unreformed, with no self-regulation? Who loses?

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]]> By: forehead on keyboard http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-955 forehead on keyboard Tue, 06 Feb 2007 15:57:30 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-955 While it seems that no one could reasonably oppose attempts to stop "predatory" ***evil*** lending, there may be another angle that you are missing. The legislators you mentioned claim to be generally in favor of free markets. (Please don't bombard me with counter-examples.) If, the argument goes, two parties agree to a contract that provides for the payment of 500% interest, why should the government step in and prohibit that? Surely the debtor has the option to not enter the contract. Why should we let the government tell us what contracts we can and cannot make? While it seems that no one could reasonably oppose attempts to stop “predatory” ***evil*** lending, there may be another angle that you are missing. The legislators you mentioned claim to be generally in favor of free markets. (Please don’t bombard me with counter-examples.)

If, the argument goes, two parties agree to a contract that provides for the payment of 500% interest, why should the government step in and prohibit that? Surely the debtor has the option to not enter the contract. Why should we let the government tell us what contracts we can and cannot make?

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]]> By: finnegan http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-953 finnegan Mon, 05 Feb 2007 22:42:00 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-953 Like I said, assuming they received no lobby money, why did they vote no? Was a no vote in the best interests of their constituents, or these predatory lenders? Like I said, assuming they received no lobby money, why did they vote no? Was a no vote in the best interests of their constituents, or these predatory lenders?

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]]> By: Kai http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/comment-page-1/#comment-952 Kai Mon, 05 Feb 2007 22:34:47 +0000 http://hburgnews.com/2007/02/05/lohr-saxman-won-over-by-lobby-money/#comment-952 Someone should do a t-test or something to see if there is a statistical difference in this fact: Average donations from "Yes": $1,571 (Standard deviation $2,878) Average donations from "No": $1,105 (Standard deviation $2,090) So, higher average and more more variance for Yes. But is it statistically significant? Who are our statisticians? Someone should do a t-test or something to see if there is a statistical difference in this fact:

Average donations from “Yes”: $1,571 (Standard deviation $2,878)
Average donations from “No”: $1,105 (Standard deviation $2,090)

So, higher average and more more variance for Yes. But is it statistically significant? Who are our statisticians?

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