Modern politicians have discovered a ripe old target for populist demagoguing: payday lenders.
In a message on Thursday afternoon, President Obama endorsed brand new proposed guidelines through the customer Financial Protection Bureau to split straight straight down in the payday financing industry. These short-term, high-interest loan providers also have recently drawn fire from comedians like Sarah Silverman and HBOвЂ™s John Oliver.
Payday loan providers lead to a effortless punching case. Moneylenders have been a popular target, and laws against usury are because old as sin.