Surprise, surprise, another anti-free market principle backfires.

The Morgan report, for those who actually understand this sort of research, was methodologically a pile of dung. Morgan's research is consistently poor, roundly criticized even within the Fed. NOBODY, except the loan sharks, want to see payday lending return in Georgia or North Carolina. Triple digit interest is usury and should be outlawed, not just to protect the unwary, but because the social costs are very high to all taxpayers.

Steve Graves,I'm interested in the basis of your remarks regarding shoddy research by Morgan.

Since when has been paying 300%+ interest ever a good idea? The poor don;t need more loans, it is because of loans they are poor and enslaved by creditors. Loan Sharks, everyone of them.

What exactly is flawed in this report? The previous Consumer for Responsible Lending report didn't even ask people affected by payday loans to begin with if they benefited by their ban? Huh? Ask me if I prefer the Rolls to the Bentley while you are at it.

The difference between rich and poor are that the rich have more options. No one said a payday loan was the best loan available, but it beats a $30 overdraft to cover a $30 ATM withdrawal or check or having your lights turned off. What percent is that? Oh, that is right, the banks "convinced" the lawmakers not to include those loans in APR calculations. Just like they are trying to convince them that Universal Default (you are late on any payment in your life and they can raise the interest rate on all your credit cards) is justified. Wow, maybe next I can get a 100% home loan and pay just the interest or less each month. Nah, that would be worse than a payday loan.