Friday, December 05, 2008

What's good for the goose ...

Let me preface this by saying I know Willie Green, I like Willie Green and I'm very glad to hear that he was cleared of any wrongdoing. My disagreement with him is over policy, and that policy is the practice of payday lending for which he has lobbied for in the past.

That's why I find this might interesting ...

Green was supposed to earn $40,000 for making the ($80,000) loan, which was to be repaid Feb. 28. But Sailor never had an option to buy the land, supposedly owned by former DeKalb County CEO Vernon Jones. Jones did not own the land at the time.

Wiltshire said Green's only violation was failing to realize the deal was too good to be true. "The truth is, it was innocent and naive," he said.

Aren't all payday lending schemes too good to be true? You get immediate cash, but then have to pay outrageous levels of interest that leave you worse off? It just seems that, in this case, the tables were turned on him.

I hope this experience forces Green to reconsider his position on the issue seeing how I think predatory lending is a crippling device which keeps poor people even more poor.


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