Who are the people running the Dept of Defense? Generals and admirals.Who’re these people running the Federal Reserve Bank? Many, if not most are part of the corrupt Wall Street elite. They are always looking out for the interests of their friends and the top 1%, before anything else.
If someone could make a profit lending to risky borrowers at 10-15%, they could put the current payday loan companies out of business and be the dominant lender. But they can't. Should we outlaw high interest loans? Then risky borrowers won't be able to get a legal loan and might resort to other means of obtaining quick cash. Should we demand an economics education for borrowers? Maybe, but that takes time and money, both of which are probably in short supply for the poor and desperate.Easy cheap money is great for rich bankers, fat cat corporate executives, and others, who borrowed at almost zero rates and turned around to charge poor consumers 19-29% interest rates.