Al and the GOP take me out of context and make negative attacks, and what do I do? Make a video featuring Rep. Novstrup sounding like a good social justice warrior and supporting Initiated Measure 21, the real 36% rate cap on payday loans!
I’d like to think we could count on Novstrup to march with Steve Hildebrand, Steve Hickey, and the rest of us on all fronts in the war against the poverty industry. But those of us fighting predatory lending in South Dakota will gladly take his support in this battle. Yes on 21, No on U!
This is a place I can respectfully disagree with Mr. Novstrup, the elder. I am a free-market sort of fellow and do not believe we can protect people by outlawing stupidity. If the market bears it, then let people take out whatever loans they agree to. Otherwise, outlawing fatty ice cream and those excessively salty chips with the vinegar flavor are next.
Market bears meth and hookers, too, but we can still, from a very Adam Smithian moral perspective, ban those exploitative, socially harmful businesses.
There is no slippery slope from banning usury to taking away my ice cream.