Economics: PayDay Loans- Bastards or Black Sheep?

[Hanarchy Montanarchy]

Yeah, right... I heard all about Nick Corleone and his 1.5% loan-sharking.

[DBTrek]

Having a problem with gouging is rather like stoning an adulterer to death.

We weren't talking about gouging, we were talking about the basis for moral decision making:

It almost makes one think that emotions are a better guide to morality than reason.

Save vs. Redirect roll, successful.

[Hanarchy Montanarchy]

Having a problem with gouging is rather like stoning an adulterer to death.

We weren't talking about gouging, we were talking about the basis for moral decision making:

It almost makes one think that emotions are a better guide to morality than reason.

Save vs. Redirect roll, successful.

Comparing the ethical reasoning behind stoning adulterers to the ethical reasoning behind limiting price gouging was your redirect, since we weren't really talking about either. The implication that 'the kind of thinking that makes one limit price gouging is the same kind of thinking that leads to Sharia' wasn't subtle.

I am a little curious why economic reasons are somehow walled off from morality and 'how society should behave' reasons.

[nmoore63]

Yeah, right... I heard all about Nick Corleone and his 1.5% loan-sharking.

Oh we are can be fucks to thieves.

Had a guy one time buy a sofa on terms... straight up then just took it and drove to Arizona and told us to kiss off.

Sent the papers down to some people down there, had them and the cops go pick it up. It was more money than it was worth to go down there and ship it back, so we had 'em light it on fire in the desert... just to make sure them thieves didn't get to keep it.

[SuburbanFarmer]

Yeah, right... I heard all about Nick Corleone and his 1.5% loan-sharking.

Oh we are can be fucks to thieves.

Had a guy one time buy a sofa on terms... straight up then just took it and drove to Arizona and told us to kiss off.

Sent the papers down to some people down there, had them and the cops go pick it up. It was more money than it was worth to go down there and ship it back, so we had 'em light it on fire in the desert... just to make sure them thieves didn't get to keep it.

My point is made.

Repo the kidney, and throw it in the trashcan, before walking out. Standard business practice.

[Fife]

Are you actually thinking they would be removing the kidney the day the borrower takes out the loan?

I'm no Dr. Butcher, M.D., but I don't think that's how kidneys work.

[nmoore63]

Yeah, right... I heard all about Nick Corleone and his 1.5% loan-sharking.

Oh we are can be fucks to thieves.

Had a guy one time buy a sofa on terms... straight up then just took it and drove to Arizona and told us to kiss off.

Sent the papers down to some people down there, had them and the cops go pick it up. It was more money than it was worth to go down there and ship it back, so we had 'em light it on fire in the desert... just to make sure them thieves didn't get to keep it.

My point is made.

Repo the kidney, and throw it in the trashcan, before walking out. Standard business practice.

At Moore Furniture, there is a difference between people down on their luck / over extended financially..... and thieves.

[DBTrek]

I am a little curious why economic reasons are somehow walled off from morality and 'how society should behave' reasons.

Economics should be focused on how to best allocate limited resources with alternative uses. It’s not about morality or interpersonal/group behavior beyond how these factor in to the division of scarce resources.

Now, maybe economics comes up with some answers that we find odious for moral or emotional reasons. That’s fine. There’s no law saying an economic answer is the best overall answer for any given group of humans. But it should provide the best answer for resource allocation.

If the group of humans don’t want to implement what’s economically best - cool. Don’t implement it. But it can’t hurt your decision making to be aware of what is economically best, and to be aware of the trade offs associated with taking a different path.

That’s just informed decision making.

[brewster]

Cool organ sale discussion. Anyone remember the "Operation Bid Rig" story, where Orthodox rabbis conspired to sell organs?
Wiki

Levy Izhak Rosenbaum of Brooklyn was alleged to have been conspiring to arrange the sale of an Israeli citizen's kidney for $160,000.[1] According to the complaint, Rosenbaum told the cooperating witness that he had been involved in the illegal sale of kidneys for 10 years. Acting US Attorney Ralph Marra said "His business was to entice vulnerable people to give up a kidney for $10,000 which he would turn around and sell for $160,000". Anthropologist and organ trade expert Nancy Scheper-Hughes claimed that she had informed the FBI that Rosenbaum was "a major figure" in international organ smuggling 7 years ago, and that many of Rosenbaum's donors had come from Eastern Europe. This is the first organ trafficking case in U.S. history. In October 2011, Rosenbaum plead guilty to three counts of organ trafficking and one count of conspiracy.[9]

Weird you can donate something that everyone but the donor makes big bucks on. Similarly, blood is a big business based on free product. AS for the problem of collecting the collateral organ, you just leave in place till you have the recipient all lined up, then you send a "procurement team", that usually leaves the donor alive.

[SuburbanFarmer]

Are you actually thinking they would be removing the kidney the day the borrower takes out the loan?

I'm no Dr. Butcher, M.D., but I don't think that's how kidneys work.

No silly, probably a few days after he misses a payment. Again, same as a mortgage.

It's been done.