President Obama is pressing for regulatory reform; payday advocates say the reform may destroy the industry off, making borrowers into the lurch

The situation we’ve been taking a look at today is pretty simple: there are a great number of low earnings individuals within the U.S. who’ve come to count on a monetary tool, the pay day loan, that is, in accordance with its detractors, exploitative, and in accordance with its supporters, helpful. I went back once again to Bob DeYoung, the finance teacher and bank that is former, who has argued that pay day loans are much less wicked as we think.

DUBNER: Let’s state you have got a one on a single market with President Obama. We understand that the elected President knows economics pretty much or, I would personally argue that at the very least. What’s your pitch to your President for just exactly how this industry should really be addressed and [...]