Is it because you think people are too stupid to think for themselves?

Gerald Britt, Jr., says that we need more protection from payday lenders. He lauds the City of Dallas for passing an ordinance imposing on the lenders regulations such as limiting the number of loan rollovers and limiting how much can be borrowed to a percentage of income.

Britt says this ordinance is necessary, because working-class people don't have enough sense to understand when they are being taken. Well, he didn't say it in those words, but that's what he means.

If I walk into such an establishment, and they show me a contract that says the APR is 402%, I think I'll pass on the loan. I'd think anyone with an IQ above 40 would. If they don't, is the lender really to blame?

"We need more protection from payday lenders." The Dallas Morning News; July 2, 2012; p. 13A.