Interest is charged at lower rates than borrowers would typically receive from usurers or money lenders who charge exorbitant rates in lieu of collateral or to take advantage of the borrower’s inability to obtain credit from traditional sources.

OH NOES!

I figured G.E. would just call him a socialist like he does everyone else.

Did you know that the Whole Planet Foundation makes microloans in third world countries at *gasp* below-market rates???! With no collateral or contract? ZOMG G.E. he’s TEH Socialist!

http://en.wikipedia.org/wiki/John_Mackey_(businessman)#Libertarian_ideas

John Mackey is the CEO and founder of Whole Foods.

As for private certifications, they tend to be more lenient. They make the company look good by giving them a certification, but the company doesn’t have to meet the USDA’s standards and it doesn’t have to pay to be certified.

Do you see “also, critics of payday lending” in there anywhere, G.E.?

Didn’t think so.

There are some private organic certifiers out there, but some of them are concocted by big businesses to make themselves look better.

Well they have to impose tighter standards than the USDA, etc., right?

Regardless: In the absence of government, there would be less inherent trust in certifications, and thus, a private certifier would jealously guard its reputation. Anyone lying about certification to make big business look good would quickly be exposed, and their verification seal would be worthless.

Yes, payday lenders just *happen* to be set up in poor, urban areas because they are heroes!

Or, alternatively, they are aware that the undereducated make easy targets.

SOCIALIST ALERT! SOCIALIST ALERT!

This is known in the biz as “picking a fight”.

Yes, payday lenders just *happen* to be set up in poor, urban areas because they are heroes!

Or, alternatively, they are aware that the undereducated make easy targets.

There are some private organic certifiers out there, but some of them are concocted by big businesses to make themselves look better.