Letter from Senator Durbin

Dear Children:

In my infinite wisdom (because I am infinitely wise . . . and you are not), I am outraged at the high interest rates that those nasty currency exchanges charge you for payday loans. Outraged, I tell you!

So, I am going to fix this. I am going to propose a law that limits the interest rate those bad guys can charge you to . . . uh . . . 36 percent! Yes, I think that's the right number. 36%. Not too much to deplete your paycheck, but enough so that you will think twice about it and maybe save some money (like I told you to do when I gave you your allowance!)

Now, that should settle things. What? The currency exchange told you they would not lend at those rates because of the high loan delinquency rates? Well, I'll fix that! Now, I will propose legislation that if they want to make payday loans at all, then they must, by law, loan money at those rates. What? Currency exchanges are getting out of the payday loan market and now you have no place to turn for immediate cash?

Those nasty no-good currency exchange owners! Always working to undermine the working people (or is that me?) I can not believe in these trying times, they are unwilling to make loans at my federally mandated rates. My children, you are in no position to negotiate loans at your own rates without my infinite wisdom to help you. How could they think they can get away with that? I am at the moment thinking up some new legislation to fix this problem and I'll get right back to you.

In the meantime, cuddle up for some bedtime stories, brush your teeth and get ready for more fun because . . . Senator Dick knows what's best for you, kids.

All my best,

Dick