Payday parasites
Adam Turl explains how the payday loan sharks get away with their rip-off.

THE COMPANY store that used to prey on coal miners and their families, locking them forever into debt bondage, is mostly gone. But capitalism, always innovative, keeps coming up with new ways to prey on workers and pick their pockets.

The inglorious roots of the now infamous sub-prime mortgage lending "industry" were in storefront moneylenders, known as retail consumer finance offices. Some employed their own repo men to take back consumer goods purchased on defaulted loans. Sometimes, the loan officer and repo man was one and the same person.

In the 1970s, some retail consumer finance offices began to make high-risk mortgage loans. "Respectable" banks and corporations later followed them into this lucrative market. They're still reeling from the experience.

But the modern version of the storefront moneylender--the payday loan industry--is making more loans than ever.

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