By EVAN ROSE
I read the letter by Paul J. Gessing, President of Rio Grande Foundation, with some interest (link).
How can an interest rate of 175% per annum be justified?
- First, write a letter that does not mention the 175% per annum interest rate.
- Second, blame the proposed legislation on elite legislators and members of the public.
- Third, provide an example of a situation where a predatory loan might be better than an alternative.
For a detailed analysis of predatory loans, please consult the website of Think New Mexico (link).