|Loan Rates Need to be More Reasonable|
|Commentary/Politics - Letters to the Editor|
|Wednesday, 16 August 2000 18:00|
Your August 2 cover story regarding predatory lending was excellent. I came to the conclusion many years ago that interest on loans above the amount necessary to provide the loan is theft. I think that would put it in a 2- to 4-percent range.
I was glad to see statements in the story like Brian Hollenback’s – “All we’re doing is setting up people for failure.”
I’m 88 years old and I can recall hearing ever since I was a kid farmers replying to people who called them rich because they had a farm – “The bank and insurance company own it.”
When people refer to billionaires and say he or she is “worth” such and such amount in wealth, I say they are mistaken. The word should be “control.” Wasn’t something said about a rich man having as much change of going to heaven as a camel passing through a needle’s eye?
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