Wednesday, 23 May 2012

Payday loans clampdown move defeated

Isn't it ironic that while the government is boasting about its ability to maintain low borrowing costs for the country, its cash strapped citizens get loans at exorbitant rates?

Big business sits on piles of cash and continue to pay their bosses billions for mediocre performance.  It sounds a cliche but it is ridiculous to say the main hurdles in the way of private sector's expansion are the inability to sack workers and red tape.

Perhaps the policy focus should move away from public debt and deficit reduction to household and small business debt, its financing and credit access.

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