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> There is no other reason one could imagine for why banks, FinTech, or other financial services providers need to be regulated? He boils it all down to crises
by core-questions 6y ago
> There is no other reason one could imagine for why banks, FinTech, or other financial services providers need to be regulated?
He boils it all down to crises, but that's not the sum total of what can go wrong with this kind of thing. Look at something that another kind of "fintech" has been doing for years: predatory lending via payday loans. Usury is real, and usurers prey upon those with the least financial literacy in stressful times when they are vulnerable. Credit cards and lines of credit similarly can be extended to people who may not realize truly what they're getting themselves into, or who may have no choice given their circumstances.
It is for these situations and these people that we need additional regulation in order to save people from terrible crushing debt.
- valuearb 6y agoWe need to provide people with fewer options to prevent them from making bad decisions? How come non of the anti-payroll loan advocates ever propose a way to provide these customers with better loans?
- core-questions 6y agoI don't want them to get loans. They can't pay back the loans, so why should they get loans? It's not like people use loans to buy bread, they use them to buy things they don't really need.