The news came to us last night via CBS7.com that the Midland, Texas, city council voted unanimously to implement new, harsher, regulations for pay day lenders.
It's true that American citizens and their governments at every level are too much in love with debt for their own good. But a city level regulation on an already heavily regulated industry seem like overkill. This is a matter for the state, and just because it makes council members feel good doesn't make it good for either the lender or the borrower.
But here's the worst part from the above linked article:
[City mayor Jerry] Morales says the city expects and is prepared for any litigation.
If he and the others who voted for this could be held individually liable for the legal fees and any damages resulting from an adverse verdict there's no way they would have voted for it. Ah, but that's the joy of government. You not only get to meddle in the economy and pile on regulations for businesses not in favor, but it's other people's money at risk.