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Why Is Any of This the Business of the State?

Here’s an e-mail that I received yesterday from a very entrepreneurial friend, who wrote in response to this blog-post; I post the full text of his e-mail, with his kind permission:

I get pretty worked up on this one.
I lost my money on startup #3.
But i continue to live and try to start new businesses.
Between you and me, i have used payday loans about 1/3 of the time over the last few years.
The banks would not loan me money.
The payday lenders charge outrageous rates but give good customer service, they are very easy and efficient.
My only problem is that texas puts an $1800 ceiling on them.
There have been several times i would have borrowed more.
I do not know what i would have done without these loans.
Perhaps bankruptcy.
But with them, my other creditors are paid and i am feeding two households with my small payroll.
Why is any of this the business of the state?


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