Joel Mathis

At NRO today, Thomas Sowell gets cranky about a California newspaper's investigation into "payday loan" companies and their practices. He particularly objects to a line suggesting that customers of such institutions are charged what amounts to an annual interest rate of more than 400 percent: The 460 percent figure comes from imagining that the borrower is not just going to borrow the money for a couple of weeks, but is going to keep on borrowing every couple of weeks all year long. Using this kind of reasoning — or lack of reasoning — you could quote the price of salmon as $15,000 a ton or say a hotel room rents for $36,000 a year, when no consumer buys a ton of salmon and few people stay in a hotel room all year. It is clever propaganda, but do people buy newspapers to be propagandized? Sowell, having raised such questions, might've attempted to answer them. That might've detracted from his screed, though, because the evidence is that quite a few customers

I've not yet been down to see the Occupy Philadelphia protest, though I hope to do so before the weekend is out. But reporter Kia Gregory has been down there this morning, Tweeting her observations. This one particularly struck me: The Tea Party movement, you'll recall, began with Rick Santelli's famous rant against "losers" who'd fallen behind in their mortgage payments, defying the Obama-led government to do anything that might lessen the burden of those mortgages—because, after all, taxpayers shouldn't be on the hook for the unwise choices made by millions of individuals. Admittedly, I think one of the wisest choices I made during the middle of the last decade was to not buy a house—despite a fair amount of peer pressure to do so. On the surface, there was plenty of reason to do so: I (at the time) had a solid career, loved the community was in, and expected to stay there a long time. Still: Buying a house looked likely to put me $150,000 or more