Peterson, who also holds an appointment at the University of Florida, Fredric G. Levin College of Law, said he believes part of the explanation for their findings lies in politics. "When the Christian Right allied itself with conservative Wall Street business interests in the 1980s and early '90s, consumer protection law was placed to the side as an inconvenient sticking point. The laws allowing an astonishing number of triple-digit-interest-rate lenders throughout most of the Christian South and Mormon West are a legacy of that political alliance.
Sunday, February 17, 2008
A study of payday lenders who offer up to triple digit loans find they are strongly corelated with areas of Christian political power. A map of pay day lenders superimposed over states with a Christian power index greater than average is informative. The authors of the study speculate that this may be the effect of a political deal-with-the-devil a couple of decades ago; after all, Christianity has historically been against usury: