Wednesday, August 22, 2007

Big Teacher

Panic creates a desire for protection, but that doesn't mean it has to be compulsory. Tonight on Kudlow and Company (I'm having a lot of Kudlow articles lately), former Labor Secretary Robert Reich debated Steve Moore from The Wall Street Journal editorial board on the topic of financial literacy.

Illinois recently passed a law that anyone taking out a loan must take a mandatory counseling. Reich smartly argued against the mandatory counseling but strangely argued in favor of banning "predatory loans." If Big Brother has no place in forcing adults to learn about options (and I don't think they do), then what a conclusion it is to claim the government does have a role in denying people options altogether.

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