Payday lending went from outlawed to celebrated since the 1980s

Evidence

In the current climate, it seems there is almost nothing you could do to the poor that would earn you opprobrium and ostracism from polite company, (maybe) short of sexual molestation of children. Prior to the 1980s, the practice of “salary purchase,” aka “payday loans,” had been outlawed; but a concerted effort beginning at the state level progressively legalized this particular form of predatory lending. As of 2008, there were more payday lender outlets in the United States than there were McDonald’s and Burger King restaurants combined, with turnover that dwarfed casinos, the other major poverty vampire operation. What is astounding about such operations is that they are no longer treated as reviled bottom-feeders by both the media and politicians, but rather as exemplary of the types of legitimate businesses that provide opportunity and salvation in the current contraction. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 368

Categorization

• ADDENDUM: Pairs with the sacrifice article’s theme of normalized exploitation—here predatory debt replaced ritual sacrifice as the stabilized extractor from the poor.
• SEED: Angle: how did payday lending get normalized from predator to ‘opportunity provider’? A case study in the rot of the moral order of finance.