A thorough fisking of poor old Business Week

Business Week says predatory banks are waging a war on the poor by enticing them to assume debt they can't pay. Of course, Business Week, reliably liberal and transgressive, doesn't want you to see the unseen: More poor people have goods they wouldn't otherwise have were it not for credit; and some pay the loans back. As one observer noted: "It's either 'Predatory Lending' if you lend to the poor, or its "Redlining" if you don't. Of course Business Week is trying to instigate more government intervention since they know more than the poor.

Russell Roberts over at Cafe Hayek has one of the best "fiskings" or take-downs of the year thus far.

So yes, indebtedness is up in America. Most of that debt is housing. So people have more debt but they also have more assets—median net worth over that time period has gone up for every group except the second lowest quintile. So people are borrowing more but their assets are generally worth more.

Read the whole article.