Spending a small amount of the profits taken from the wallets of hard-working Americans, the payday lenders launched their $10 million campaign (previous blog with details) against more regulation yesterday with a full page ad blitz in papers across the country and even, apparently, in some TV ads. As I told NPR's Chris Arnold (listen to NPR story), they're not about to change their profitable business model that traps people into paying them and paying them again in an endless cycle of debt. Instead, they're simply trying to get Congress and state legislatures "to look the other way." Jean Ann Fox of the Consumer Federation of America explained their financial literacy proposal this way to the Air Force Times:

"I'm not sure what the content of their program will be, but even if they are the gold standard of financial literacy education, it still does not make sense to get a payday loan," Fox said. "It's like selling cars without brakes, then funding driver education."