Fed Economist’s Study Shows Harm Of Government-Spread Misinformation On Small Loans

Applying the APR to short-term loans, the great economist Thomas Sowell has pointed out, is as ridiculous as multiplying the rate of a $100-per-night hotel room by the number of days in a year. “Using this kind of reasoning—or lack of reasoning—you could … say a hotel room rents for $36,000 a year,”