The Southwest Public Policy Institute (SPPI) is pleased to announce the inaugural recipient of its newest distinction, The Economic Dunce Award, an honor reserved for individuals who display an extraordinary commitment to economically illiterate policymaking. This year’s winner is none other than Fred Nathan of Think New Mexico, in recognition of his tireless advocacy for New Mexico’s price-fixing and 36% interest rate cap on small-dollar loans. This policy has successfully eliminated legal lending options while fueling the rise of unregulated loan sharks.
Nathan’s enthusiasm for price controls, despite the overwhelming evidence and real-world consequences, has helped foster a thriving black market for credit, complete with illegal interest rates, wage garnishment, and worker exploitation. As documented in SPPI’s report, Black Market Payday, the consequences of this policy are not theoretical: they’re measurable, immediate, and devastating for low-income New Mexicans.
“Fred Nathan has achieved what few policy advocates can claim: turning a campaign against so-called ‘predatory lending’ into a blueprint for actual predation,” said Patrick M. Brenner, President of SPPI. “By kneecapping legitimate credit options, he cleared the field for bad actors like Tara Jaramillo to run wild and get rich.”
While Mr. Nathan has not responded to requests for comment, SPPI extends its warmest congratulations for this dubious honor. A complimentary dunce cap is en route.
Read the full report Black Market Payday: https://southwestpolicy.com/report-black-market-payday/
