No, no, no, no, no, no!
I have no doubt that South Acukland Lawyer Catriona MacLennan sees heartbreaking stories daily of families who get themselves into too much debt for car and other loans. Often the people involved were not 100% sure of what they were signing up, but in New Zealand it's buyer beware, and there is no obligation to take on a loan if you don't understand.
MacLennan's response is to suggest 10 regulatory responses toughening up on fringe lenders who are willing to lend to high risk borrowers. I don't agree with a single one. But the most outrageous suggestion is:
10. Establish government-run car yards which sell reliable secondhand cars at reasonable prices.
Or having "Honest Johns Used Cars" selling at a loss. There is already protection for existing car yard sales as they have to comply with the consumer guarantees act - including that the goods they sell be of merchantable quality - so if a car dies a few days after the sale (as MacLennan suggest is common) you take it back and demand remedy.
But why stop at used cars - over the years I've purchased faulty food (including last week getting a pizza with a tack in it), electronics that didn't perform or last, milk that was off, beer that was stale, and all sorts of other items that didn't work. Why not have the Government take over all retailers to ensure no more ripoffs.
And then the Government can take over manufacturers and primary producers to ensure quality is maintained at a reasonable price. They can take over every public company, every farm, take over the whole country. And you know what that's call, don't you?
MacLennan's response is to suggest 10 regulatory responses toughening up on fringe lenders who are willing to lend to high risk borrowers. I don't agree with a single one. But the most outrageous suggestion is:
10. Establish government-run car yards which sell reliable secondhand cars at reasonable prices.
Or having "Honest Johns Used Cars" selling at a loss. There is already protection for existing car yard sales as they have to comply with the consumer guarantees act - including that the goods they sell be of merchantable quality - so if a car dies a few days after the sale (as MacLennan suggest is common) you take it back and demand remedy.
But why stop at used cars - over the years I've purchased faulty food (including last week getting a pizza with a tack in it), electronics that didn't perform or last, milk that was off, beer that was stale, and all sorts of other items that didn't work. Why not have the Government take over all retailers to ensure no more ripoffs.
And then the Government can take over manufacturers and primary producers to ensure quality is maintained at a reasonable price. They can take over every public company, every farm, take over the whole country. And you know what that's call, don't you?
posted by Michael at
8:24 PM
0 Comments:
Post a Comment
<< Home