Indian reservations: tomorrow’s free market bastions?

Everyone in New Mexico is aware that Indian tribes are not beholden to state laws on gambling in the same way that other entities are. The interesting thing is that gambling could be just the start and, if they decide to be entreprenurial, tribes could be a useful check against government overreach.

The latest example is the payday loan industry. A few years ago, the Legislature and Gov. Richardson decided that they, not those seeking loans, knew better what terms money should be lent at. While I am certainly not going to run out and get a payday loan, the fact that some people need them is understandable.

Now, with tribes getting into the loan business, the fact is that consumers will have access to the loans regardless of New Mexico law. This is a good thing and I look forward to more efforts by the tribes to take advantage of/check the spread of draconian state laws.