Last week the New York Times editorialized against legislation, HR 1214, the so-called Payday Loan Reform Act, introduced by Rep. Luis Gutierrez (D-IL) (previous blog). Well, last night, Stephen Colbert took it apart on his TV comedy show, where he said that the bill would subject triple-digit payday lenders to the "anemic firefly flicker of nominal oversight." Warning: at least one joke in the piece may not be family-friendly, but neither is the bill, HR 1214. It legalizes predatory payday loans on a national basis at 390% APR for a two week loan, 780% APR for a one week loan. Also, the Arizona Star editorialized this weekend against both HR 1214 and another even more pro-payday lender bill, HR 1846, the Consumer Lending Education And Reform Act from Rep. Joe Baca (D-CA).