The Future Starts Right About Now

A future of work-houses and prisons… a future where Americans who lose their jobs, or get sick (or have a relative get sick), or get divorced, or any of the usual hard luck stories associated with financial troubles, will now have to go through several more hoops and pay back some or all of their credit card bills, ’cause the President is about to sign bankruptcy reform legislation.
What’s interesting is not that virtually every single Republican member of Congress voted for this clear whoring for large banks and credit card companies, but half of Democrats joined in the banking Bacchanalia, including such notable whores as Joe Biden. As I said, who needs fake Republicans when you can have real ones…
Just as our nation’s current tax scheme is designed to shift “the burden” from those most able to bear it to those least, we now have a commercial regime that is literally designed to include interest rates often in excess of over 30% annual interest rates precisely because bankruptcy had been so liberal. Any bets on whether rates will come down once bankruptcy laws aren’t quite so accommodating?
Any bets on a windfall profits tax to the banking industry? No takers?