April 14, 2005, 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?
Comments
Now's the time for you and me...
Got to revolution, GOT TO REVOLUTION!
Posted by Thomas Ware at April 14, 2005 11:05 PM
I really don't know what to think about this bill. My gut reaction is if W likes it, it has to be bad.
Anecdotally, I know of people who purposefully racked up more credit card debt once they knew they were declaring bankruptcy because they knew they wouldn't have to pay it back.
To the extent that this reform makes living extravagantly on borrowed money unattractive, I think it might be a good thing.
Posted by Tom at April 15, 2005 11:46 AM
I hasten to add that I don't know the ins-and-outs of this bill, so I don't know if it is really the least punitive way to do reform bankruptcty. There might have been a better way to do it.
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