This will serve as a few additional thoughts on the bankruptcy bill (please read Dave’s post above for more details). Late last night on the eve of the law, I couldn’t get my mind to finish this entry . . . maybe I was thinking about the 30 billion dollars of credit card company profits from last year . . . and how the bill won’t make these same companies do anything to stop their predatory lending . . . or was I thinking of future disasters (natural disasters are not cited as an allowed special circumstance), though Katrina Victims are permitted some breaks this time around.

I wonder how many American weren’t even aware as they woke up this morning that it had become much more difficult to file for banktfuptcy. Many Americans don’t seem to keep much of an eyes on what those suits on Capitol Hill are up to. I mentioned bankruptcy to a co-worker who’d been through several hard financial times, and she said she wanted to save it for when she really needed it – completely unaware that her days to get her chapter 7 on were dwindling.

Has it become any harder for corporations to declare bankruptcy which helps screw their workers out of funds who then in turn will have a much harder time declaring personal bankruptcy? I don’t think so.

I think the present was wrapped in a big fat bow.

Link: Paul Krugman Editorial

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