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This kind of thing illustrates perfectly how we operate politically here in the US. The Republicans are "right" here: it is way too easy to file bankruptcy, and way too easy for those with the means to pay to escape their debts. But the question here should be "Why?"

To start off with, I'd suggest a bit of history. Before the reforms of the late 1970's and early 1980's, bankruptcy was a pretty tough row to hoe, especially for businesses. It was a stacked deck against the debtor, and the reforms promised to fix this. But, of course, they went too far, and the pendulum swung well away from the creditors and towards the debtors.

And we're about to swing it back...

The goal here should be to get rid of the moving weight of law, and really, finally, fix the system in a fair and equitable way. But given the regimen of "politics as usual", where every burden on a debtor makes granny homeless, and every tick against a creditor destroys capitalism, I doubt seriously that we'll ever see such a Utopian policy as fair and equitable bankruptcy law...

Los Angeles Times - WASHINGTON — Republican senators continued their steady drive toward passing more stringent bankruptcy legislation Wednesday, knocking down a series of Democrat-sponsored amendments to exempt seniors and those facing medical hardship from some of its provisions.

Thu, 03 Mar 2005 10:29 /Politics | 0 writebacks | permanent link