Saturday, March 12, 2005
Bankruptcy Bill, Part II
While their main concern seems to be that the name of the Republican party doesn't get tainted (frankly, I hope both parties come away from this experience stinking of shit), the points brought up are still valid.
I'm certainly not backing down from what I stated earlier - individual responsibility has to be the primary tool by which people maintain their financial health in lending system, and I'm still not comfortable blaming lending companies for their predatory marketing practices (aggressive marketing should never be a reason for disengaging one's brain). However, the more I think about it, the more I'm distressed that we've taken away the abilty of bankruptcy judges to consider the facts in each individual case, and that alone is reason enough for me to think that this is a bad law.
It will certainly be interesting to see how things play out in the aftermath of this bill, especially if (when?) the economy takes another crap, the dollar drops even more severely, or if the housing market collapses,