Monday, March 14, 2005


Redbeard has a very interesting take on the bankruptcy bill that I haven't ever considered. I've generally opposed the bill on the grounds that it's removing another link in the safety net that protects the unfortunate in this country from abject poverty. Redbeard ntoes that the bill is basically a handout to crybaby corporations who make pisspoor decisions (i.e. lending money to high-risk borrowers).

As much as I enjoyed the post, I have to wonder if he's a bit off in his analysis. Credit card companies are providing a service to some poverty-stricken families in the short-term. Regardless of their ultimate ability to pay, these families often use credit cards as a sort of last defense against starvation/homelessness/etc. The fact that they are forced to rely on high-interest rate creditors merely highlights that our society (either government or the much-vaunted private sector) has failed in providing some basic level of support for some families.

I'm going to have to think about this.