March 11, 2005
Next stop?
News item: By a vote of 74-25, Senate passes bankruptcy bill.
806. Debtor's Prison "Since poverty is punished among us as a crime, it ought at least to be treated with the same lenity as other crimes: the offender ought not to languish at the will of him whom he has offended, but to be allowed some appeal to the justice of his country. There can be no reason why any debtor should be imprisoned, but that he may be compelled to payment; and a term should therefore be fixed, in which the creditor should exhibit his accusation of concealed property. If such property can be discovered, let it be given to the creditor; if the charge is not offered, or cannot be proved, let the prisoner be dismissed." Johnson: Idler #22 (September 16, 1758)
The GOP's new slogan: "HAH! That'll teach you for being poor!"
Did you read Adam's take on it in Fanatical Apathy? Hilarious!
Posted by: -=e=- at March 12, 2005 10:13 AMI can't imagine why someone should ever ever ever be penalized for the debt of medical bills. That's an attrocity of huge proportions.
On the other hand, I don't understand these people who just run up their credit card debt willy-nilly, and expect to not have any reprecussions. Why should I be so frugal & prudent with my spending, while others live the high life, way beyond their means & then just get out of it when they can't go any further? (And then some - I know one - they'll just go back & do it all again.)
Of course, I think the biggest problem is that our economy is based upon debt. So I think instead of monkeying with the bankruptcy laws - maybe they should go after the corrupt credit card companies that have a red hand in the problem.
frontline: secret history of the credit card | PBS
And maybe improve the public educational system so that young people are educated on how to manage finances before they're thrown into having to.
Posted by: Chloe at March 12, 2005 08:57 PMIt's anecdotal, but based on the number of mailings I get per week offering me a card I'm inclined to believe it: a number of people who file for bankruptcy and have their debts discharged are almost immediately offered new credit cards.
The companies are getting a bailout here for their own stupid judgment in offering what are essentially sub-prime loans to people who can't possibly repay.
[sarcasm]This is what's known as "corporate responsibility."[/sarcasm]
Posted by: Linkmeister at March 12, 2005 09:44 PMyep
Posted by: Chloe at March 14, 2005 05:57 AM