3/14/2005

An embarrassed Republican

From RedState.org:
I'm not going to bore you with a million links to analyses of the bankruptcy bill and its politics -- they are found easily enough. The point here is fairly simple: The bill is basically a gift to corporate lenders that tightens requirements on consumers while paradoxically loosening restrictions on credit card companies. The argument for the bill goes something like this: The record number of bankruptcies in America is indicative of a lack of personal responsibility made possible through too-lax bankruptcy laws; these bankruptcies in turn force up costs and interest rates for responsible consumers; ergo, if we tighten bankruptcy requirements, American consumers and the credit industry will be better off. This argument is almost wholly false for several reasons:
It's already plenty difficult to declare bankruptcy for the average consumer.
The record number of bankruptcies in America is not the fault of consumers so much as it's the fault of credit companies willing to extend credit to pretty much anyone, independent of their means or station.
The people affected by this bill are almost exclusively the desperate and the stupid.
While we ought to have little problem allowing the latter their fate, having been amongst the former, I believe compassion demands something more for them than a simple tightening of the screws. But then, compassion appears to have no place amongst the Republicans pushing this wretched law.

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