Lameduck Lovefest
What is the lameduck Congress spending time on? Wednesday the majority scheduled a big hearing so that its favorite witnesses could come tell Congress what a success the new bankruptcy amendments have been. Big kisses all around.
But the minority was permitted to invite a few witnesses as well. A judge and a trustee told what it was like from the trenches, and a law professor talked about how the numbers have changed on mortgage foreclosures and credit card defaults. Get the first-hand report from Professor Robert Lawless. The title of his post says it all: Crashing the Credit Industry's Party
Was this just one last chance to get on the record with, as Professor Lawless said, "same canards that we have heard constantly--there was abuse in the bankruptcy system, the new law was designed to address abuse, therefore the new law is good." The supporters offered no data, no serious evidence or new information about how the amendments are really working. They simply asserted that Congress passed a good law, so now the world must be a better place.
What was the point?
This quote from the link is revealing. If bankruptcies are down and these stats are increasing. What is happening to the people who aren't filing for bankruptcies? They are being denied protection from their creditors for some reason, and their lives are being plundered. What is the future for these people? Poverty.
What would happen if one of these privileged executives or politicians made a mistake and fell on the other side of the fence? I don't think they realize what they are doing. What happened to those business ethics courses they started having in business schools after the 1980s insider trading scandals? Did we learn anything?
Are you reading this Diane Feinstein and Barbara Boxer? Are you paying attention?
Jim Anderson
The Truth About Credit
December 17, 2006 5:38 PM | Reply | Permalink