Re: New bankruptcy law

[Clifford Poirot <cpoirot@xxxxxxxxxxx>]

I've attached today's NYT article on this law. The article pretty much
speaks for itself. It is a disgusting spectacle of credit card companies
buying Congress and Congresspeople and Senators being entirely unwilling to
look at the merits of the issue. American credit card companies bombard
consumers with advertisements and mass mailing promising them an increase in
their purchasing power (along with family happiness, romance and vacations
to exotic locations).

The price of borrowing money on your credit card: 12-18%.
Buying a Congressional representative: Priceless.

-----Original Message-----
From: Sven R Larson [mailto:larson@xxxxxx]
Sent: Tuesday, March 13, 2001 7:27 AM
To: pkt@xxxxxxxxxxxxxxxx
Subject: New bankruptcy law


Hi everyone,

I've read that there's a new bankruptcy law on its way through congress
in the US. As I understand the bill it will make it much more difficult
to shake off and recover from old debt. Considering the high degree of
household indebtedness this seems to be the worst possible timing for
such a reform - should have been launched early in a recovery to slow
down growth in consumer credit instead. It also seems like the whole
thing's been lobbied through by bank and credit card companies. (Is this
more proof that GW Bush is the best president money can buy??)

Any opinions?

/srl

--
Sven R Larson
PhD; Assistant professor of economics
Department of Social Sciences, Bldg. 22.2
Roskilde University
Pb 260
DK-4000 Roskilde, Denmark
Phone: (+45) 4674 2910

Attachment: Lobbyists Near Bankruptcy Bill Goal.url
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