Re: New bankruptcy law

[David Gleicher <104201.2301@xxxxxxxxxxxxxx>]

>I'll bet that if the penalty
for default was prison-unto-death (as it used to be), the scale of
indebtedness of US households would be much lower.  I believe the American
public is quite aware of bankruptcy.  They took these debts knowing they
had
legal recourse if the ill winds blew.<

My understanding is that the vast majority of personal bankruptcies are due
either to loss of a joh, serious medical problems, or divorce.  Not
surprising in a society that does not provide adequate health insurance to
about one-third of its population, and miniscule nemployment insurance to
anyone, and precious little child-care support either.   And yes, we don't
have debtor prisons anymore.  Do you have a problem with that?

DG