Brain Fertilizer

I still like the idea that the Bankruptcy Bill before Congress right now tightens up the rules to make it harder to declare bankruptcy, and makes the penalties a little stiffer.

But the more I read, the more I am convinced that since it doesn't address at all the responsibility (or lack thereof) of credit companies in the equation, it really isn't adequate, or worthwhile to pass.

Here's Glenn Reynolds:

I'm deeply skeptical of the bankruptcy bill in front of Congress now, and this report on credit-card industry practices goes a long way toward explaining why. Credit extended to people who can't handle it, absurd hidden fees, high interest rates, etc.: There's a lot of scamming here. The argument, of course, is that people who sign up for credit card accounts ought to know what they're getting into. But shouldn't the companies that extend credit to people who obviously can't handle it be held to the same standard?

Indeed.

I oppose the Bill. I want another, better one that actually addresses both the supply and demand aspects.

Thanks to Jo for bringing it to my attention.