The Motley Fool on Bankruptcy

I am totally against what they did with bankruptcy and I am a republican. It is unconscionable and despicable to do this when these bastards have fleeced America within an inch of it's life and vote to give billions away to other countries like we have unlimited revenues. It sure looks like these people hate Americans, crippled veterans, old ladies, children etc etc. May they all roast in Hell!!!!!!!!!!!!!!

I work in banking, voted for Bush, and I think this is a very bad bill. It does nothing to protect consumers against very abusive credit practices (predatory lending by unsecured lenders and finance companies) and a great deal to shift the balance of power into the predatory lenders' hands. It also, IMO, really hurts responsible lenders, who will be less likely to get their money back while the irresponsible lenders will be more likely to get theirs back, plus an unhealthy profit.

This bill will really hurt the economy. When you have people paying outrageously high fees and outrageously high interest on their credit card debt, you drain money away from productive portions of the economy. When people fall behind in their bills it is not rare nowdays for credit card companies to charge interest rates on the order of 30%, plus high late fees, plus overlimit fees. As the result of a family illness, an accident, or sudden unemployment, very responsible people can suddenly find themselves paying effective rates AS HIGH AS 100% a year. Needless to say, the debt piles up quickly.

This bill should not be passed before legislation to curb these predatory lending practices is passed as a part of the bill or separately. I have written about this on my blog.