Gee, I am shocked
It is not often that I publish work related items, but I found this one telling. Perhaps Congress should have listened to the numerous attorneys, judges and professors that actually have an understanding of bankruptcy.
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February 23rd, 2006
Perhaps if artificial constructs such as corporations, the sole purpose of which is to reap profits for their share holders, existed at the pleasure of citizens, and were held accountable as entities and their lead shareholders & managers/officers likewise, we could not have to suffer their constant demands for greater favor from governments. Frequently, these demands are purchased with various forms of bribe.
Perhaps if these corporations had not been extended the same rights as citizens, which they generally cannot and where they can, are not generally required to honor, our governments might serve the best interests and pleasure of citizens.
I could go on but it would become difficult and probably boring to most in short order.
It was clear to me when these changes to bankruptcy law were being promoted and debated that they were rewards to the lending industry for their financial support and gifts to law makers. In any system where there is possibility for forgiveness, redemption, some will see and seek opportunity. I do not doubt that there were those who found ways to improve their lot with relatively little pain and then sought relief through our previous bankruptcy laws. The same can be said for wide variety of similar systems that are intended to protect those who have found themselves in financial ruin, whether by design or circumstances beyond their control. That few made any protest to their legislators, as if it would make a difference, only made it easier for the same lenders who bury us in offers to increase our debt, to keep the indebted under their thumbs making very impressive profits from these folks on the margins. I do not, in any way, absolve those who have stupidly bought into the consumer culture, convinced they must have the latest and trendiest everything in their lives, cost be damned. However, there are those who find themselves in circumstances where their choices only indirectly can be used as blame for their ruin. These people, in my view, deserve first and most generous consideration in law rather than corporations which will always find a way to profit or will terminate their existence, their shareholders seeking other means to increase their wealth. Making it off the backs of such vulnerable people is morally questionable, but that isn’t what we’re talking about. Squeezing them ever tighter when they are already suffering is, and it is unconscionable, particularly in a society that loves to identify itself so strongly as Christian. If I remember correctly, the Jesus character from the stories grew angry and attacked money lenders. I have no recollection of reading this behavior anywhere else or with any other persons. Perhaps it would be instructive to remind these law makers of this tale since they take every opportunity to be identified as a worshipper of this Jesus, save of course, for the Jews among them. I only bring up this religious angle because it is too frequently brought up by these law makers when they are running for election.
One hopes that the US Congress will revisit this matter, but it is unlikely since most of those harmed by the changes won’t, and probably can’t, make large campaign contributions or purchase favors to woo individual congressmen. It is also possible that these men who so frequently spout about their faith, fealty to Christian philosophy, etc, will actually start acting on it. I’m not holding my breath while awaiting either of them.
February 23rd, 2006
Wow, that was a very well written response. My problems with the law are that all it does is create more paperwork and thus raise attorney’s fees. While that is good for me, I would rather not have seen it happen.
What will soon happen is that everyone will learn that the only people benifiting from the new laws are the attorneys, and we will be blamed, even though we were the ones fighting the changes. This goes for debtors and creditors attorneys.
What is funny about the money lenders parable is that the majority of the jews in congress were opposed to these changes.