Josh Trevino has a scathing rebuke of the new bankruptcy bill in Congress. I’m inclined to agree with him — the bill is nothing more than a handout to the banking industry that will hurt consumers and the American economy.
Furthermore, this bill will hurt rather than help corporations over the long run. Extending credit to everyone and anyone is a piss-poor business decision. The banking companies are shooting themselves in the foot by making credit idiotically easy to get and giving credit card offers to anyone who can fog a mirror. Such actions are entirely counterproductive and against the rules of smart business practice.
This bill should be killed, and those members of the GOP who are supporting it should be ashamed. Supporting a vigorous system of American capitalism is fine. Reducing red tape is fine. Changing the rules to benefit the few at the expense of the many is most certainly not.