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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Roads End who wrote (24733)	3/2/2005 2:16:32 PM
From: mishedlo	Read Replies (3) \| Respond to of 116555

Re actually makes it harder for everyone to declare bankruptcy. Are you saying it should be made easier to declare bankruptcy? As a small business owner I've been screwed too many times by guys taking the easy way out through bankruptcy. There are predatory lenders out there all right but there are a lot more dishonest debtors in my experience. I have a conflict on this. I sincerely want to see every predatory sub-prime lender go under. That is what they deserve. OTOH there is a lot of consumer abuse and out and out fraud. I want that stopped as well. This bill sounds like "16 tons" to me. Look at what Kmart did or Trump for that matter. Screwed bond holders and made out like bandits. Why shouldn't Kmart's property have been liquidated to pay off debt holders. They got stiffed plain and simple. The new law will still allow that but will force someone who has $200,000 in medical expenses and no job to go thru some payment program to pay back credit cards. The whole FN mess just pisses me off. If anything it is ass backwards. Corporations screw bondholders even though that have big assets. I am going to guess that is how you got stiffed. If not perhaps you were lending too much credit to too risky people. Now we have sub primes lending out at 30% interest rates. Hell that is Usary in my book. At those rates thay can afford more than a few bankrruptcies. No they want every last penny from someone half dead in a hospital bed. I am really really disgusted with this administration, our laws and tons of other stuff. Mish