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To: Elroy Jetson who wrote (26715)	3/31/2005 9:39:48 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 116555

ROFLOL. Malpass is being dismissed in economics circles. Unfortunately a sizable portion of the general public buys that nonsense!

To: Elroy Jetson who wrote (26715)	3/31/2005 9:40:03 PM
From: shades	Respond to of 116555

Today while in walmart in a city near clearwater with lots of retirees, I saw an old man pay for his $200 medicine on the credit card - I was in line at the pharmacy behind him and said thank goodness they keep sending us these credit cards or I couldn't afford my pills - he said yes - they have gotten so expensive credit cards are the only way he can pay. I asked the girl at the pharmacy counter are a lot of people paying with credit cards - she said most of them are. My friend back in georgia is currently buying his 2 retired parents medicine on credit cards, he has defaulted 3 times in his life before - he is 55 now - he has not looked at the specifics but he said this new bankruptcy legislation concerns him if it will not let him default on this new batch of credit cards because he will not be able to keep buying mom and dads medicine without a way to wipe out the debt and start over as he is used too. He has 2 providian credit cards - one at about 10K and the other at about 12K that he is getting close to the limit on - mostly for medicine for his parents who with about 800 a month social security checks don't seem to be treading water. The crazy thing is they have NEVER defaulted, and when they couldn't make payments on thier credit cards anymore they sold thier car and some other assets on ebay (coin collections) to pay off their debt and then cancelled thier credit cards - this made thier son furious to no end - they said they are good honest americans and not going to bilk debts the incurred if they can pay?? HUH??