Sliding along under the radar of most Americans is a federal bill that dramatically changes the bankruptcy laws to favor creditors over debtors. Has there been wide spread abuse of the current bankruptcy law? Who and what is propelling this reform and why?
"Research by the Federal Reserve indicates that household debt is at a record high relative to disposable income. Some analysts are concerned that this unprecedented level of debt might pose a risk to the financial health of American households.
A high level of indebtedness among households could lead to increased household delinquencies and bankruptcies, which could threaten the health of lenders if loan losses are greater than anticipated."
I don't normally make guesses about the future but in this case I believe the financial services sector is preparing for an economic free fall event in the US. How far out it might happen I don't know but given the way the economy and this administration are headed I have little confidence that a major event will be avoidable.
I think in this country we should be protecting and educating our citizens about responsible, moral, ethical financial and personal behavior. As long as we continue down the money talks and greed is king path we will continue to have leaders like Dubya who urge us to "go shopping" after a national tragedy like 9/11. We need change, but the citizens should be placed first. Anybody agree?
 12:27:00 PM Google It! comment
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