Bankruptcy - Preying on the Weak

How about you fill out this credit card application, we will give you a fantastic interest rate of 22%? Sounds like an easy way to get a free baseball cap at the b all game. This as the scene at a Cincinnati Reds game I once went to. To my amazement, the little kiosk enrolling new cronies was packed. This ignorance is the reason so many people are in debt up to their eyeballs. I have heard a lot of criticism about recent bankruptcy legislation “What about the little guys?”. Well, what about them? Is it right that because they don’t employ a bit of self control and financial common sense that their debts should be forgiven at the expense of my tax dollars? Another argument that I heard was about divorcees being left with a lot of unpaid debt. While I am in favor of having a bankruptcy system of some sort, I believe a lot of these issues can be handled in divorce court. Just because one had help getting into debt (spouse) I don’t believe that is an excuse for bankruptcy. I am referring to a vast majority of cases, but not all. I am aware that their will always be certain circumstances that may warrant other avenues. I guess what I’m getting at is life is hard, and sometimes we need to face that fact.
On another note, the corporate bankruptcy laws are extremely laughable. To this I am referring to these large corporations making the case and filing for bankruptcy in order to shed legacy costs. Many times, all the argument needs to be is that they are not competitive with other companies that have already eliminated the burdon of retiree benefits through bankruptcy. What makes matters worse is that you see high level executives walking away with multi million dollar bonuses. This ticks me off every time I get going on it. Sadly, the politicians are in no hurry to correct this problem, probably because of all the money involved. I urge everyone to contact their congressman and urge them that something must be done without further delay. This is the least we can do for the countless thousands of retirees that are getting the short end of the corporate greed stick.


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