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03/08/2005 Entry: "This embarrassing excuse for a social safety net we call bankruptcy"

"Debt also has ideological benefits. By putting purchasing power into the hands of the vast majority without increased wages, it creates a fiction of social equality and sustains mass purchasing power even as income inequality widens. A million-odd bankruptcies is a small price to pay for such a handy illusion. With out the cushion of widely available credit, we'd risk a broad economic contraction, not to mention a whole lot of demands for higher wages. Rising profits, meager wage growth, and manic consumption are what drives the Nineties boom. Someone's gotta pay -- and for the time being, the bill's going to Visa."

and

"The credit industry is still lobbying to get the government to crack down and help it collects its' debts... A bankruptcy reform bill was narrowly held up in the Senate in 2002, but the bill -- which makes it more difficult to enter Chapter 11, forcing people instead into state-supervised debt-repayment plan -- will likely be law before long. This looks like another case of short-term financial interests interfering with the long-term needs of business. Since credit and bankruptcy have kept the economy pumping through the recession, it's anyone's guess what will happen if this embarrassing excuse for a social safety net is removed." (From the Afterword)
Phillips-Fein, Kim. "Chapters of Eleven," Boob Jubilee. Ed. Thomas Frank and Dave Mulcahey. New York, NY: W.W. Norton & Company.2003. 314-322. Originally appeared in Baffler 11, 1998

"... it's anyone's guess what will happen if this embarrassing excuse for a social safety net is removed."

Well, unfortunately we might get to find out sooner than later.

Hey there, psycho Republicans and traitorous Dems voting for this suicidal bankruptcy reform bill, it's not like you don't know what you're doing and what's going to happen. It's right here in front of you. You just don't care.

 

 

 

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