Home / Unlabelled / The Bankruptcy Bill: Servicing the Lenders

The Bankruptcy Bill: Servicing the Lenders

Posted by Unknown Minggu, 06 Maret 2005 0 komentar

Ian Welsh over at BOPNews explains why the bankruptcy bill about to be passed by Congress is such a bad thing:

What creditors want is for the government to assume the responsibility for enforcing their bad loans. They want a nanny state - not one that looks after the little guy, but one which makes sure Shylock gets his pound of flesh - no matter what. They want to be able to loan to anyone, at any ridiculous rate of return, and for there to be no escape. Someone who is unlucky in their health, or makes some bad decisions, or loses their job, should become their slave until the debt is paid off. This is an old tradition - you used to be able to sell yourself into slavery to pay off debts.

Fairly generous bankruptcy laws are actually good for the economy. Want people to take economic risks? They aren't going to if they know that failure will mean a lifelong debt chain. Want a robust economy? One of the things that contributes to that is the ability of people to get out from under crushing debt. A person whose finances are so encumbered as to be a candidate for bankruptcy is an economic cripple unable to form new economic relationships and who often loses all incentive to work (since they see none of the benefits of their own labor).

There's a reason why Athens entered its golden age after Solon forgave all debts. If the US, with a citizenry struggling under record debt, needs anything, it is not tightened bankruptcy laws - it is laws against usury and laxer bankruptcy laws so that lenders begin to take some responsibility for who they lend to again.

TERIMA KASIH ATAS KUNJUNGAN SAUDARA

Judul: The Bankruptcy Bill: Servicing the Lenders
Ditulis oleh Unknown
Rating Blog 5 dari 5

Semoga artikel ini bermanfaat bagi saudara. Jika ingin mengutip, baik itu sebagian atau keseluruhan dari isi artikel ini harap menyertakan link dofollow ke http://androidphotography4.blogspot.com/2005/03/the-bankruptcy-bill-servicing-lenders.html. Terima kasih sudah singgah membaca artikel ini.