More lies about the effects of the bankruptcy bill.

[FloridaPat]

"The sponsors of the legislation say that it will have the effect of lowering the costs of goods and services for all consumers by making it easier for companies and issuers of credit to collect unpaid debts rather than passing those costs on to everyone else. In the last 30 years, bankruptcy filings have steadily increased, rising eightfold since Congress last rewrote the bankruptcy laws."

http://www.nytimes.com/2005/03/09/business/09bankruptcy.html?th=&adxnnl=1&adxnnlx=1110380523-JOoOOP4Wbf6xk9rDjDnkeQ


Credit cards have very little to do with the cost of goods and services. If anything, the raise the cost about 3% to pay for the merchant cost of processing them. This bill will not lower costs. It will only effect banks and credit card companies. I bet if no one went bankrupt the interest rates on cards will not come down. These people made $30 billion in profit - that means after all their expenses were paid - last year charging usary rates for credit cards. None of this has anything to do with the cost of goods and services.

[elehhhhna]

1. So card interest rates will drop dramatically, yes? No? Ha!

[RobertSeattle]

2. Just like how prices went down after the class action reform bill!

[punpirate]

3. This ruse is similar...

... to the argument that tort reform will reduce insurance rates and there's been no evidence of that in the states which have done so. In fact, in Texas, malpractice insurance rates went up 19% two years after tort reform became part of the state constitution by state referenda.

It's a variant on bait-and-switch. If it weren't so damned tragic, we'd be laughing about legislatures using con-artist lingo to sell legislation to the public....