Congress to American consumers: Grow up!

Congress Passes Bankruptcy Reform Bill

Tens of thousands of people who want to wipe out their debts in bankruptcy court would have to work out repayment plans instead under legislation Congress approved Thursday.

A 302-126 vote by the House sent the legislation to President Bush, who said he was eager to sign the measure, the biggest rewrite of the bankruptcy code in a quarter-century. It marks the second major change in law to benefit business since Republicans increased their House and Senate majorities in last fall's elections.

Debate in the House was acrimonious as Democratic opponents warned that the measure would hurt the economically vulnerable while failing to restrain aggressive marketing and high rates charged by credit card issuers.

After eight years of strenuous efforts by congressional backers, banks and credit card companies, the legislation was catapulted toward enactment starting earlier this year. The legislation, which garnered some Democratic votes, cleared the Senate last month on a 74-25 vote.

The measure would require people with incomes above a certain level to pay credit-card charges, medical bills and other obligations under a court-ordered bankruptcy plan.


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Repayment plans?! That does it: Bush is Hitler and we're living in a theocracy!

We've long believed it was far too simple for Americans to walk away from their financial -- their MORAL -- commitments to their creditors. Bankruptcy is essentially a way of telling someone who's provided you with a good or service to go screw himself.

The usual "Blame Corporate America" demagogues offered their typical class warfarist bromides but found themselves easily outvoted by the advocates of personal responsibility. An economy is only as sound as the contracts that underpin it.

Our advice: If you can't afford it, DON'T BUY IT!