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10 March 2005 @ 04:57 pm
This Bankruptcy Debacle  
There was an interesting "discussion" this morning about the new bankruptcy bill on MPR's Mid-Morning, which has been driven home by a number of excellent posts by sophiaserpentia. I would like to draw your attention to a few of sophiaserpentia's recent posts, all of which are very good:

The word for the day is "usury"
Poll on Credit Cards
Debt as economic fuel
So what does economics have to do with the serpent's wisdom?

This article (referenced in comments) is intriguing by itself:

Soaring Interest Compounds Credit Card Pain for Millions

EDIT: Additional articles of note:

Fanatical Apathy hits a homer.
Senate defeats minimum-wage plans
lio on March 10th, 2005 11:12 pm (UTC)
I hate debt. And all who profit from it.
Hoc Est Qui Sumusdiscoflamingo on March 10th, 2005 11:52 pm (UTC)
There's a reason that usury is forbidden in the Bible.
iophaiopha on March 11th, 2005 04:16 am (UTC)
This whole economy is predicated on debt. It's the only way that capitalism can overcome overaccumulation crises in the post-colonial period. Debt creation has outpaced world economic growth in the last 15 years.

"Bankers, n. : Pillars of society who are going to Hell if there is a God and He has been accurately quoted."

-The doubter's companion
Hoc Est Qui Sumus: Mysticdiscoflamingo on March 11th, 2005 06:03 pm (UTC)
I don't think debt is necessarily a bad thing - but there is a problem with predatory lending practices and outrageous interest rates.

The art or science of managing revenues and resources for the best advantage of the manager. The pronunciation of this word with the i long and the accent on the first syllable is one of America's most precious discoveries and possessions.

--- Ambrose Bierce, "The Devil's Dictionary"
atelierlune on March 11th, 2005 05:11 am (UTC)
This is why I've been made to promise on multiple occasions never to acquire credit cards.
Neosis: Closeupneosis on March 11th, 2005 05:11 am (UTC)
I'm always ambivalent on the minimum wage increase issue. I don't like the idea that someone would be prevented from legally working for a wage they are willing to accept.

Having the minimum wage too high has led to what appears to be a significant lack of entry-level jobs in Canada. Fewer teenagers work summer or part time jobs because there are fewer of them available.

It seems that skill development training might be a better solution for low income earners. That way you avoid creating people who are newly unemployable.
Hoc Est Qui Sumusdiscoflamingo on March 11th, 2005 05:59 pm (UTC)
On the other side of the coin, some businesses will do exactly as little as the law allows for their employees. Many of the businesses with minimum wage pay I know of are minimum wage because they can't legally pay the people any less, not because the work they are performing is not worth more.