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April 04, 2005

Bankruptcy Bill Built on a Myth

I don’t think I’d find many reasons to refer readers to, but this article on the federal bankruptcy bill barreling through Congress resonates with a lot of what I discovered researching the bill for Christianity Today magazine. This bill is built on the myth that most people who file for bankruptcy are fleecing the system. It’s a myth spread by the credit card industry, which essentially bought this legislation in a brazen show of old-fashioned strong-arm lobbying.

This bill is yet to get through the House. Perhaps there is time to stop it, although most believe it is a done deal. This site has more on the bill and links to Dave Ramsey’s strong words on what he calls “the worst legislation to come out of Washington, D.C. in many years.” And that’s saying something.

Posted by Jim at April 4, 2005 05:54 PM

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National Review is in favor of the bill. I'll find the quote.

Posted by: Matt at April 4, 2005 06:24 PM

Posner came out for it too on his the Becker/Posner blog.

Posted by: Mark Olson at April 5, 2005 12:20 PM