One could safely infer the notion that bankruptcies are on the rise because more and more people look at it as an easy way out, rather than that they might be driven to it by being given a credit card that was beyond their means, and pounded into the ground by usurious interest rates after the first late payment.
Anyone who thinks that the poor ol' financial industry is gettin' rooked by a bunch of Chapter 7 hucksters needs their head examined. Considering how banks and financial companies took a bath on speculative investments in scams like Enron and WorldCom, marginal lending is a great way to make back that money they lost. It's easy and it's fun. And all you have to do is sponsor a poor homeless senator, for just dollars a day!
- When you run a pyramid scheme pretending to be an energy-trading firm.
- Corrupt hedge funds.
- Pedophile cults with lots of settlements to pay and gilded man-dresses to buy.
- Savings & loans ripoffs. Don't worry, Neil, the American taxpayers'll bail your worthless ass out! We won't even make you re-pay us for your incompetence and corruption.
- Arbusto. 'Nuff said.
- CaterAir. Ditto.
- Harken. Do we detect a pattern here?
- Defense contractors who not only get sweetheart no-bid contracts thanks to friends in low places, but still have the goddamned nerve to soak the taxpayers for more.
- Record budget deficits, that seem to just keep getting more and more record-y.
We'll see how our fiscal stupidity serves us when the Chinese peg the renminbi and start cashing in their T-bills. Can America declare Chapter 13, or is that the sort of irresponsibility our would-be Dad-In-Chief is trying to discourage with his tough love?