<![CDATA[A gilded tomorrow | MetaFilter:
An American paradox: Why so many families report being financially less secure even as the nation has grown more prosperous. The answer lies in a quarter-century-long shift of economic risks from the broad shoulders of business and government to the backs of working families.
Worth the reading…. Love the story about the $200,000-a-year itinerant executive with a Hobbit name; and the comments include a good summary of how the credit card industry is looking for more advantages vis-a-vis the consumer. Basically, if the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 passes, you will no longer be able to declare bankruptcy without having to pay of most or all of your debts (which is what caused your bankruptcy). Now, lest this sound perfectly fair, consider that the credit card company still could declare bankruptcy and walk away from its debts and the shareholder’s equity would be lost. Corporations are better (or, at least, far more advantaged) than individuals in Bushworld.]]>