Erik's Weblog 2.0

September 28, 2008 +1 more...

[@943]

Washington, You Have a Problem...

Reap What You Sow

Am I completely off by thinking that one of the root triggers of the current financial collapse lies within the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?

Credit card companies lobbied heavily to get it passed. It ultimately resulted in monthly minimum credit card payments to double for most people.

Apparently, they didn't learn a thing either.

Do the Math

I've bitched about this on Twitter before, but I am tired of hearing that the cost of the bailout will be around $2k per person.

The cost is going to be covered by tax payers. There are around 140 million tax payers in the US. That's around $5k a pop.

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