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     | Monday, October 09, 2000 - 09:07 pm  Shylock recently posted the link to How to Fix U.S. Personal Bankruptcy Law," the Cato Institute's daily commentary on 11/10/99. "... Also the greater a household's ability to repay, the more it would be discouraged from filing for bankruptcy..." This is an incredible lie. The greater a household's ability to repay, the more resources they have to pay lawyers, accountants and doctors to hide assets and income. That's a fact of life. The wealthy move their money to corporations, to relatives, into the Swiss or Cayman bank accounts. AND, they'll take those paycuts, demotions, whatever it takes to get everything discharged. You have to remember that it's their uncle who owns the corporation they're working for. They'll submit medical evaluations for illnesses and disabilities .... Heck, they'll have friends and relatives who'll put em up for a few years, they'll just play golf and travel for a while. Look at Trump and OJ, did you see them work? Bankruptcy reform will only reduce the number of bankruptcies in the working and lower middle class.
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| | Monday, October 09, 2000 - 09:54 pm I didn't see in that Cato commentary the total amount discharged every year by consumers or any figures on corporate bankruptcy. I just happended to read Chiyoda Life falls in Japan's biggest bankruptcy "The failure of the nation's 12th largest life insurer, with total debt of 2.94 trillion yen ($26.95 billion), should heat up a survival battle in the hard-hit industry, already reeling from a triple blow of falling premium income, low investment returns and weak share prices." "Tokai, which has spearheaded rescue efforts for Chiyoda Life, told the ailing insurer it must tie up with a foreign firm to get any financial help. The bank had toughened its stance while it concentrated on a planned union next April with Sanwa Bank and Toyo Trust & Banking." "Chiyoda had been in talks with several foreign firms including Germany's Allianz group." "Chiyoda expressed hope it would find foreign supporters after the court filing, saying it had recently held talks with American International Group (NYSE:AIG - news) (AIG) to seek its financial help under the court-led rehabilitation process." "With the government having committed to providing 400 billion yen to the safety net, a total 960 billion yen will be made available in the scheme until March 2003." THAT's what should be talked about. The lack of liability by corporations. The corporate bailouts. And unless the weather gets a lot better again, I expect insurance companies worldwide to either go out of business or be bailed out until the governments are broke. I would NOT worry about personal bankruptcies ruining the economy. I have never said that people should go and max out all their cards before discharging, to pay down the mortgage, to give the money to trusted friends or relatives, to PLAN their bankruptcy. Somehow it doesn't seem right. Does anyone think that the wealthy who routinely get advice from their lawyers and accountants don't PLAN ahead? It's inconceivable to me how a LIFE insurance company could have financial problems. We live LONGER every year! Yesterday I heard a child born this year could expect to live 130 years. So I'm rather concerned with property insurance companies, they have a legitimate reasons to go broke: claims. This last summer several businesses and residences in my immediate neighborhood suffered wind damage. Roofs and awnings just blew away. Those weren't storms featured on CNN, it's become just about normal weather. Between the floods, droughts, fires, tornados, hurricanes, wind and ice storms, how long do you think the insurance companies will continue to pay?
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| | Tuesday, October 10, 2000 - 06:18 pm Christine here attacks the Cato Institute as being hypocritical. She appears to think that they are major champions of corporate welfare pointing to ... corporate welfare in Japan? Exactly how it's related I have no idea. The Cato Institute has come out on record proposing eliminating $87 billion worth of federal subsidies to businesses. If anyone cares the information is at http://www.cato.org/pubs/pas/pa225.html
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| | Tuesday, October 10, 2000 - 08:22 pm I posted how that Japanese bankruptcy is related: The Japanese are looking for bailouts from Germans and Americans. I also think it's an incredibly HUGE amount of money. You don't think that could happen in the US? Didn't see anything in the Cato link about the US Government subsidies for tobacco EXPORTS. Apparently the US government's attitude is "If we can't kill Americans, we'll just have to kill foreigners ..." It would definitely be nice to see corporate welfare be reduced. Vote for Nader  But you're switching subjects on me. I'd still like to hear about US CORPORATE bankruptcies. How many dollars are discharged every year through corporate bankruptcies vs. through personal bankruptcies? What's the largest US corporate bankruptcy?
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