bankruptcy & credit cards

[Wojtek Sokolowski]

At 11:56 AM 6/12/98 -0400, Doug Henwood wrote:
>heaven; there's a good chance they'll get all of it. The Senate will take
>up the bill late this summer, and the administration has made minor
>objections but Clinton would probably sign it.
>
>Why is the bill so industry-friendly? Well, they've given out some $40
>million in campaign contributions in this cycle, and the bill the House
>passed was written by Morrison & Forrester, a San Francisco law firm that
>represents the credit industry.

This is serious and scary stuff - that means virtually debt slavery.  Is
there any serious opposition to that bill, from consumer advocates etc.?   

OTOH, what effect will that have on consumer spending?  I suppose it should
put a serious brake on it, and if so, it may undercut capitalism a bit,
recession, business failures, which is a good thing on its face.

Regards,

Wojtek