The Bankruptcy Bill

Kevin Drum links to a WaPo story on the bill, and does an admirable job of summation. One thing I've noticed is how companies are pitching 'fixed-rate' cards now. Except that on Capital One's ads, for example, the tiny print right there on the screen points out that Capital One can change the rate any time they want. Talk about cynical.

Some other fun facts:

* MBNA is the single largest contributor to the GOP.

* Credit card companies earn "half their profits from penalties and late fees."

Since it looks like the bill will pass, credit card companies are now able to intentionally target risky customers and be shielded from the risk of default. Coming soon to an area near you: debtor's prisons.