utterly bankrupt

i haven't written anything about the bankruptcy bill, largely because better informed people are writing plenty of intelligent things about it elsewhere. but via norbizness, i found this post from a kash at the angry bear. after a masterful summary of the law, he concludes:

There's no economic justification for this new law, no social justification for this new law, no major existing problem that this new law will solve. The law is simply the result of lobbying efforts by one particular industry to enact legislative changes that will increase their profits. That fits my definition of rent-seeking behavior.

hopefully, this will kill possibility that senator biden ever gets the presidential nomination. he's been especially shameless on this issue.

... and as the liberal avenger notes, it's pretty entertaining to watch rightwing blogistan come to the realization of just how bad this bankruptcy bill is.