On 20th April, 2005 Senate bill 256 (sponsored by Senator Charles Grassley [R-IA]) became Public Law 109-8. This law is better known by its more Orwellian title of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.And a year or so later it is just now getting ready to crest. Friendly warning to the wise.
Here's a nice formula for the above:
1. Entrench debt peonage before the lumpenproletariat catches on so they internalize their insolvency as shame.
2. Provide scapegoats for sublimation of residual rage.
3. Supply messianic vision of redemption and revenge.
A couple more references that help identify the links between corporate governance, sluggish investment, slow job and wage growth, and rising inequality are:
Corporate Governance and the "Job Loss" Recovery
The Inequality Economy: How New Corporate Practices Redistribute Income to the Top
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