Dear Mr. President,

I see you've gone and done it again. You know, signing that new bankruptcy bill into law. Now don't get me wrong, I think holding people responsible for their actions is a good idea.

Trouble is, you didn't go far enough.

Part of this problem is caused by people spending more money than they have or can reasonably be expected to make. And they fall into this trap because getting credit is so easy, and few people understand personal responsibility these days. Oh, I agree, don't cut them any slack, but at the same time you could have addressed a related problem.
It's called usury. In the old days, when I was a kid, it was 6 for 5 payday loans from the loan sharks.These were big hulking Sicilian guys that were known to break bones if a payment was late. Now the "int" back then was 20%, and the credit card companies are doing a lot better now.

Legally.

You could have told your boys in Congress (or had a Democrat front it for you) to add to the bill a little requirement.

Effective 1 January 2006, no credit card company shall charge an annual interest on any credit card or line of credit that is higher than 5% over the Prime Rate.

Let's extend a little personal responsibility to the corporations, too. After all, you're not running for re-election now, you can piss off anybody you want to!

Yours truly

An Ex-Republican

Dave