Tuesday, July 8, 2008

Obama Proposes Easing Consumer Bankruptcy Laws

Do you have high medical expenses? Go out and splurge, Obama will pay for it.

In a speech today, Obama said about half of all personal bankruptcies result in part from the burden of high medical expenses.

He said he would change the law so that Americans who can prove that their bankruptcies resulted from high medical costs could get some relief from their debts.

Do you need a home loan? Make sure you get it long before you turn 62. Obama wants to make it real hard for people approaching 62 to get a mortgage.

His plan is to make it easier for people over 62 to keep their homes if they are facing bankruptcy, which, of course, means lenders are going to be very hesitant to lend to those approaching 62.

It's clear the unintended consequence of Obama's bankruptcy proposal have not been thought through, or he doesn't care.

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