Obama needs to enact Executive Order on Personal Bankruptcies

*in 2007, Congress recreated I say, the Bankruptcy code by making it harder for the average american to declare personal bankruptcy while keeping the status quo for business. This means that for all of you suckers out there who were underwater in your home AND have now lost your job AND your health insurance, you have no recourse whatsoever. But the banks who contributed (if not created) to the largesse, get wave after wave of Congressional and government support in all kinds of ways, the most significant to me: the ability to go to the Federal reserve bank and borrow money at less than .25% and then turn around and loan it to me at 5%, which they aren't doing by the way, they know the other shoe will drop soon and want to be flush with cash like Potter so as to pounce. Latvia's plight is just the tip of the iceberg. Get real..bottom my arse. Either let us go bankrupt and start over, or give me a .25% loan for all my debt. -Tradebum

Latvia: Writing for the his Baseline Scenario blog, Simon Johnson looks at the importance of Latvia. “My takeaway: we are still not ready for hard economic conversations anywhere in the world. Wishful thinking prevails, in Europe as much as in the United States. No one wants to start the difficult and messy task of restructuring – i.e., reducing – debt payments. Everyone feels entitled to a bailout. And the banks get one. Or put it to your elected representative like this – we’re transferring Latvia’s debts from European banks onto the IMF, which is underwritten by our future tax dollars; then there will be default and devaluation for which no one is prepared.”