I think that there neded to be some kind of bankruptcy reform to make it harder for welschers to get away with theft, but I wish that they had included legislation capping interest rates.
The current law already had provisions to render debt permanent if the borrower committed fraud or theft (sec.'s 523(a)(2) and (4)).
Frankly, I don't care if states want to allow usurious interest rates or not. I am more in the let buyer beware camp on that one. But when you do not have an effective consumer bankrupty system in place you create inefficient dislocations in the economy, and that is against all our self-interest and I have a problem with that.