Oh The Irony .....

Atrios points this out, which only makes sense:

Nov. 8 (Bloomberg) -- Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills.

The largest U.S. savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.

``Be careful what you wish for,'' Westbrook said. ``They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures.''

File in "unintended consequences".

I find it astounding how conservatives continue to completely miss the boat on the current economy. Wealth creation in the U.S. today is dependent on consumer spending. This means that joe-six pack has to have money to blow or the economy tanks. Yet conservative policies are all about killing joe-six pack.