Mish: bankruptcy set to spike

Mike Shedlock has a good post on the coming tide of bankruptcies that is worth the read. Especially on the heels of 3 airlines shutting down this past week.

Bankruptcies: The No. 1 Growth Area For 2008

Mike also earns an Honorable Mention in the "Throw the Bums Out" movement for this paragraph discussing the bankruptcy code changes made in 2005:

The banking industry got every provision it lobbied for. Most likely, the sentences lobbyists wrote made grammatical sense. It now looks like no one bothered to read the rest of the bill. If so, it should not be too surprising. This does go to show that we could save money by directly electing lobbyists instead of congressmen. The legislative process is so flawed lobbyists write our legislation anyway. Why not cut out the middle man?

I agree. We should not let any of the current congressmen/women write any more law. do not reelect any current office holder. Instead "Throw the Bums Out".
Mike also has a very good post called Two Wrongs Make A Wrong immediately following the bankruptcy post. This post discusses the idiotic homebuilder bailout Congress proposed about 2 seconds after the homebuilders lobby announced they would make zero campaign contributions this year.