The New York Times > Opinion > Op-Ed Columnist: The Debt-Peonage Society
The New York Times > Opinion > Op-Ed Columnist: The Debt-Peonage Society:
Warren Buffett recently made headlines by saying America is more likely to turn into a “sharecroppers’ society” than an “ownership society.” But I think the right term is a “debt peonage” society – after the system, prevalent in the post-Civil War South, in which debtors were forced to work for their creditors. The bankruptcy bill won’t get us back to those bad old days all by itself, but it’s a significant step in that direction.
this is where our senators are wrong…..