After a multimillion-dollar lobbying effort by the credit industry, this measure made it very difficult for middle-class people to file for bankruptcy using Chapter 7, which liquidates debt.
I mean, that's the way they liquidate debt, which causes more harm.
In fact, to a large extent, it continues to show that households are not liquidating debt and businesses are not really borrowing.
What I see as necessary is the liquidation of the debt, not just moving the debt from the bank over to the taxpayers, you have to liquidate the debt and get the debt way down.
There was an economist by the name of Irving Fisher who coined the term debt deflation, and the concept basically states that when you have mass numbers of people looking to liquidate their debt, in other words to reduce their debt, pay off debt, that tends to put a downward pressure on prices.
Four years after the former tanker driver scooped £45m on the EuroMillions lottery, and over two decades after the old club were liquidated with debts of £330,000, Newport County AFC will this weekend return to the Football League.
It is reputed to owe Russia more than $100 million for arms; to help liquidate the debt it has given Russia the concessions to its gold mines.
Would you like to come in to my office some day or evening at your convenience and discuss with me some practical plan for liquidating this debt.
Over time, interest rates below the inflation rate allow governments to refinance, erode or liquidate their debt, making it easier to live within their budgets without having to resort to more unpalatable spending cuts or tax increases.
