For a while I've been reading the group blog known as Credit Slips, which unlike this one where we focus with laser-like precision on nothing, is devoted to one topic: the credit system and bankruptcy. Reading it is an appalling daily descent into the chicanery of banks, credit issuers, mortgage lenders, and the lawmakers who have enabled them, principally but not only through the bipartisan "reforms" enacted to the bankruptcy act in 2005. It's enough to shake any thinking libertarian's convictions about the need for sensible government regulation of credit and lending, but also to shake any thinking progressive's faith that regulation will get it right.
One leaves this blog, to the extent that one ever leaves any ongoing discussion, with several impressions: that unearned money is a most addictive and destructive drug for some people; that banks such as Chase, Citi, and Capital One have developed to some extent into a pusher industry designed to feed that drug to anyone to whom they can deliver it; and that the bankruptcy act reforms were the equivalent of the British fleet sailing up the Yangtze in the 19th century to tell the Chinese, "Yes, you will take this opium whether you need it or not."
While the authors have a pro-consumer agenda, that doesn't mean they're wrong. They are as informed on the topic as anyone blogging, far more so than most "econ" bloggers. Their blog is worthwhile reading for anyone interested in how the current credit mess developed, and looking for insights on what a sensible remedy might entail.