Serfs
Krugman has it right (as usual): what the Repugnicants want is a serfdom.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.
When Bush talks about an ownership society, I see it as owe-nership. One of my goals for this year is to get out of debt-- completely.
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