Rule of Law Rules!

'Puter disagrees partially with Megan McArdle's ('Puter's pretend girlfriend) otherwise excellent take on the importance of the rule of law, stated here.

'Puter thinks that there should be more punishment involved in bankruptcy for both debtors and creditors, particularly on a showing of knowing or reckless disregard of foreseeable risk.

'Puter agrees that the bankruptcy code provides a known framework for by which both borrowers and lenders may assess their risk. The Obama Administration's tampering with the bankruptcy rules to reward favored constituencies (unions) is going to dry up credit, and likely deepen and lengthen the recession.