Phantoms

Todd Zywicki was quite upset about Elisabeth Warren's claim of Native American ancestry, a subject about which there is not all that much to say.  I think Leiter pretty much covered it.  It reminded me, however, of Prof. Zywicki's advocacy of bankruptcy 'reform' a few years back.  That was the set of changes that made consumers responsible for even more debt in bankruptcy.  His argument at the time was that the changes would improve consumer credit.  The banks extending credit would get more from the bankrupts and so would not have to account for as large losses on the accounts of bankrupts, and, as is so often the case for those enthralled by economic theory, that other card users would benefit.  I can report that I am not among them -- my interest rates did not fall when the legislation was enacted, or shortly thereafter.  I can't find any changes in rates reflecting the change in law.  The gain to me and my ilk?  The rate increases that the banks forwent.  The increases that would have occurred had the old regime continued.  Phantom money -- not the kind that ever ends up in my bank accounts.