Thanks to my amigo G., a banker, here's a link to a blog post that ought to set your hair on fire. And worse: I think the author is missing the even bigger and inter-related mess due to the 2005 de-regulation of the credit card industry. Not to mention the changes in the bankruptcy laws. But more anon.
Update: herewith, an info-packed site on bankruptcy law:
Cornell University Law School page on bankruptcy
And check out the documentary, Maxed Out.
