For eight years, credit card companies have been lobbying for reforms to U.S. laws so debtors cannot free themselves of their card debts by declaring bankruptcy. Alas, they didn't have a Senate as greedy or a president foul enough to sign such a law. Now they do.

Though knocked down in years past, the bankruptcy reform bill is back for another go, and this time the odds (read: Republicans) are stacked in its favour. The bill is strongly supported by the credit card industry and objected to by virtually everyone with a conscience. If passed, it would restrict debtors with incomes above their state's median from absolution of their credit card debts, instead pushing them into a re-payment plan that studies show most could not afford.

Consumer advocates have complained that moderate- and low-income families will once again end up shafted by an industry that's already grown fat off of hidden fees and ludicrous interest rates. Bush, of course, has said he will sign the bill into law.

» Scott Saxon