On this, the last day to file bankruptcy under the old code, we are in the midst of an honest-to-goodness Bank Run. In Los Angeles and in bankruptcy courts across the country, there are lines at the filing window that snake out into the street and beyond. Normally, there might be one or two people in line. The electronic filing system that my office (and most professionals) use is overloaded; just to enter data is a time-consuming process. A bankruptcy trustee informed me yesterday that ten thousand people filed last Friday, just in the Central District of California. Probably half the clients I'm getting are people who would normally have had no intention of filing, and even the thought of so doing wouldn't have crossed their minds.

What this will do to the economy I shudder to think about....