Democratic Senators Cave on Bankruptcy Bill

Discussion in 'Current Events' started by Itsthetruth, Mar 15, 2005.

  1. Itsthetruth
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    The Progressive Magazine
    March 12, 2005

    Democratic Senators Cave on Bankruptcy Bill
    by Matthew Rothschild

    On March 11, the U.S. Senate passed the bankruptcy bill that will fill the coffers of the credit card companies while bleeding consumers dry. The bill passed by a whopping 74 to 25 margin, with eighteen Democratic Senators going over to the dark side.

    The bill is a fantasy come true for credit card companies, which have been pushing it for years. But it's not as though they're suffering. They made $30 billion in profits last year. The bill severely limits the ability of consumers to wipe away some of their debts and get a fresh start.

    Half the people who file for bankruptcy do so because of sky-high medical bills, and another 40 percent due so because of disability, job loss, family death, or divorce, according to the National Consumer Law Center. If you make more than the median income in your state, no matter how high your bills are, you can't wipe the debts clean.

    And even if your debts are the consequence of identity theft, of someone stealing your credit card and running up charges, you still are on the hook for them, as the Senate amazingly voted down an amendment to shelter victims of identity theft.

    Middle class debtors are the ones who are going to suffer the most under this bill. The poor will still be able to get Chapter 7 protection, which releases them from most of their debts. And the indebted rich can still shelter their property if they get a good lawyer to draw up an asset protection trust in states where that's allowed. And many affluent debtors could still declare bankruptcy and still keep their mansions. On top of that, corporations like Enron could still file bankruptcy to avoid paying their employees.


    But if you're struggling to keep your head above water, this bill has one piece of advice for you: drown.

    And eighteen Democratic Senators refused to throw you a rope.

    http://www.progressive.org/webex05/wx031205.php

    Here's the list of 18 Democratic Senators who joined the Republican Senators in sticking it to middle class workers.

    Max Baucus, Montana.
    Evan Bayh, Indiana.
    Joe Biden, Delaware.
    Jeff Bingaman, New Mexico.
    Robert Byrd, West Virginia.
    Thomas Carper, Delaware.
    Kent Conrad, North Dakota.
    Daniel Inouye, Hawaii.
    Tim Johnson, South Dakota.
    Herb Kohl, Wisconsin.
    Mary Landrieu, Louisiana.
    Blanche Lincoln, Arkansas
    Bill Nelson, Florida.
    Ben Nelson, Nebraska.
    Mark Pryor, Arkansas.
    Harry Reid, Nevada, Democratic Senate Minority Leader
    Ken Salazar, Colorado.
    Debbie Stabenow, Michigan.
     
  2. no1tovote4
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    no1tovote4 VIP Member

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    Damn Senators! Expecting people to pay the bills they promised to in their agreement! How could they be so insensitive?!
     
  3. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    You ever think that maybe if 3/4ths of the Senate actually support something it might not be that bad a bill?
     
  4. manu1959
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    manu1959 Left Coast Isolationist

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    the bastards................. :gives:
     
  5. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    What they killed kenny too?!
     
  6. SmarterThanYou
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    great legislation bought and paid for by your neighborhood banks, credit unions, and miscellaneous financial institutions. :puke3:
     
  7. Itsthetruth
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    Ya. Pity the poor credit card companies and banks. Anything that sticks it to the working middle class and enriches corporate crooks has to be great legislation.

    Perhaps if big business interests increase their payoffs to Democratic and Republican politicians they will pass legislation setting up debtors prisons! Ahhh .... bring back the good old days of debtors prisons, child labor, slave labor, corporate robber barons, sweatshops and no unions. We can be just like China! The financial tycoons new role model! Yahoooo! Can't make your credit card payment .... go to jail!

    And you know what? I bet some people here would applaud such legislation even if their mama goes to prison!

    They will just need to readjust their political blinders! I know that a corporate run government can fool some of the people all of the time but right-wingers are so easy! They are so easily deceived by corporate/government propanganda .... it's truly amazing. And what really makes it amazing is that they honestly think of themselves as being clear thinkers unswayed by crude propaganda. Now that's truly laughable!

    Pass the kool-aide. They love it!
     
  8. musicman
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    musicman Senior Member

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    Have you ever wondered why you do so badly here - why you seem to get slapped around every time you raise your head, and draw back a bloody stump whenever you try to jab? The mindset you exhibit in this post goes a long way toward explaining your problem.

    To demonize and marginalize your opponent might make you feel bigger and smarter for the moment, but you ultimately divorce yourself from reality by doing so. You then commit the unpardonable sin of UNDERESTIMATING him.
     
  9. insein
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    insein Senior Member

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    Perhaps people should, and i know this is controversial, TAKE SOME FUCKING RESPONSIBILITY FOR THEMSELVES!!!! If you can barely afford to make the mortgage payment for the month or pay the elctric bill, do you really need that new big screen tv, or a brand new car? Must you go buy 30 new DVD movies because you figured you have to have them instead of paying for food?

    People have no idea how to run their lives financially. Instead of offering ideas on how to get them to, you offer pity programs that keep them in debt. Instead of teaching people to pay off their debt and learn to avoid stupid purchases, you simply want to bail them out whenever they've went to far with it.
     
  10. manu1959
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    manu1959 Left Coast Isolationist

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    you should boycot those institutions and picket them to get you point across :poke:
     

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