JimBowie1958
Old Fogey
- Sep 25, 2011
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Trump has more heart for the American people than Biden ever did.
www.breitbart.com
www.propublica.org
www.consumerbankers.com
Trump Mulls Returning Pensions to 20K Delphi Workers Slashed by Obama-Biden
After about 20,000 Delphi workers had their pensions slashed by the Obama-Biden administration, Trump is considering restoring the pensions.
www.breitbart.com
Biden's Cozy Relations With Bank Industry
ProPublica is an independent, non-profit newsroom that produces investigative journalism in the public interest.
www.propublica.org
Over the past 20 years, MBNA has been Biden's single largest contributor. And as the New York Times and Wall Street Journal note, Biden's son Hunter was hired out of law school by MBNA and later worked as a lobbyist for the company.
The Times also details just how helpful Biden has been to MBNA and the credit card industry. The senator was a key supporter of an industry-favorite bill -- the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" -- that actually made it harder for consumers to get protection under bankruptcy.
As the Times notes, Biden was one of the first Democratic supporters of the bill and voted for it four times until it finally passed in March 2005. A spokesman for Sen. Obama told the Times, "Senator Biden took on entrenched interests and succeeded in improving the bill for low-income workers, women and children."
Yet the Times actually looked at the legislative record and paints a different picture:
The Washington Post's David Broder detailed other industry-friendly aspects of the bill back in 2005. One proposed amendment to the bill would have stopped corporations from "judge-shopping" and going to the most-friendly venues for their bankruptcy cases. The amendment was introduced by Republican Sen. John Cornyn of Texas and appeared to have wide bipartisan support. But it never passed. Broder writes that Biden helped kill it.
Joe Biden Backed Bills to Make It Harder for Americans to Reduce their Student Debt
Jennifer Ryan did not love the idea of taking on debt, but she figured she was investing in her future. Eager to further her teaching career, she took out loans to gain certification and later pursued an advanced degree. But her studies came at a massive cost, leaving her confronting $192,000 in...
www.consumerbankers.com
In the past, debtors in her position could have used bankruptcy court to shield them from some of their creditors. But a provision slipped into federal law in 2005 effectively bars most Americans from accessing bankruptcy protections for their private student loans.
In recent months, Democrats have touted legislation to roll back that law, as Americans now face more than $1.2 trillion in total outstanding debt from their government and private student loans. The bill is a crucial component of the party’s pro-middle-class economic message heading into 2016. Yet one of the lawmakers most responsible for limiting the legal options of Ryan and students like her is the man who some Democrats hope will be their party's standard-bearer in 2016: Vice President Joe Biden.
As a senator from Delaware -- a corporate tax haven where the financial industry is one of the state’slargest employers -- Biden was one of the key proponents of the 2005 legislation that is now bearing down on students like Ryan. That bill effectively prevents the $150 billion worth of private student debt from being discharged, rescheduled or renegotiated as other debt can be in bankruptcy court.
Biden's efforts in 2005 were no anomaly. Though the vice president has long portrayed himself as a champion of the struggling middle class -- a man who famously commutes on Amtrak and mixes enthusiastically with blue-collar workers -- the Delaware lawmaker has played a consistent and pivotal role in the financial industry's four-decade campaign to make it harder for students to shield themselves and their families from creditors, according to an IBT review of bankruptcy legislation going back to the 1970s.
Biden's political fortunes rose in tandem with the financial industry's.
