Sunrise over Lake Champlain from Ticonderoga
Support the victims of Hurricane Katrina (click image)
Musings and Meanderings
Wednesday, March 09, 2005
Well the oodles of cash the credit card and banking companies have been pumping into Congressional races appear to be finally paying off. Over the last six years, credit card companies have pumped more than $24 million into the pockets of federal candidates and the political parties, according to the Center for Responsive Politics. In their continuing efforts to screw the little guy the latest pandering to Corporate America is the newly rewritten bankruptcy law flying through congress.
White House spokesman Trent Duffy in a conversation with the media said: "The administration supports the passage of bankruptcy reform because ultimately this will lead to more accessibility to credit for more Americans, particularly lower-income workers..." Huh??
I've heard a lot about this: how the Credit Industry claims they have been defrauded out of billions of dollars by abuse of the bankruptcy system; and, estimates of what percentage of bankruptcy cases are really "abusing the system" of anywhere from 3% to 10 %. But here is the mean reality of this new bill in Congress.
One recent study found that more than half of bankruptcies are the result of medical emergencies. The rest are overwhelmingly the result either of job loss or of divorce.
Senator Charles Schumer introduced an amendment that would have limited the exemption on "asset protection trusts", but apparently it's O.K. to game the system if you're rich: 54 Republicans and 2 Democrats voted against the Schumer amendment.
Ted Kennedy introduced an exemption for cases of medical bankruptcy. Russ Feingold introduced an amendment protecting the homes of the elderly. Dick Durbin asked for protection for armed services members and veterans. All were rejected.
This bill makes it much harder for good intentioned citizens who have become over extended because of medical reasons, job losses or personal tragedies to get the relief they need. I'm guessing that debters prisons will be next.
Remember the Golden Rule of Politics: "Whoever has the gold makes the rules". The Republican's actions speak for themselves, in their caring much more for Big Business than Joe and Mary Lunchbucket.
The question is can the clowns at the DNC do anything about it in the next two elections?