The Bankruptcy Bill-pure corporate whoring

[LiviaOlivia]

A Bill Bankrupt Of Pity

By E. J. Dionne Jr.
Washington Post
Tuesday, March 1, 2005

~snip~

You could make a case for this bankruptcy bill if it were narrowly focused on those who truly abuse the system. Instead, the bill sweeps away protections for worthy and unworthy creditors alike. This will make it much tougher for those who fall on hard times to escape burdens they confront through little fault of their own.

~snip~

Sen. Edward M. Kennedy (D-Mass.) is trying to rally Democrats against a bill that he says would make too many citizens "indebted servants to the credit card companies." He plans to propose a series of amendments that broaden relief for those facing bankruptcy primarily for medical reasons, as well as for men and women in military service.

He would also try to balance the bill with tougher provisions to fight corporate abuses of the bankruptcy laws. "Often, the very insiders whose misconduct brought the company down do very well in bankruptcy," Kennedy says. "The people who get hurt the worst are the employees, past and present." Some of whom, by the way, are forced into bankruptcy.

There is a great misunderstanding that the key fight in our politics is between friends and foes of capitalism. In fact, the battle is among supporters of capitalism who disagree over what rules should govern the market. Should the rules favor the wealthy and the connected, or should they give some protection to those who fall into distress and would like nothing more than a chance to rejoin the ownership society? If Democrats sell out on the bankruptcy bill, they will, alas, show which side they're on.

http://www.washingtonpost.com/wp-dyn/articles/A61634-2005Feb28.html

From Atrios:

This is a pure corporate whore bill. Unlike even "tort reform" which for gives the GOP base orgasmic pleasure for some bizarre reason, there is no popular support for this thing. Not one voter is going to decide to vote against a Democrat because s/he voted against this thing. It's a horrible bill, and shame on anyone who votes for it.

http://atrios.blogspot.com/2005_02_27_atrios_archive.html#110968486350180400

[NAO]

1. Bankruptcy works for Capitalism by getting people back into the economy

I do IT consulting work for a Bankruptcy Trustee and she explained to me that Bankruptcy is NOT just a way to "get out of paying your bills".

Bankruptcy has a critical function - to take people who are buried in debt and who have effectively stopped functioning economically - and get them to a place where they can again be productive and contribute to the economy.

Without bankruptcy, people become enslaved with debt, and they see no way out, so they just "drop out". They have no motivation to work because their situation is beyond hope of every being resolved. Any money the make by their effort is just garnished by creditors, so they don't bother trying.

I suspect the whole bankruptcy thing is part of the larger Christian Dominionist plan for America and the world.

The Swift Advance of a Planned Coup: Conquering by Stealth and Deception - How the Dominionists Are Succeeding in Their Quest for National Control and World Power
http://www.yuricareport.com/Dominionism/TheSwiftAdvanceOfaPlannedCoup.htm

The Despoiling of America: How George W. Bush became the head of the new American Dominionist Church/State
http://www.yuricareport.com/Dominionism/TheDespoilingOfAmerica.htm

Video on the Christian Reconstructionist Dominionist Theocratic Agenda
http://www.theocracywatch.org/av/video_dominion.ram

[fencesitter]

2. Joe Biden is on board big time..

for this bill. I heard him grilling Eliz. Warren about her findings. Of course Delaware is home to the big credit companies and they probably own Biden, but I'm really dissappointed in him for this. It will bite him in the ass if he seeks the nomination in 08, and he'll never get my vote.

[indepat]

3. Pure corporate whoring is what corporatists do best

[teryang]

4. The dead hand theory of commerce

As we move away from contract and enter the world of status, where all are chained to their payments, indefinitely, with no relief regardless of conditions or circumstance, one becomes and remains a prisoner both of debt and class.

Got money to save? You won't get any interest for it. Want to borrow? Borrow all you want.

The freeing up of persons was the generally the primary trend of republican commerce for 225 years. Now we are embarking on a distinctly different path, uneconomic, regressive and reactionary.