John Edwards is guest posting at talkingpointsmemo Bankruptcy Blog.

[flpoljunkie]

http://www.talkingpointsmemo.com/bankruptcy/


April 14, 2005 -- 12:23 PM EDT)

Guest Blogger: John Edwards


This morning Elizabeth Warren and her students invited
me to say a few words about the bankruptcy reform
bill. I'm grateful for the opportunity.

I'm now spending a lot of my time tackling the
challenges of poverty, but I learned a lot
about bankruptcy on the campaign trail last year. I
saw how many good families end up broke and poor, and
how they need the safety net of a fair bankruptcy law
if they're going to get back on their feet.

Like a lot of Democrats, I voted for a bankruptcy
reform bill before. I can't say it more simply than
this: I was wrong.


The bill is supposed to crack down on irresponsible
borrowers. That's the right thing to do. The problem
is that this bill imposes big burdens on families who
did everything right but went broke just because they
lost a job or lost their health insurance. And, even
more than the legislation I supported, this bill
doesn't crack down on the real abusers.

<>In some states, a multimillionaire CEO can drive his
company into the ground, declare bankruptcy, and still
keep his mansion-tennis court, Jacuzzi, and all. The
2001 bill at least stopped that by capping the
"homestead exemption" at $125,000. This bill will
allow many multimillionaires to protect their mansions
if they plan ahead.

We've also seen the credit card companies and
predatory lenders become more aggressive. Today, many
Americans have seen their interest rates triple to 29%
or higher-not because they missed a payment, but just
because they lost a job and needed another loan. Many
more Americans are losing their homes because lenders
have hidden points and fees in their loans. These
companies are making billions by kicking people when
they're down. This bill does nothing to stop them.

more

[medeak]

1. Hope Harry Reid reads it

He answered my email that it was totally justified...sold out.

[flpoljunkie]

2. Totally justified? Bankrupt, indeed! I will give not one dime to the DNC

if this bill passes Congress--that also includes the DCCC and the DSCC. My money will go to individual Democrats who are worthy of the name. It looks like a lot of them will be members of the Congressional Black Caucus who are taking the lead in standing up for working Americans. Other notable supporters are Marty Meehan and Jerrold Nadler, Zoe Lofgren--all blue staters. Add Dennis Kucinich--not really a "red" state, thanks to Rethug Blackwell, Ohio Secretary of State. And Lynn Woolsey, another blue stater-- California.

How utterly sad for our Democratic that they cannot unite in support of a fair and balanced bankruptcy bill that really protects working people.

[wicket]

6. It just passed.

:puke:

[Jacobin]

3. Glad he admits he was wrong, but dammit

he's a lawyer and should have been able to read the damn thing before and see that 99% of the bad crap is still in there and was when he voted for it the first time.

I'm extremely disappointed in the dems for their overwhelmingly lame response to the RW's bankruptcy bill.....many are clearly bought off and the corruption of the party is killing it.

[JI7]

4. kick

[Nikki Stone 1]

5. Good for Edwards

But, dammit, this banruptcy bill is just criminal. I agree with supporting individual Dems only if this goes through.