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Congratulations to our presumptive Democratic nominee, Joe Biden!
How Biden Helped Strip Bankruptcy Protection From Millions Just Before a Recession
How Biden Helped Strip Bankruptcy Protection From Millions Just Before a Recessionhttps://www.gq.com/story/joe-biden-bankruptcy-bill
Biden was one of the bill's major Democratic champions, and he fought for its passage from his position on the Senate Judiciary Committee. He had pushed for two earlier bankruptcy reform bills in 2000 and 2001, both of which failed. But in 2005, BAPCPA made it through, successfully erecting all kinds of roadblocks for Americans struggling with debt, and doing so just before the financial crisis of 2008. Since BAPCPA passed, Chapter 13 filings went from representing just 24 percent of all bankruptcy filings per year to 39 percent in 2017. Melissa Jacoby, a University of North Carolina law professor specializing in bankruptcy, told Politico, "I doubt that the bill reined in the abuses that the bill was premised on, in part because they didn’t necessarily exist in the first place."
Unions, consumer protection groups, and the National Organization for Women all opposed the BAPCPA, but it had heavy support from the credit card industry. Delaware is essentially a domestic tax haven for corporations, and as a result financial institutions like credit card companies hold tremendous power in the state. As political writer Alexander Cockburn once wrote, "The first duty of any senator from Delaware is to do the bidding of the banks and large corporations which use the tiny state as a drop box and legal sanctuary. Biden has never failed his masters in this primary task. Find any bill that sticks it to the ordinary folk on behalf of the Money Power and you’ll likely detect Biden’s hand at work."
........
Biden at the time stressed that he wasn't acting on behalf of the credit card companies, and as Matt Ygelsias writes at Vox, Biden's camp claims now that BAPCPA was an effort to get some concessions out of a Republican bill that would have been a bigger disaster without his intervention. But to his critics, there were red flags. For example, one of the biggest credit card companies in Delaware, MBNA, hired Joe Biden's son Hunter in 1996. Even after Hunter became a federal lobbyist in 2001, he stayed on at MBNA as a consultant at a fee of $100,000 per year, meaning he was pulling in a six-figure salary at the same time his father was pushing for the industry's top priorities. Biden's interests were so aligned with MBNA's that in 1999 he was forced to defend himself by declaring, "I am not the senator from MBNA." But even without the shadows of impropriety, critics of Biden's support for bankruptcy reform had plenty of fodder.
One of Biden's biggest antagonists was none other than Elizabeth Warren. Back when she was a mere Harvard law professor specializing in bankruptcy law, Warren questioned the entire rationale of bankruptcy reform, telling The Washington Post in 1998, "Those who want to say the way to solve rising consumer bankruptcy is by changing the law are the same people who would have said during a malaria epidemic that the way to cut down on hospital admissions is to lock the door." In the 2003 book she co-wrote with her daughter, The Two-Income Trap, she took special aim at Biden's efforts to make it harder for Americans to declare bankruptcy and framed it as an issue that disproportionally effects women:
Unions, consumer protection groups, and the National Organization for Women all opposed the BAPCPA, but it had heavy support from the credit card industry. Delaware is essentially a domestic tax haven for corporations, and as a result financial institutions like credit card companies hold tremendous power in the state. As political writer Alexander Cockburn once wrote, "The first duty of any senator from Delaware is to do the bidding of the banks and large corporations which use the tiny state as a drop box and legal sanctuary. Biden has never failed his masters in this primary task. Find any bill that sticks it to the ordinary folk on behalf of the Money Power and you’ll likely detect Biden’s hand at work."
........
Biden at the time stressed that he wasn't acting on behalf of the credit card companies, and as Matt Ygelsias writes at Vox, Biden's camp claims now that BAPCPA was an effort to get some concessions out of a Republican bill that would have been a bigger disaster without his intervention. But to his critics, there were red flags. For example, one of the biggest credit card companies in Delaware, MBNA, hired Joe Biden's son Hunter in 1996. Even after Hunter became a federal lobbyist in 2001, he stayed on at MBNA as a consultant at a fee of $100,000 per year, meaning he was pulling in a six-figure salary at the same time his father was pushing for the industry's top priorities. Biden's interests were so aligned with MBNA's that in 1999 he was forced to defend himself by declaring, "I am not the senator from MBNA." But even without the shadows of impropriety, critics of Biden's support for bankruptcy reform had plenty of fodder.
One of Biden's biggest antagonists was none other than Elizabeth Warren. Back when she was a mere Harvard law professor specializing in bankruptcy law, Warren questioned the entire rationale of bankruptcy reform, telling The Washington Post in 1998, "Those who want to say the way to solve rising consumer bankruptcy is by changing the law are the same people who would have said during a malaria epidemic that the way to cut down on hospital admissions is to lock the door." In the 2003 book she co-wrote with her daughter, The Two-Income Trap, she took special aim at Biden's efforts to make it harder for Americans to declare bankruptcy and framed it as an issue that disproportionally effects women:
If I were to vote in a presidentialprimary today, I would vote for: Undecided
20 replies
= new reply since forum marked as read
= new reply since forum marked as read
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
BK sucks. It has never been easy.
Joe Biden is a proven Democratic Excutive and Legislative leader.
He will win MI, PA, OH, WI and FL.
His election coattails will allow our democracy to prevail.
Go Joe Go!
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Undecided
If I were to vote in a presidentialprimary today, I would vote for: Undecided
If I were to vote in a presidentialprimary today, I would vote for: Undecided
Yeah. I might need this.
If I were to vote in a presidentialprimary today, I would vote for: Undecided
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Undecided
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Undecided
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
"The first duty of any senator from Delaware is to do the bidding of the banks and large corporations which use the tiny state as a drop box and legal sanctuary. Biden has never failed his masters in this primary task. Find any bill that sticks it to the ordinary folk on behalf of the Money Power and you’ll likely detect Biden’s hand at work."
...has Joe ever addressed the concerns some people may have?
...if he hasn't, I think he should...trump ain't going to let this sleeping dog lie...
...oh boy...
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
If I were to vote in a presidentialprimary today, I would vote for: Joe Biden
