Why Did Dems Support the Bankruptcy Bill? (Kos)

Really excellent analysis, including insights from a Dem Congressional aide. www.dailykos.com This is a must-read, and I am curious about your agreement or disagreement with Kos.

snip

Vote for it, and your donations from the financial services sector continue to pour in, helping you stay in power. And this isn't the sort of high-profile issue that could ultimately cost you votes (and definitely not one that could spur attacks from a Republican opponent).

Vote against a bankruptcy bill destined to pass anyway (remember, the GOP has its majorities) and you get very little political benefit while losing one of your main sources of election cash. The less cash-on-hand you have heading into the election season, the more likely you are to face a well-funded opponent. So why would a House Democrat vote against the bill? They won't. And while some of you may blame them anyway, that won't jibe with the reality on the ground.

Of course, that's the House, where the GOP can do what it pleases. But what about the Senate, where a filibuster could've derailed the bill?

As Democrats in the minority, we have to chose our battles, and do so judiciously. Social Security and judges are higher profile and offer bigger political rewards than the bankruptcy bill did. I don't blame Reid for refusing to enforce caucus discipline.

But this is clearly Exhibit A of the corrosive effect of money in our political system -- a bill supported by nary a voter, yet pushed through by a powerful, rich industry. The credit card companies have had their risk reduced by a significant amount. Yet they will not lower rates to reflect their reduced risk. They will not be prevented from giving credit to those who can least afford it (like poor college students). They will do nothing except reap huge dividends on their capitol hill investments.

thank you sir may I have another :spank:

I see that as a major cop-out.


(typo edit)

http://atrios.blogspot.com/2005_03_06_atrios_archive.html#111041333249733786

This bill is so wrong. I was surprised at Kos, and I wonder if he really believes what he is saying.

"But if she has the power to be read around the world, as this episode proves she has, is she still just some private citizen?"

Did anybody notice the 'reassuring' statement today about the new FCC whatever...how it wouldn't interfere with "private citizens"?? Seems to me that "private citizen" is about to be redefined. And bloggers DO nneed to worry.

wait and see! Traitors! This bill sucks and anyone who votes for it sucks!

Corporations are not responsible for making bad loans but borrowers are responsible for bad debt. Why is it politicians want to hold individuals accountable for debt when our government continues to run up debt and then trash social security to keep from paying back into the program? Do as I say, not as I do?

When is the last time that a politician, you elected, did something for the average Joe?

What the hell is wrong with 51% voters that voted for the dumb ass? I want answers ...I want it to be 2008 or 06 and vote out the dumb asses that voted for the bankruptcy bill.

it is literally designed to only protect the rich and large corps. You need to rack up hundreds of thousands in bad debts before you can file chapter 7 and the new chapter 13 basically legalizes indentured servitude again, distabalizing the 13th amendment.

Say goodbye to more freedom. Step in line and let big brother tell you exactly how to feel! Comming Soon!

... that because that's the reality, one has to be pragmatic in the framework of that reality. However, by almost every measure, the reality has been warped by corporate money in politics. This bill does nothing for the people and everything for banks and credit card companies.

The last time I looked, the Constitution said "to promote the general welfare," not the welfare of corporations.

Why shouldn't Democrats en masse promote the welfare of the people by stonewalling every bad bill the Republicans offer? They may lose corporate money, but they also lose their souls if they don't. And the people continue to lose as long as corporate money continues to have the "corrosive effect" that it has now. At some point, it has to stop. If the Democrats won't stop it, try asking the Republicans to have a go at eschewing corporate cash and lobbyists' graft and see how far one gets with that strategy....

Ultimately, votes win elections, not money. (Yes, I know all the arguments about BBV.) If the people see that neither party is working for their betterment, but has instead become a part of an oligarchy, we'll continue to lose voters to the grand ennui, and all of that Democratic staffer's strategizing won't mean piss in a bucket, because the voters who will give up are likely the ones the Democrats could have won, had they only been honest about their purpose in government.

This sort of argument has been used to justify the unjustifiable for far too long. It's a sure-fire way to lose even bigger the next time. Mark my words.

retroactive because too many citizens are too busy to know what is going on. They will learn what happened to them when their best friend, father, or wife has something happen and they are stuck with doctor, hospital, pharmacist bills and the bankers.

Then, those who stal healthy and keep a job will also hurt because consumption will cease for many years when people realize that they have been trapped and that monster changes are required.

What habits will change? Everything from giving up smoking for health and monetary reasons plus fancy fishing, flying, fatty foods and frivolous fun, fooling-around weekends, plus working for education so that their children can be executive (but, hopefully, not at MBNA like Biden's son.

Whether people start to look after their bodies in an attempt to avoid a heart attack or whether they give up two vacations a year or two houses or one car - they will stop consuming in order to pay their bills within 30 days.

If enough people can stick to cash, those credit card companies won't have billions in profit. But then, the layoffs for the little people will hit.

When people understand the ramifications, the Senators and Congresspeople will be voted out retroactively. This is something that people can't fathom yet.

Does anyone have the feeling that Dem leaders are evaporating?

There are few with ideals...Ted Kennedy has kept them. Wellstone would have kept them. Dayton kept them.

Biden might as well be the CEO of MBNA.