So what exactly IS the case for the bankruptcy bill?

I've read a lot of commentary about the bankruptcy bill on the web, and it is all 100% against it. So can someone please explain to me why a majority of senators voted FOR it?? Outside the Senate and the lending industry, is there ANYONE who supports this bill?

What, exactly, IS the case for this bill??? Are there any legitimate arguments for it??

The case is to take as much money from the middle class and give it to unscrupulous lenders, of course. And what is wrong with that, pray tell? Darwin was right about everything except evolution. :crazy:
:silly:

Geez, with all the huge banks going into receivership because they're hemmoraging cash due to all the bankruptcies. What? That didn't happen. Never Mind!

The Professor

So the provisions need to be reduced.

The exact same reason they use for Public Aid.

as justification for supporting the bill. They do not prove there is abuse. They never cite examples. They just say people are abusing the bankruptcy system so we are voting to make it harder to qualify for relief.

companies, who supported (that is, paid off) many candidates who were recently (re)elected. Apparently that's good enough!

The guise is "personal responsibility," but no one's arguing that it's going to help people in any way.

There is no case for it.

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medical and shelter, w/o which you have nothing.

What if you live in places where the cost of living is much superior? Say, you live in NYC where housing eats half or more of your take home pay?

I also don't see any allowance on medical expenses which are always a big problem for most people, including those who are employed full time but who have crappy insurance (like me). God forbid you have a few health problems beyond your control and you have a $1000 deductible (which happened to me), and macaroni and cheese seems to be all you can manage for the next few months.

and if I had to live within the confines of the bill I would have no hope for anything better than economic drudgery the rest of my life. The bill punishes the poor sucker who gets into debt and pays off the credit card companies. They were throwing cards at me like crazy, and like a fool I got in over my head. Losing my job put the nail in the coffin, but even if it hadn't I wouldn't have been able to pay them off for 20 or 30 years.

They should be locked up until they tell us.

A despicable show of inhumanity and taking the mask off.

We need better dems in those seats.

We need to start replacing them.

When someone knows a reason other than MBNA and Citicorp payola, please post.

And inheritance of debt worked well enough
for the Crown.

This is really a backdoor salute to the Monarchists
who have prevailed against such overwhelming
odds for 'lo these many years.

The bottom 80% will get over this soon enough.

legitimation of the bill. He claimed it was "wealthy" people who took advantage of the system and a drastic increase in personal bankruptcy. Both of course are lies. There has been a drastic increase in bankruptcy but not from individuals. We all know the story.

That's the public rub for it. The real issue is what everyone knows it it is--$$$. But me thinks there's more to it.

There's a pretty short and quick read on this phenomenon called "Bankruptcy as Strategy" or something like it. The author slips me. But its basically a historical comparative case study of how bankruptcy has morphed into ad hoc corporate welfare and an analysis of how some of the big names actually went about skirting their debtors (most of which were consumers and workers who had won settlements-pintos and asbestos and nuclear meltdowns oh my). Which means this bill is part of a wider set of bills already passed this year designed to undermine consumer "liberty" and put control in the hands of "Big" corporation. The silly wing-libertarians haven't realized that their calls to "free" the market unleashes a monster that poses a greater danger to their "live free or die" pitty party. It's called the expansion of corporate governance it is actively undermining the enabling governance structures crafted by progressive reforms. A thousand money thirsty kings and queens sit a top their corporation's organizational chart. They control more of what we do than our government.

That is two EXTREMELY powerful entities there. The Lending industry wants to be able to get their money after stuffing thousands of credit cards in peoples mailboxes and the Senate will do Anything for Big Business. It's the republican way.