The Bankruptcy Bill From Hell.

The Bankruptcy Bill From Hell

The bankruptcy bill currently wending its way through Congress is a complex piece of legislation covering a complex topic. So how do nonexperts figure out whether the law is any good? Is it genuinely meant to crack down on abuse of the bankruptcy system, as its sponsors say, or is there more to it?

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Amendments. What amendments have been offered to the bill and then rejected? Here are the main ones, all of which were summarily dismissed by the Republican majority:

1.

From Russ Feingold, an amendment that would have allowed senior citizens to protect $75,000 of the value of their homes during bankruptcy proceedings.

2.

From Ted Kennedy, an amendment focused on helping people who are forced into bankruptcy due to major medical expenses.

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While I have little sympathy for people who floated a jet set lifestyle on credit cards in their 20s and woke up to financial reality in their 30s, this bill is nothing but a step on the way to debtors' prison for people who fell into trouble for things a RICH COUNTRY should have been able to insure them against, like illness or the loss of a job.

Consider that the only other "developed" nation that refuses its citizens health insurance is South Africa, and how developed are THEY?

Repuglicans hate Americans. There is no other excuse for this horror of a bill.

Of course there can not be exemptions for people forced into bankruptcy due to medical bills...

What would be the point, ~50% of bankruptcies result from catastrophic illness or injury and the ensuing medical bills.

Who is most affected by this---the middle class!

If you or I charged over 10% interest we'd be arrest and jailed for usury. But not the poor little cc companies. They charge up to 30%. Average is around 18%. They advertise to get you to borrow more. The economy sucks, so people use the cards to pay mortgages etc. I think it's around 5% default on their loans.

MBNA is one of Bush's biggest supporters. The drug companies got paid off last 4 years. Time for the credit card companies.

And Privatization is pay off for longtime Walker/Bush Wall St. cronies.

It's all bullshit and lies, bamboozapalooza... for 4 more f*cking years.

Oy.