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The Bankrupty Reform Bill
I’ve not done any blogging on the bankruptcy bill because, frankly, I haven’t taken the time to research it, and didn’t have anything informative to add to the debate. If you haven’t noticed it, there has been a strong movement against the bill among the grassroots conservative blogs.
Yesterday, Instapundit ‘lanched a Dave Ramsey video at Jackson’s Junction where he takes the bill to task. Check out the video here, and the quote Glenn highlights here. I don’t get much of a chance to listen to Mr. Ramsey, but when I do I enjoy his show and pretty much agree with him on most things.
Dave Ramsey said: “No one except for me and Ted Kennedy are standing up for the consumer. I can’t believe we’re on the same side.”
Maybe it’s time I pay attention to this and do a bit of homework.
The Realitygram says:
Credit card companies that invested $24 million in political campaigns will reap a windfall with passage of new bankruptcy legislation.
…
Not to worry, the assets of the rich are protected and the federal courts will collect the monies owed on 28 percent financing charges by the poor and middle class.
And also:
WINNERS: Large credit card companies, MBNA, Ctitigroup, J.P. Morgan Chase, Bank of America, American Express, owners of shopping malls.
LOSERS: Small businesses, elderly, families with children.
Paul Krugman (via Bark Bark Woof Woof):
The bankruptcy bill was written by and for credit card companies, and the industry’s political muscle is the reason it seems unstoppable.
…
The credit card companies say this is needed because people have been abusing the bankruptcy law, borrowing irresponsibly and walking away from debts. The facts say otherwise.
A vast majority of personal bankruptcies in the United States are the result of severe misfortune. One recent study found that more than half of bankruptcies are the result of medical emergencies. The rest are overwhelmingly the result either of job loss or of divorce.
Distance has some harsh words:
The Bankruptcy Bill Pay off your debts, don’t use credit cards. You can no longer escape peonage if you have these things. The Devil is loose in the form of the marriage between big business and the Republican party and about half of our Democrats in the US Senate. Credit card companies now have their way. They have “donated” money to candidates and now they have been repaid with the bankruptcy bill.
If you have some medical catastrophe, there will be no escaping debt. Your wages will be sucked away. They are creating a permanent class of peons through credit cards.
This is an utter financial disaster.
Rick Edwards wonders how this relates to the stalling of Social Security Reform.
I would be curious to know if the recent - and highly unfortunate - senate passage of the bankruptcy reform bill is contributing to the public’s increasing negativity toward Social Security reform. Could the public, perceiving an elimination of the financial safety net for some of the most unfortunate via bankruptcy reform, become increasingly skittish about any kind of serious tinkering with Social Security?
http://myopiczeal.blogsome.com/2005/03/14/the-bankrupty-reform-bill/trackback/
I’ve also heard the bill is considered a bad one for small business, as it ups the risk.
Comment by Mark — March 14, 2005 @ 4:18 pm
Perhaps I am not the most read person when it comes to “National Reform.” I didn’t know that the bill had lapsed on automatic assault rifles until the deadline was reached. Now anyone can purchase an Automatic Assault Weapon. There are topics debated and discussed during the Presidential Elections, but Bankruptcy wasn’t one of them.
The credit card companies are under fire. They should be. I have also seen people really abuse credit cards. I have seen individuals take vacations, buy big houses, shop designer boutiques only to go bankrupted, not one but several times. LIVING ABOVE THEIR MEANS. These people still have more than me, the person who lives within their means. Go Figure??????????
I remember in my youth, if you couldn’t make your unexpected medical expenses, because of income, no insurance, etc. you paid what you could. In recent years this has changed, now you go bankrupt for theses debts, if you are uninsured. In the so-called richest country in the world, you will really suffer because of the new reform; if you get sick forget it. I was also a single mother; fortunately, my husband came through with child support. With the new Legislation - (if I still had small children) I am lumped with credit card abusers.
The US Congress should focus more on medical reform and caps on drugs!!!!!!!!!!!!!! And shouldn’t cater to Chase Manhattan etc…. guess they have the Lobby Technique down pat and padding Congress and Senate. As usual with “modern reform” Lower Middle Class Americans will suffer.
Halliburton is under fire again this week for big overages. Wonder what Vice President Chaney collects for Halliburton overages?
I hate to admit it, but I supported Bush.
WELCOME TO MIDDLE CLASS AMERICA – WE LOOSE AGAIN.
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