Clay Risen: Moral bankruptcy on Capitol Hill

[question everything]

CLAY RISEN THE NEW REPUBLIC

Moral bankruptcy on Capitol Hill

February 25, 2005

I am beginning to wonder if the debate over Social Security privatization is a mere GOP diversionary tactic: Get Democrats to commit all their resources to a knockdown drag-out over retirement benefits, then quickly ram through a host of items off the business lobby's wish list. Exhibit A is the Bankruptcy Abuse Prevention and Consumer Protection Act – the latest name for a bill that Congress has been rejecting since the late '90s - which the Judiciary Committee approved last week and looks set for passage in the coming weeks.

Bankruptcy laws are supposed to balance the interests of creditors with debtors as well as balance society's interest in encouraging people to take risks (such as taking out a loan to start a business) with its interest in ensuring that the risks they take are not foolish ones (such as borrowing money to play the ponies). U.S. bankruptcy laws have generally done a good job of striking this balance and have thus contributed to an economy that is among the most entrepreneurial in the world. What's more, they have codified a progressive and long-standing American value: the belief in second chances.

By these measures, the bankruptcy bill is a catastrophe. Under the current system, bankruptcy courts have broad discretion to decide who can file for Chapter 7, which allows debtors to erase their obligations after forfeiting a state-determined percentage of their remaining assets, and Chapter 13, which requires strict repayment according to court-ordered schedules.

(snip)

Credit card companies insist that most fliers are merely credit addicts who have spent beyond their means and want to stiff the industry with the bill. (Given the credit card industry's marketing strategies – including documented campaigns targeting minors – this complaint is akin to drug dealers whining about their buyers entering rehab.)

But a recent Harvard study shows that roughly half of all fliers for Chapter 7 do so in the wake of major medical expenses. Moreover, Chapter 7 bankruptcy is hardly a get-out-of-jail-free card – it leaves a prolonged stain on one's credit rating and imposes tough financial sanctions.

(snip)

Find this article at:
http://www.signonsandiego.com/uniontrib/20050225/news_lz1e25risen.html

[Goldeneye]

1. That would actually explain

some things, like why the republicans were so unprepared for the SS battle, and why they won't release a plan.

[punpirate]

2. Doubt it, for this reason...

... SS destruction is just one more on the right-wing undo-the-New Deal wish list, and I think Bush thought he had sufficient "political capital" to shove it right on through. They're backing up a bit now because of Congressional resistance, but they're not through yet. They're going to keep on fine-tuning the bill until they think they can overcome Republican resistance in Congress.

Bankruptcy deform is another item on the wish list, and, frankly, passage of it was a virtual no-brainer, since it's already been through one round, and the only person actively determined to derail the legislation is now dead--Paul Wellstone.

Frankly, the `pugs want it all, now that they've got control of all three branches.

[depakid]

5. The Republicans wouldn't need need all three branches

Democrats are just chomping at the bit to sell out single mothers (who this bill really hurts) to the credit card companies (even though those companies give overwhelmingly to the Republicans).

Here's the list of Senate Dems voting "yea" from last time.

That's 34 Dem's (count 'em).

Akaka (D-HI), Yea
Baucus (D-MT), Yea
Bayh (D-IN), Yea
Biden (D-DE), Yea
Bingaman (D-NM), Yea
Breaux (D-LA), Yea
Byrd (D-WV), Yea
Cantwell (D-WA), Yea
Carnahan (D-MO), Yea
Carper (D-DE), Yea
Cleland (D-GA), Yea
Clinton (D-NY), Yea even though Bill veto'd it 2 years earlier
Conrad (D-ND), Yea
Daschle (D-SD), Yea
Dorgan (D-ND), Yea
Edwards (D-NC), Yea Our "son of a poor millworker."
Feinstein (D-CA), Yea
Graham (D-FL), Yea
Hollings (D-SC), Yea
Inouye (D-HI), Yea
Johnson (D-SD), Yea
Kohl (D-WI), Yea
Landrieu (D-LA), Yea
Leahy (D-VT), Yea
Levin (D-MI), Yea
Lieberman (D-CT), Yea
Lincoln (D-AR), Yea
Mikulski (D-MD), Yea
Miller (D-GA), Yea
Murray (D-WA), Yea a single mom herself
Nelson (D-NE), Yea
Reid (D-NV), Yea
Schumer (D-NY), Yea
Stabenow (D-MI), Yea
Torricelli (D-NJ), Yea
Wyden (D-OR), Yea


The "Nays":

Boxer (D-CA), Not Voting
Kennedy (D-MA), Nay
Kerry (D-MA), Nay
Wellstone (D-MN), Nay
Corzine (D-NJ), Nay
Sarbanes (D-MD), Nay
Dayton (D-MN), Nay
Feingold (D-WI), Nay
Harkin (D-IA), Nay
Reed (D-RI), Nay
Nelson (D-FL), Nay
Rockefeller (D-WV), Nay
Durbin (D-IL), Nay
Dodd (D-CT), Nay

[punpirate]

6. Yeah, I'm aware of that earlier vote...

... but I emphasize Wellstone, because he was the only one determined to stop it:

http://www.commondreams.org/views/050100-107.htm

Now that he's gone, there's not going to be a concerted effort to get it off the agenda, or modified in such a way that it remains equitable.

And, I emphasize all three branches, because virtually all of Bush's domestic agenda to ruin the New Deal will depend upon a friendly court system--virtually all of them will meet Constitutional challenges of some sort.

Cheers.

[BrklynLiberal]

3. Nothing is too disgusting or too slimy to put past them...

[applegrove]

4. Sociopaths!!

[OneBlueSky]

7. I again pledge that any Democrat supporting this bill . . .

will lose my support forever . . . that includes Sen. Clinton should she run either for re-election to the Senate or for any other office . . .

[question everything]

8. Well, Sen Clinton is positioning herself right of center these days n/t