David Walker, Lackey of Billionaire Pete Peterson, Speaks Nostalgically About Debtor's Prison

[Lars77]

Run time: 00:31 https://www.youtube.com/watch?v=Zj2jcSABmdI   Posted on YouTube: June 11, 2010 By YouTube Member: mmflint Views on YouTube: 237   Posted on DU: June 12, 2010 By DU Member: Lars77 Views on DU: 1212

 

[Bitwit1234]

1. So a person owes a debt

how are the going to pay if you put them in jail AND with the way the lending institutions have the upper hand in compounding that debt how could it be legal any way. If they are going to put people in jail for debt, but the CEO's of the lending institutions in jail for fraud about screwing the lendee.

[DemReadingDU]

7. In Minn, they do jail people who owe debts

6/9/10 In jail for being in debt
You committed no crime, but an officer is knocking on your door. More Minnesotans are surprised to find themselves being locked up over debts.
By CHRIS SERRES and GLENN HOWATT , Star Tribune staff writers

As a sheriff's deputy dumped the contents of Joy Uhlmeyer's purse into a sealed bag, she begged to know why she had just been arrested while driving home to Richfield after an Easter visit with her elderly mother.

No one had an answer. Uhlmeyer spent a sleepless night in a frigid Anoka County holding cell, her hands tucked under her armpits for warmth. Then, handcuffed in a squad car, she was taken to downtown Minneapolis for booking. Finally, after 16 hours in limbo, jail officials fingerprinted Uhlmeyer and explained her offense -- missing a court hearing over an unpaid debt. "They have no right to do this to me," said the 57-year-old patient care advocate, her voice as soft as a whisper. "Not for a stupid credit card."

It's not a crime to owe money, and debtors' prisons were abolished in the United States in the 19th century. But people are routinely being thrown in jail for failing to pay debts. In Minnesota, which has some of the most creditor-friendly laws in the country, the use of arrest warrants against debtors has jumped 60 percent over the past four years, with 845 cases in 2009, a Star Tribune analysis of state court data has found.

Not every warrant results in an arrest, but in Minnesota many debtors spend up to 48 hours in cells with criminals. Consumer attorneys say such arrests are increasing in many states, including Arkansas, Arizona and Washington, driven by a bad economy, high consumer debt and a growing industry that buys bad debts and employs every means available to collect.

Whether a debtor is locked up depends largely on where the person lives, because enforcement is inconsistent from state to state, and even county to county.

In Illinois and southwest Indiana, some judges jail debtors for missing court-ordered debt payments. In extreme cases, people stay in jail until they raise a minimum payment. In January, a judge sentenced a Kenney, Ill., man "to indefinite incarceration" until he came up with $300 toward a lumber yard debt.

more...
http://www.startribune.com/local/95692619.html

[JDPriestly]

8. The strange thing is that Americans are encouraged to save their money

in 401(K)s and investing their savings securely after retirement age. But if you hoped to supplement your Social Security with a little income from your savings, you will learn that you don't get any income from your savings right now. Call a broker and ask. There are no secure investments that pay interest on the small amounts of savings that average Americans accumulate over their lives.

Now, think about the interest rates that banks are charging. They are huge, unmanageable. Where does the difference between the interest rates bank charge borrowers and the interest rates bank pay savers going? My guess: into the pockets of the bank CEOs.

It's a racket. Worse than the Mafia ever was. The Mafia took a percentage, but at least you theoretically got a little protection and security -- from the Mafia -- for your payments. Banks give you absolutely nothing for your money.

[lib2DaBone]

2. "We need to hold people accountable"... ya.. sure...

Everyhone except Wall Street and Goldman Sachs.

We need to make Grandma eat cat food while we give more tax breaks and sweatheart deals to Banksters.

[WestSeattle2]

3. Let's expand debtor's prisons to include the boards of directors,

CEO's and senior management of corporations who file for bankruptcy, or otherwise can't or won't pay their bills. Also include politicians whose political campaigns stiff goods and services providers.

[izquierdista]

4. And I'm wistful for the French Revolution

Where over-consumers got their very own head basket.

[Dr.Phool]

5. Guess what, asshole? Bankruptcy is no cup of tea.

My sister filed 2 years ago after their business went under. They based his earnings on the previous years earnings, and with falling income since then, they're taking 80% of my sisters wages, and they barely have enough left to survive.

Businesses however, can file at will, screw their creditors, screw their employees out of wages, benefits, and pensions and walk away scot-free.

Pete Peterson is the dickhead behind Obama's Deficit Reduction Commission. And it's stacked with people who want to eliminate or privatize Social Security and cut benefits.

[clarence swinney]

9. BANKRUPTCY LAW CHANGE

a disaster for all but Credit Card Companies
Democrats should have filibustered it to death it was very bad for workers

It is sad that Wall Street has bought off most of our government.

sad sad sad angry old man

[fascisthunter]

6. ya know what... fuck it! Bring back the Guillotine for these rich bastards

they want to play, well eventually we win. Too many of us, too few of them...

[Donnachaidh]

10. Can we ride them around town on a rail, with a tar and feathers makeover first?

I'm really tired of listening to these elites whine about how they cannot slp even more chains on the great unwashed.

[fascisthunter]

12. ya know what... that's a great idea

and it would be suitable punishment for those with giant heads. Seems wealth makes these pricks feel superior when in the end they are only worm food like the rest of us.

[liberation]

11. So this is how sociopaths say "thank you" after being bailed out?

I blame most people for putting up with this scum on a daily basis. Time to tell these idiots to get money by actually working for it like the rest of us, and to STFU already. Start sending half of WallStreet to prison, if he is ever so concerned about holding people "accountable."

Fuck you.