APRIL 2005, Bankruptcy Reform Passes ! BANKRUPTCY IS MADE ILLEGAL! THANK YOU OLIGARCH-SLAVE BUSH FAMILY!
You can't get blood out of a turnip!
$30 billion dollars in CREDIT CARD COMPANY profits last year alone buys
a lot of congressional
votes, so NO DOUBT the credit card industry boards was hoisting a few
beers the day BUSH made the "NO MORE BANKRUPTCY LAW! and Congress all but
finished the paperwork for them.
HISTORY: The Bankruptcy Reform Bill went down to defeat early
in Bush’s first term,
almost entirely due to an amendment which Democrats slipped in that
denied
bankruptcy to abortion protesters who had been successfully
sued for
millions of dollars in damages. That brought on enough negative Republican
votes to kill the measure then, but the bill’s supporters learned their
mistakes from last term and didn’t repeat them this time.
The BUSH Bankruptcy Reform Bill got passed largely under the radar,
and with no amendments attached at all. In his second term, the proposed
legislation
got a lot of front-page news. This time it was hard to find any mention
of
it on Fox, CNN or any other frontline media.
If you wanted to follow the Bankruptcy Reform debate this time, you
had to
watch C-Span, and there you would have discovered the most onerous
of facts
surrounding this bill.
In a nutshell, the Bankruptcy Reform Bill is largely a bankruptcy denial
bill. It forces people who don’t “qualify” for complete discharge of
debt
under Chapter 7 to be forced into Chapter 13, where they are required
to pay
off their debts over time – if ever.
CAN ONE STILL GO BANKRUPT? YES. READ THIS:
http://www.ehow.com/about_5314856_can-keep-go-bankrupt.html
Item 1: While this bill was being debated, another bill that would have
placed a ceiling of 30%(!) on the interest credit card companies could
charge, was soundly defeated by the same Republicans intent on passing
a
bill making the discharge of credit card debt extremely difficult if
not
impossible for most people.
Item 2: Democrats wanted to amend the bill to allow military, National
Guard
soldiers and reservists returning from duty in Iraq and elsewhere to
be
excluded from the new restrictions. The Republicans overwhelmingly
defeated it.
Item 3: Democrats wanted to make exceptions for people filing bankruptcy
due
to unexpectedly high, uninsured medical costs. The Republicans
overwhelmingly defeated it.
The Bankruptcy Reform Bill is expected to easily clear a Senate vote
today,
where it is expected to sail through the House of Representatives and
be
signed into law by President George W. Bush the moment it casts a shadow
on
his desk.
I watched Senator Dick Durbin of Ohio give one of his most poignant
and
plaintive speeches today, begging the Republicans to, at the very least,
include the amendment for military personnel returning from fighting
the War
on Terror.
You should have seen the faces of the Republicans as they heard Durban’s
pleas. They were as stone-faced and unmoved as any hardened death-row
guard
carrying out an execution. They were intent; they were going to go
through
with this, and nothing short of an act of God was going to stop them.
Well,
nothing did.
There is nothing in the Bankruptcy Reform Bill that will benefit the
people
of the United States. Small businesses will realize little if any benefit
from it. It is a bill almost entirely designed to protect the credit
card
industry from citizens who are about to hit the wall financially, and
they
got it passed just in time.
American credit card debt has never been higher, and the hemorrhaging
of
American jobs and prosperity to other nations after the passage of
NAFTA &
GATT in 1994 continues unabated to inexorably suck the economic strength
out
of America. Our dollar is steadily losing value against other denominations
like the Euro.
Back in June of 2002, I advised my readers to “Go For The Gold”,
http://www.federalobserver.com/archive.php?aid=2917 which was then
selling
at $320.00 an ounce. Today, gold is selling at $442.00 an ounce, an
increase
of 38%. That is a direct reflection of how much value the American
dollar
has lost. Not too long ago, I warned of a very troublesome trend in
America:
The use of home equity to make purchases like cars and paying off credit
card debt. Americans who own homes have been watching their equity
rise
meteorically, while sucking out that equity through refinancing at
historically low interest rates.
What happens when the housing bubble bursts, sending values south, and
when
interest rates begin to rise? Those people who are spending 120% of
income
through refinancing and credit card debt are going to hit the wall.
So is
our economy! They are going to lose their homes, either before or after
bankruptcy that forces them into Chapter 13 to pay off debts they may
not be
able to pay.
What then? If they cannot discharge their debts through Chapter 7 due
to
this bankruptcy “reform” legislation, and if they cannot make the payments
under Chapter 13 reorganization, then what? If they still own a home
at that
point they’re going to lose it! If they have any assets at all that
can be
liquidated, they’ll lose those too.
“Good!” You say. This is a problem with morality in America. These people
shouldn’t have taken on the debt if they couldn’t afford to repay it,
right?
Well, it’s not that simple. For example, 35% of the people who filed
for
Chapter 7 bankruptcy protection, did so because of excessive medical
bills
their medical insurance didn’t pay.
I’m in the insurance business, and I see inadequate medical insurance
offerings come across my desk all the time. Clients ask me if I have
anything to offer them, and I tell them I don’t, because I wouldn’t
sell
that garbage to my worst enemy!
We’re in a health insurance crisis affecting millions of Americans,
and as
Senator Durbin pointed out today on C-Span, instead of passing a medical
insurance reform bill designed to help all Americans, Congress rushed
through a bankruptcy reform bill designed specifically to protect the
credit
card industry and slam the door in the faces of Americans who can’t
pay off
the medical bills to save the life of their child!
A few years ago, I was traveling south on Interstate 5 in California,
when I
spotted a couple of young boys who had gotten their car stuck on the
shoulder of the highway. I stopped to give them assistance.
It was so hot that day – probably 105 F or higher. The kids had stopped
their car because it was overheating. One tried to open the cap on
the
radiator and it had burst open from the pressure, spewing boiling hot
water
all over his forearms and bare chest. The skin was hanging off his
arms!
I’ve never seen two kids in more pain and felt more helpless. I had
no tow
chain to pull them up to the roadway. They said a California Highway
Patrol
officer had happened by earlier, but they had no money for a tow, so
he left
them there.
I gave the kids $60.00 cash and said I’d send them a tow truck.
I drove no more than one mile to a gas station that had a tow truck
parked
in front of it. I told the station owner I’d given the kids $60.00,
and all
he had to do was drive one mile and pull them onto the road. I told
him how
seriously scalded one of the boys was.
To my dismay, the tow truck owner refused to go to their aid. He wanted
$85.00, and if they didn’t have a credit card to pay the balance, that
was
just tough. They could stay there in that hot sun and die, for all
he cared,
because in his words, “I don’t work for free!”
I returned to the boys to find another driver had stopped for them.
The
driver had a tow chain and had just pulled them back onto the road.
I told
them to keep the money I’d given them to get medical care.
I relayed that experience because I saw the same merciless, hard look
in the
eyes of those Republicans hearing Senator Dick Durbin’s pleas today,
as I
saw in the eyes of that tow truck owner. It didn’t matter why, and
it didn’t
matter what circumstances were existent; they were going to fulfill
their
campaign promises to those credit card companies, and nothing was going
to
stop them.
It didn’t matter if it was an Army Reservist who had left his normal
job and
been forced to serve two tours of duty in Iraq and was now returning
home
missing a leg! If his family was faced with financial ruin, those senators
were not going to cut that family any slack in the Bankruptcy Reform
Bill –
or for anybody else, for that matter.
Bankruptcy Reform is a done deal, folks. Keep your cash and equity handy
if
you are one of the 3-4% of Americans who are fiscally wise and fortunate,
because homes are going to be auctioned off at pennies on the dollar.
People
who think they’ve got nothing to worry about with the passage of this
bill
today will find themselves hapless victims of it within ten years –
mark my
words – and when you remember that the overall prosperity of Americans
in
general benefits everyone in America, I can assure you everyone in
America
will suffer in one way or another from the passage of this horrendous
bill.
Take a gander at this except from the Los Angeles Times:
CREDIT CARD PROFITS RISE ALONG WITH BANKRUPTCY FILINGS (03.04.05)
WASHINGTON - In the eight years since they began pressing for the tough
bankruptcy bill being debated in the Senate, America's big credit card
companies have effectively inoculated themselves from many of the problems
that sparked their call for the measure. By charging customers different
interest rates depending on how likely they are to repay their debts
and by
adding substantial fees for an array of items such as late payments
and
foreign currency transactions, the major card companies have managed
to keep
their profits rising steadily even as personal bankruptcies have soared,
industry figures show... LAtimes.com
SEE THIS SITE:
http://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act
For those still encumbered by the “morality” issue of bankruptcy,
try to
remember that Usury, the act of charging excessive interest on loans,
is
also considered sin in God’s view. Carl F. Worden
~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~
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