| It looks like the Republicans will be able to pass this Bankruptcy Bill in the coming days. I know that people want to shy away from using blanket statements and often complaining that all politicians are the same. But this bill exemplifies a simple truth, REPUBLICANS ARE EVIL. There is no two ways about this. There is no way to split hairs, to be fair to both sides, this bill is solely about protecting the rich at the expense of the most vulnerable and it is a shame. Lets get into the bill, the bill was WRITTEN BY THE CREDIT CARD COMPANIES as they admitted in a financial services industry paper. As the New York Times reports,
The main lobbying forces for the bill - a coalition that included Visa, MasterCard, the American Bankers Association, MBNA America, Capital One, Citicorp, the Ford Motor Credit Company and the General Motors Acceptance Corporation - spent more than $40 million in political fund-raising efforts and many millions more on lobbying efforts since 1989… Its proponents claim that the bill protects Credit Card Companies from people cheating the companies and filing for Bankruptcy. But the Companies already have a protection built in. Through the process of filing for bankruptcy if a judge deems that a person can afford to pay their debts, or that it was through frivolous spending, a payment plan can be demanded. By all reports this works very well. This Bill goes after a more vulnerable group. According to a Harvard University study, by Harvard law professor Elizabeth Warren, Insured, middle class families paying medical bills account for half of personal bankruptcies, Warren’s recent study shows.
"90% of American bankruptcies are the result of personal crises: medical emergencies, job loss, divorce, or deaths of family members." Or According the Progress Reports,
"CREDIT CARD COMPANIES ALREADY PROFIT FROM BANKRUPTCY:have managed to keep their profits rising steadily even as personal bankruptcies have soared." In other words, "companies have found ways to make money even on cardholders who eventually go broke." According to Robert Weed, a former aide to Newt Gingrich, "Most of the credit cards that end up in bankruptcy proceedings have already made a profit for the companies that issued them." Credit card companies claim reform is needed because individual bankruptcies are hurting their bottom line. It's not true. The LA Times reports, "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...the major card companies These companies are not hurting they took in $30 billion in profits last year, this will make it even better. This is the scariest part: "LOSING OWNERSHIP OF YOUR HUMAN CAPITAL: David A. Moss, a historian at Harvard, said, 'until now, the principle in this country has been that people's future human capital is their own. If a person gets on a financial treadmill, they can declare bankruptcy and have what can't be paid discharged. But that would change with this bill.'" Stay up to date on this. It’s a big one, and it’s moving fast. To get more information go Here: http://www.talkingpointsmemo.com/bankruptcy/ or Here: http://getsickgobroke.com/ PLEASE CONTACT YOUR SENATOR, ESPECIALLY IF A DEMOCRAT WE NEED TO KEEP FIGHTING THIS IS BIG. These senators: Akaka (D-HI), Baucus (D-MT), Bayh (D-IN), Bingaman (D-NM), Cantwell (D-WA), Clinton (D-NY), Dorgan (D-ND), Feinstein (D-CA), Inouye (D-HI), Jeffords (I-VT), Leahy (D-VT), Levin (D-MI), Mikulski (D-MD), Murray (D-WA), Reid (D-NV), Schumer (D-NY), and Wyden (D-OR). Concerned constituents may wish to express concern of a repeat performance. Dial (202) 224-3121 to reach the Senate Switchboard, ask for your Senators' offices, and leave a clear message: "Do not vote for this MORALLY Bankruptcy bill." Need more information, here are some amendments offered to make the Bill more fair. Making millionaires pay their fair share, nope. Make the people in the military pay even if veterans of the most recent conflicts, YUP. They also stopped an amendment to make large corporations pay their fair share in bankruptcy, there is currently exemptions for companies with more than $1 million in profits. Oh yes. REPUBLICANS ARE THAT EVIL. "REJECTED – CLOSING LOOPHOLES FOR MILLIONAIRES: Under the bill, the very wealthy would be able to shield millions in assets after declaring bankruptcy by setting up "asset protection trusts." Sen. Chuck Schumer (D-NY) introduced an amendment that "would have limited the use of the trusts to shield assets only up to $125,000." The amendment failed 39-56. Schumer lamented, "now we have a bill that says a family won't be protected if it has $50,000, but it will if it has $5 million." REJECTED – PROTECTIONS FOR THE ELDERLY: The bill will be especially hard on elderly Americans, who are bankrupted by medical bills with increasing frequency. Sen. Russ Feingold (D-WI) introduced an amendment that would have shielded their homes (up to a modest $75,000) from seizure after declaring bankruptcy. The amendment failed 40-59. REJECTED – PROTECTIONS FOR THE SICK: More than half of all bankruptcies result from families who are unable to pay medical bills. Sen. Ted Kennedy (D-MA) introduced an amendment to exempt those who became bankrupt because of illness from the new restrictions. The amendment failed 39-58. REJECTED – COMPREHENSIVE PROTECTIONS FOR VETERANS: Many veterans returning from Iraq and Afghanistan, away from their jobs for months or years, face financial hardship. Sen. Dick Durbin (D-IL) introduced an amendment that would have exempted service members and veterans from the new restrictions of filing Chapter 7 bankruptcy. The amendment failed 38-58. In an attempt to save face, the Senate leadership jammed through a bill that would protect only active-duty troops and a few very low-income veterans. The right-wing needs to realize that we need to continue to support our troops even after they come home."
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