Bankruptcy bill is so bad

[The Duke]

The probelm seems to be, how do you get irresponsible people to stop being irresponsible with their lines of credit while at the same time making life easier for those who are unfortunate?

It you make life harder on the foolish, and discourage foolishness, you also hurt the truly needy.  If you help the unfortunate, you also encourage the foolish.  You can't have one set of laws for one group, and another set for another.

The credit card companies and other lenders are the ones being irrepsonsible here, not the working class.  They are the ones foolishly lending money to workers who in our current political situation of ever falling wage rates cannot be expected to pay their bills.  Why should we bail out lending corporations for their foolish investments?

No one forced the person to take that loan.  The foolish ones are the ones who take out loans they know can't repay.

Testimonial: (Sad music plays) I was just walking to my car, when this credit card company came out of nowhere and stuffed money in my pockets.  I begged him not to lend me the money, but he just couldn't be reasoned with.  Six months later, he wanted me to pay it all back to him with 15% interest.  (Sobs)  Someone need to stop these gunpoint loans.  (Sobs)

[TeePee4Prez]

The probelm seems to be, how do you get irresponsible people to stop being irresponsible with their lines of credit while at the same time making life easier for those who are unfortunate?

It you make life harder on the foolish, and discourage foolishness, you also hurt the truly needy.  If you help the unfortunate, you also encourage the foolish.  You can't have one set of laws for one group, and another set for another.

The credit card companies and other lenders are the ones being irrepsonsible here, not the working class.  They are the ones foolishly lending money to workers who in our current political situation of ever falling wage rates cannot be expected to pay their bills.  Why should we bail out lending corporations for their foolish investments?

Because the government is there to enforce contracts, and you signed a contract to repay the debt you owe them.

You really are a terrific idiot if you think we should make contracts unenforcable.

The government is also there to enforce corporate contracts as well.  Why should a corporation that spends people's hard earned pensions for their lavish lifestyles be exempted?  This bill just give predatory lenders more room to operate.

[Citizen James]

Does the number of conservatives in support mean that they dumped the provision that would have prevented orginizations that advocate terrorism (such as ones advocating bombing womens clinics or murdering doctors) from declaring bankruptcy has been scrapped.

Why no call for penalties against companies declaring bankruptcy, especially those whose executives give themselves huge bonuses first?   Is defaulting on a loan more acceptable if you are incredibly wealthy, or if it's a huge corporation that has made bad decisions?  Are the decision makers at large companies allowed to get off not only scott free, but even with big bonuses to boot?

The buisness of credit is a calculated risk.   Making unsecured loans means taking the risk that the loan will not be paid back as part of the cost of buisness - that's why they have high interest rates and why people are assigned credit ratings - to assess and compensate for the risk.  Loaning money to individuals is making an investment - there is no guarentee that it will pay off, and it is possible to lose your investment.  As stands, the industry remains extremely profitable - even with record levels of bankruptcies.

Now, is anyone so naive to beleive that if this passes there will be any reduction in interest rates?  If people are unable to pay, suing them won't change anything (rule #1 of litigation - never sue poor people).  All it does is removes a safety valve so that people who are down and out have no motive to get back on their feet again.

From a strictly pragmaitic viewpoint what happens to those who are unable to pay?  Do we restart debtors prisons like the old days of the industrial revolution (anyone longing for the time of Dickens)?  Do we sell people into a de facto indentured servatude (all pay over a sustinence level goes to your creditor until payed off - at an interest rate that insures you'll be dead first).  Will we accept an increase crime level as normal for a society where personal responsibility is vital for anyone who is not rich (gotta get the money to pay somehow)? 

I am presuming that all of you, especially those of you who take the holier-than-thou attitude have no loans or credit ballance at all - because almost all employment is at-will, and your job could be gone tommorow no questions asked.   Remember, any missed payments and your interest rate goes up to 30% (Plus a $20 penalty per month - you did read all the fine print didn't you?)  And if you get sick after that, well, as you put it, tough.

[○∙◄☻¥tπ[╪AV┼cVê└]

Red state Democrats were far more likely than blue state Democrats to vote for the bill

For the bill:
55 Republicans
13 Red state Democrats
5 Blue state Democrats  (Biden-DE, Carper-DE, Kohl-WI, Inouye-HI, Stabenow-MI), none of them from safe Kerry states
Jeffords

Against the bill:
3 Red state Democrats (Harkin-IA, Dorgan-ND, Rockfeller-WV), 2 of them from states considered swing states
22 Blue state Democrats, including both Senators from the reasonably safe states of CA, WA, NJ, CT, IL, MA, MD (in addition NY had no Senator vote yes)

Not voting:
1 Blue state Democrat (Clinton-NY)

[??????????]

If you can't afford to pay the loan or have the credit card you have should be more responsible with your money and not get that loan or card. As for me, I don't mess with credit cards. I paid all mine off and got rid of them. I pretty much have no debt whatsoever other then my truck note and house note.