Joe Biden's bankruptcy bill
Biden has been a sponsor of bankruptcy legislation during the 2000s, which was sought by MBNA, one of Delaware's largest companies, and other credit card issuers
Biden fought for certain amendments to the bill that would indirectly protect homeowners and abortion rights; the overall bill was vetoed by Bill Clinton in 2000 but then finally passed as the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005, with Biden supporting. The downstate Sussex County region is the nation's top chicken-producing area, and Biden held up trade agreements with Russia when that country stopped importing U.S. chickens.
"So what does the bill do?
It makes it harder for average people to file for bankruptcy protection; it makes it easier for landlords to evict a bankrupt tenant; it endangers child-support payments by giving a wider array of creditors a shot at post-bankruptcy income; it allows millionaires to shield an unlimited amount of equity in homes and asset-protection trusts; it makes it more difficult for small businesses to reorganize while opening new loopholes for the Enrons, AIGs, Fannies, Freddies and the Lehmans of the world; it allows creditors to provide misleading information; and it does nothing to rein in lending abuses...."
It turns out the average annual income of Americans who file bankruptcy is less than $30K, not the loose affiliation of millionaires and billionaires gigging the system that we all heard about when this bill was debated. Also, the vast majority of people who file bankruptcy don't do so to strategically hang on to their mansion on the hill, but because of medical bills, a job layoff, or both. Real people, real lives.
Well, I Say:
- Keep raising taxes... quick!...
You're going to need a lot of money to finance your pork barrel projects and turn this democratic government into a Communist Country!