Two years ago, they passed a law making it harder for the American people to declare bankruptcy.

[screembloodymurder]

Now, they're taking our money to bailout the high rollers on Wall Street and putting us on the brink of bankruptcy. Democrats should insist that the Bankruptcy Bill repeal is part the bailout plan. Otherwise, we will all become economic slaves.

[conspirator]

1. We will? As in: we are not slaves already? I don't have chains, but I feel them all the time nt

[screembloodymurder]

4. You have a point. I live on a budget.

And my budget didn't have a item for government bailouts.

[Tandalayo_Scheisskopf]

2. Just part of the plan.

The Credit Card companies and other lenders knew what was coming. They went after this dog of a law to try and get some breathing room.

Even though they caused this horror show.

[screembloodymurder]

6. No doubt.

It's their pyramid plan.

[Spike from MN]

3. They also cut taxes on the rich.

The excuse used at the time was that tax cuts would spur investments and create jobs. Well, the job thing obviously didn't happen. But the real kicker is that they gambled and lost their investments so now the poor and middle class have to give them their money back.

The Bankruptcy Bill repeal won't happen. They WANT us to be economic slaves. Can't happen soon enough for them.

[screembloodymurder]

7. Fuck em.

They'll have to pry my money from my cold , dead fingers.

[Tandalayo_Scheisskopf]

9. A massive amount of such civil/legal disobedience..

Is just what the doctor ordered for right now.

[Spike from MN]

14. You and me both.

The bastards can FOAD as far as I'm concerned.

[norepubsin08]

5. I fully agree

[screembloodymurder]

10. So let me get this straight, Republicans claim the Democrats tax and spend.

So just how are the Republicans planning to raise the $700,000,000? They print the money and inflation does the taxation. So, Republicans spend and tax.

[AndyA]

8. This "bail out" money should be provided THROUGH the American people.

It should be given to the American people to pay off mortgages, in whole or in part, combined with mandatory low cost refinancing of any remaining balance. This will give people more money to spend, thus resuscitating the economy. The financial companies will get their money quickly through the lump mortgage payments.

Everyone wins.

[WePurrsevere]

11. I've been saying the same thing, only I'd suggest limiting to those

American households who make under $150 to 250 thousand. Take the bailout $$ and divide that way. According to McSame :eyes: it's around $10,000 per household so it would be more if only to those under that income amount. Even if just $10k it sure would help those who need it, help the economy and it would trickle up to the bank shucks helping them as well.

[JDPriestly]

12. Right!!!

Doesn't this put that little bonus in June -- remember the extra money for every American -- in a different life. Was that supposed to soften us up?

Many people gave that money to their credit card companies. But, apparently it was not enough to bail out these spendthrifts. All the financial institutions know how to do is spend money. What idiots.

[SoCalDem]

13. Wasn't it in '04??

I thought it went into effect in Oct of '04:shrug:

[Better Believe It]

15. The Act Was Passed By A "Bi-Partisan" Majority In House & Senate

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

This law made it harder for people to erase debt by declaring bankruptcy. A Washington Post report said the law represented the most significant change to bankruptcy law in 25 years. The bill was backed by the White House, the credit card industry, retailers, and financiers. A Washington Post article said the "bill would require many people filing for bankruptcy court protection to repay a portion of their debt under Chapter 13 of the bankruptcy code rather than allowing them to erase it almost entirely under the more commonly used Chapter 7. It is estimated that the proposed legislation would force 30,000 to 100,000 additional filers a year into Chapter 13." The bill's supporters said it was needed to rein in debtors who used the previous bankruptcy law to abuse the system.

The bill was opposed by consumer rights groups who said it was too harsh and did not take into account dire situations faced by those who face divorce, disease, job loss, and other crises.

The Washington Post reported that the "banking, credit card, and retail" industries, supporters of the bill, gave more than $56 million to candidates and parties during the 2004 elections, most of it going to Republicans.

The bill was passed by the Senate and House in April 2005 and was signed into law by the president on April 20. Its provisions took effect in October of 2005.

The House passed the bill by 302-126 and 7 not voting.

Yes
Democrats 73
Republicans 229

No
Democrats 125
Republicans 0
Independent 1

Not Voting 7

The Senate passed the bill by 74-25, with 1 not voting.

Yes
Democrats 18
Republicans 55
Independent 1

No
Democrats 25
Republicans 0

Not voting 1

These are the Democratic Senators who voted for the bill:

Max Baucus, Evan Bayh, Joseph Biden, Jeff Bingaman, Robert Byrd, Thomas Carper, Kent Conrad, Daniel Inouye, Tim Johnson, Herb Kohl, Mary Landrieu, Blanche Lincoln, Bill Nelson, Ben Nelson, Mark Pryor, Harry Reid, Kenneth Salazar, Debbie Stabenow

These Democrats voted against the bill:

Daniel Akaka, Barbara Boxer, Maria Cantwell, Jon Corzine, Mark Dayton, Christopher Dodd, Byron Dorgan, Dick Durbin, Russell Feingold, Dianne Feinstein, Tom Harkin, Edward Kennedy, John Kerry, Frank Lautenberg, Patrick Leahy, Carl Levin, Joseph Lieberman, Barbara Mikulski, Patty Murray, Barack Obama, Jack Reed, Jay Rockefeller, Paul Sarbanes, Chuck Schumer, Ron Wyden

Hillary Clinton did not cast a vote.

http://projects.washingtonpost.com/congress/109/senate/1/votes/44/
http://projects.washingtonpost.com/congress/109/house/1/votes/108/

[screembloodymurder]

17. This bailout is dripping with hypocrisy.

:mad:

[closeupready]

16. COMPLETELY AGREE.

n/t