To me, this is simply another example of why democracy, which used to be the best system on the planet, has now become so corrupted by capitalism and the monied interests thai it must be replaced by a more modern system such as a democracy that is based on an economic system that provides for the welfare of all and not just the wealthy.
The real sin of personal bankruptcy is being forced into it because of failure to pay medical bills. If we had a REAL health care system, like nearly every other developed country in the world; this sad situation would almost never happen.
It’s just awful that folks like the Lehman Bros. and the likes of Giuliani can weasel out of paying their debts and penalties. I find it astounding that trump is running for president again and that his followers cannot see him for how horrible he is. That our “Supreme” Court is so stained by some of the greediest men I have ever seen.
In my Christmas card I wrote: “I quit believing in Santa Claus - Now my Faith is in Jack Smith!”
A long time ago, in elementary school, a banker talked to my class on a field trip and gave us a little ditty, "Money makes money, and the money money makes, makes more money." He was explaining interest. He wanted us all to have a savings account. I suspect you could adapt that and say, "Money protects money, and the money money protects, makes more money." It is what we get when we make corporations people. Corporations, including banks, make laws by buying politicians, and the result is the continuous transfer of wealth to the rich. These words are from a father helping his daughter pay off her students loans. I had none. A union job in the summers when I was in college enabled me to pay most of my tuition, and my parents covered the rest. Things changed when Reagan and company reduced government support for colleges and tuitions began skyrocketing. Debt is a consequence of government policy and corporate manipulation.
Unfettered capitalism causes so much harm. But the allure of great wealth with glamorous displays of luxury tends to bamboozle folks into believing that they might someday benefit from the system if they are just lucky enough, or work hard enough. The result is that those least likely to ever get rich support the system that is ironically so stacked against them!
Sen. Elizabeth Warren, before she became a senator, fought hard against the 2005 bankruptcy bill. She was one of the country's foremost experts on bankruptcy, which is how she got her job at Harvard, not because of her family heritage. In her bankruptcy research, for which she spent hours in bankruptcy court studying actual cases, she found that the major cause of individual bankruptcy in this country is medical debt. It is not people maxing out their credit cards on extravagances. The fact that in the wealthiest country in the world, people must lose everything to pay for essential healthcare is shameful.
Wall Street's Bail Out could have and SHOULD HAVE also relieved homeowners who had been sold on the notion that their homes were worth far more than their value. As a condition of accepting the Bail Outs, banks and lenders should have been required to write down or write off these overvalued home loans and restructure them so people could stay in the homes.
Instead, they were allowed to package their own relief, leaving millions of American families with nothing; no home, no relief.
Paulson and others took care of the lenders, but did NOTHING to help the American People who suffered the consequences of these overvalued loans AND WHO ALSO PAID FOR THOSE BAILOOUTS WITH THEIR TAX DOLLARS.
Not only do big money folks so often get out of their financial obligations (Often while they have long and loudly decried socialism, ironically) have you folks noticed the trend of late where it seems purely optional in many cases whether they have to physically appear in court?
What happens when an impecunious single black mother declines to appear in court? I think she is soon looking at jail time.
Once again the people who are wealthy to begin with get all the breaks! They have $$$$ to do whatever they want, don't pay taxes, come and go as they please, and can walk away from everything ...once again it, it's always the little guy who takes it on the chin. Kids are encouraged to go on to school but when over there heads in debt , no help for them ... Biden is doing his best to help students with debt overload, but here again the Republicans stopped that because they are all self centered and only what they want is ever done ..it's really sad in the United States..
Let younger people guided by you and others tip economic scientists work to change the bankruptcy laws so they reflect the values of a true democracy and not the oligarchy that’s running our country today!
Thank you for your leadership in getting this country back to its best intentions of the founding fathers.
Very informative. My bankruptcy was in 2002, makes me glad I didn't try to hold on until 2005. If the banking industry has its way we will be like Pakistan, where a debt will be passed on to the children, and even the grand children of the deceased. Our own fault, we keep electing republicans.
To me, this is simply another example of why democracy, which used to be the best system on the planet, has now become so corrupted by capitalism and the monied interests thai it must be replaced by a more modern system such as a democracy that is based on an economic system that provides for the welfare of all and not just the wealthy.
The real sin of personal bankruptcy is being forced into it because of failure to pay medical bills. If we had a REAL health care system, like nearly every other developed country in the world; this sad situation would almost never happen.
It’s just awful that folks like the Lehman Bros. and the likes of Giuliani can weasel out of paying their debts and penalties. I find it astounding that trump is running for president again and that his followers cannot see him for how horrible he is. That our “Supreme” Court is so stained by some of the greediest men I have ever seen.
In my Christmas card I wrote: “I quit believing in Santa Claus - Now my Faith is in Jack Smith!”
My best as ever,
Anne in MD
🌻💙🙏
A long time ago, in elementary school, a banker talked to my class on a field trip and gave us a little ditty, "Money makes money, and the money money makes, makes more money." He was explaining interest. He wanted us all to have a savings account. I suspect you could adapt that and say, "Money protects money, and the money money protects, makes more money." It is what we get when we make corporations people. Corporations, including banks, make laws by buying politicians, and the result is the continuous transfer of wealth to the rich. These words are from a father helping his daughter pay off her students loans. I had none. A union job in the summers when I was in college enabled me to pay most of my tuition, and my parents covered the rest. Things changed when Reagan and company reduced government support for colleges and tuitions began skyrocketing. Debt is a consequence of government policy and corporate manipulation.
Only In America Can Trump Still Be Free To Campaign For President
If Trump had committed the alleged crimes against him in most other countries he would be in jail or possibly executed.
Unfettered capitalism causes so much harm. But the allure of great wealth with glamorous displays of luxury tends to bamboozle folks into believing that they might someday benefit from the system if they are just lucky enough, or work hard enough. The result is that those least likely to ever get rich support the system that is ironically so stacked against them!
Sen. Elizabeth Warren, before she became a senator, fought hard against the 2005 bankruptcy bill. She was one of the country's foremost experts on bankruptcy, which is how she got her job at Harvard, not because of her family heritage. In her bankruptcy research, for which she spent hours in bankruptcy court studying actual cases, she found that the major cause of individual bankruptcy in this country is medical debt. It is not people maxing out their credit cards on extravagances. The fact that in the wealthiest country in the world, people must lose everything to pay for essential healthcare is shameful.
There is no free market at all. The 'free market' is code for 'socialism for the rich'.
Wall Street's Bail Out could have and SHOULD HAVE also relieved homeowners who had been sold on the notion that their homes were worth far more than their value. As a condition of accepting the Bail Outs, banks and lenders should have been required to write down or write off these overvalued home loans and restructure them so people could stay in the homes.
Instead, they were allowed to package their own relief, leaving millions of American families with nothing; no home, no relief.
Paulson and others took care of the lenders, but did NOTHING to help the American People who suffered the consequences of these overvalued loans AND WHO ALSO PAID FOR THOSE BAILOOUTS WITH THEIR TAX DOLLARS.
There ought to be a law!!
In Rudy's case he openly called for insurrection on Jan 6 2021 n should be locked up with 45 n the plotters
Every day Trump is not in jail is absolute immunity!
You know who writes the rules because the rules favors the people who wrote them.
Not only do big money folks so often get out of their financial obligations (Often while they have long and loudly decried socialism, ironically) have you folks noticed the trend of late where it seems purely optional in many cases whether they have to physically appear in court?
What happens when an impecunious single black mother declines to appear in court? I think she is soon looking at jail time.
Once again the people who are wealthy to begin with get all the breaks! They have $$$$ to do whatever they want, don't pay taxes, come and go as they please, and can walk away from everything ...once again it, it's always the little guy who takes it on the chin. Kids are encouraged to go on to school but when over there heads in debt , no help for them ... Biden is doing his best to help students with debt overload, but here again the Republicans stopped that because they are all self centered and only what they want is ever done ..it's really sad in the United States..
Let younger people guided by you and others tip economic scientists work to change the bankruptcy laws so they reflect the values of a true democracy and not the oligarchy that’s running our country today!
Thank you for your leadership in getting this country back to its best intentions of the founding fathers.
Very informative. My bankruptcy was in 2002, makes me glad I didn't try to hold on until 2005. If the banking industry has its way we will be like Pakistan, where a debt will be passed on to the children, and even the grand children of the deceased. Our own fault, we keep electing republicans.