Look at you now Joe Biden, Tom Carper & Worthless shit Castle. LOOK AT YOU NOW!!
Please forgive the “Scarface” reference, but I couldn’t help it. When some douchbags think that they are smarter than 200 years of American economic history and can provide the banking industry with long languid blow jobs with impunity – it bring out the Tony Montana in me.
Be Careful What You Wish For
Nov. 8 (Bloomberg) — Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills. The largest U.S. savings and loan didn’t count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank. “Be careful what you wish for,” Westbrook said. “They wanted to make sure that people kept paying their credit cards, and what they’re getting is more foreclosures.”
The wages of political sin.
Seems like justice to me. As I recall DE’s delegation to DC was right w/this banker’s ‘deal’.
That’s an understatement. Our delegation was more obsequious than your average punked out prison bitch.
It will be ironic that the policy designed to help credit card companies in the end will do more to reduce the available credit to most households and hurt those companies .
Access to credit is what will keep consumer driven going because the use of housing to finance buying is a goner for most people.