House Rethugs plan whopping 30 minutes for debate on bankruptcy bill!

[flpoljunkie]

http://www.talkingpointsmemo.com/bankruptcy/archives/2005/04/index.php#005405

The House does the Senate's bidding. We're hearing from sources on the Hill that tomorrow's House debate on S.256 will be 30 minutes long. Apparently that's how long it takes for the House to pass on the fates of hundreds of thousands of hard-working, underserved American families.

Even if one somehow believes that the bill has merit, it clearly isn't so deserving that 30 minutes will suffice. The truth is that the bill is so bad that the House leadership wants to shove it down Americans' throats as rapidly and with as little debate as possible. It's fundamentally anti-democratic.

-- Jason Spitalnick

[Skittles]

1. not surprising

this bill is a blatant payoff to the finance industries and republican whores know it - they want as little attention as possible paid to this travesty

[flpoljunkie]

2. Bill is one-sided, an egregious giveaway to banks, credit card companies.

But, it continues protections for the wealthy-- allows the continution of "asset protection trusts" in five states and unlimited homestead exemption in states like Florida--you just have to own the home longer to qualify.

Millionaires are truly protected in this bill. Ordinary working folks get the shaft, as usual.

[Skittles]

5. is this what Jesus would do?

and many of these bastards have the GALL to call themselves CHRISTIANS

[flpoljunkie]

11. Rethugs exploit Christian right with wedge issues, then steal them blind.

How bad does it have to get before they wake up? They are led around by the nose and then vote against their own best economic interests.

What a crying shame they fail to understand how they are being by the Rethugs--who really only care about money and power--making the very wealthy yet more wealthy.

They are without honor and integrity.

[flpoljunkie]

23. Jesus would not approve of the $7.3 BILLION in late fees in 2002!

I think I read somewhere that the credit card industry late fee revenue in 2004 was over $10 BILLION! This pales in comparison to what they made when they also increased the interest rate because of the bill being paid late!

http://www.demos-usa.org/pub125.cfm

Industry Practices


1. Rate hikes and fees for late payments
All the major issuers now raise a cardholder's interest rate when their payment is late---often to 29% or even 34%.  Late payment penalties affect millions of cardholders of all credit risk levels, as there is no longer a late payment grace period. A payment is "late" if it arrives after 1:00 or 2:00 on the specified due date. Issuers have also begun systematically mailing statements closer to the due date, giving customers less turn-around time. 

In addition to raising the interest rate on the card, issuers also charge the consumer a late fee, now typically between $29 and $39.   According to one survey nearly 60% of consumers had been charged a late fee in the past year.

Revenue Generated by Late Fees:     
1996:  $1.7 billion                    2002: $7.3 billion


2. Penalty and Other Fees Skyrocketed in the late 1990s
While annual fees have largely disappeared, credit card issuers now levy several different fees, other than the late fee: the balance transfer fee; the over-the-limit fee; the cash advance fee and the foreign exchange fee.



Revenue Generated by All Fees:  
1995: $8.3 billion                  2004: $24 billion

[OneTwentyoNine]

3. Some of the first hit will be Military families.......

Ah well,thats how Repukes really "support" the troops.

[flpoljunkie]

6. Rethugs support the Military Industrial Complex. Troops are cannon fodder

to be discarded and forgotten when they are discharged, or wounded--many greviously in this war in Iraq--and no longer able to serve the empire.

Rethugs are to busy ending the "death tax" otherwise known as the estate tax--99.7% of taxpayers are not rich enough to have to pay it. This will blow a $1 trillion dollar hole in the treasury, further bankrupting the federal coffers--yet the Rethugs cry about Social Security going bankrupt!

Scum and hypocrits-whoever voted for the "death tax" elimination and whoever votes today for the "millionaires protection act"--otherwise know as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

[OneBlueSky]

4. the "Blowjobs for Corporate Sponsors Bill" . . .

Repugs and Dems alike, lined up at the corporate altar and wearing their kneepads . . . banks and credit card companies unzipped, tumescent, and ready for action . . .

the rest of us bent over and ready to take it up the ass yet again . . .

ah, economic justice in America! . . . don'tcha just love it? . . .

[tccoyle]

7. The bill, called BARF by those of us directly impacted

will actually get ONE HOUR of debate, but the Rules committee prevented any amendments from being added so today, bankruptcy as we know it, ends for us, but "The Donald" will continue to benefit.

Our website with analysis http://www.cazelaw.com/newlaw.htm
and my blog with my rants http://www.moderatemainstream.blogspot.com

Thanks to everyone here for their support against this monstrosity.

Tracy

[paineinthearse]

8. Debate is not needed when the outcome has been pre-ordained. nt

[paineinthearse]

9. S. 256 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

Received from Rep. Hoyer

S. 256 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Sen. Grassley - Judiciary) (Subject to a Rule). This bill makes it harder for individuals with average or higher incomes to eliminate their debts after liquidating most of their assets by filing bankruptcy under Chapter 7. Debtors whose monthly income meets a set means-test monetary threshold would need to file for bankruptcy under Chapter 13, which requires repayment of most debts. This will be the fifth Congress in which the House has taken up nearly identical legislation to overhaul the federal bankruptcy code. S. 256 is similar to legislation passed most recently by the House on March 19, 2003 (H.R.975). S. 256 was adopted by the Senate on a 74-25 vote and the House Judiciary Committee reported it without amendment by a 22-13 vote on March 16th.

This bill would: permit debtors to shield from creditors no more than $125,000 of equity for homes bought within 40 months of filing for bankruptcy; allow bankruptcy court to terminate or restrict the automatic stay against collection of debts if an individual files for bankruptcy within one year of a previous filing; and extend from 6 to 8 years the allowable time between a Chapter 7 discharge of assets and a new Chapter 7 bankruptcy filing. This bill would require small-business debtors to file a reorganization plan within 180 days after filing for bankruptcy (for businesses with $2 million in debt or less).


The Rules Committee has recommended a Closed Rule that allows one hour of general debate and blocks all Democratic amendments submitted to the Rules Committee.

[flpoljunkie]

17. Anybody here think $400 hidden tax from bankruptcy filers will be passed

along to consumers? What a total crock of sh*t!

[flpoljunkie]

10. The House is debating the rule for this disgraceful bill at this moment.

This rule would allow NO amendments. This is normal operating procedure for the Rethugs in "The Peoples' House."

[kentuck]

12. They've voting on the ignorance of Americans.

Because they know they can get away with it..

[BlueCollar]

13. I assume

that there are no provisions preventing airlines/corporations from using Bankruptcy to abrogate union contracts and retiree pension plans?

Or do I assume wrongly?

<sarcasm off>

[Freddie Stubbs]

14. No. It will be one hour

http://majoritywhip.house.gov/whippost.asp?date=4/14/2005

But if the debate were six hours, does anyone think that any of the Representatives would vote any differently?

[flpoljunkie]

15. It's not the one-hour time limit that is the problem, it is NO amendments

are allowed! This bankruptcy bill is being rammed through the House--like so many others.

[flpoljunkie]

16. Bankruptcy bill hour of debate just commenced. It's 1:30PM, EST.

[Leilani]

18. It was 1/2 hr for rules changes

The debate is still ongoing, but they allowed no amendments.

[cyberpj]

19. No amendments - Not even for identity theft victims! I hope John Q Public

WAKES UP SOON!!!!!

[Leilani]

20. The House, under Delay, is being run like a totalitarian institution

It shows what an evil majority can get away with.

[flpoljunkie]

21. Believe it was 30 minutes for each side on both the rule & underlying bill

Agreed the travesty is NO amendments to this one-sided bill.

[Leilani]

22. Thanks

I have it on, but just catching parts of it.

[flpoljunkie]

24. Bill passes overwhelmingly 302-126 with at least 72 Democratic votes!

Shame on any Democrats who voted for this bill which allows banks and credit card companies free rein to prey on those who cannot afford lobbyists to represent them and their interests! Their outrageous interest rates and late fees are disgraceful!

Next up, Dubya and his energy cronies' energy bill will be rammed down our throats beginning, Tuesday, April 19th!

[truebrit71]

25. This makes me so mad....how in the world could ANY Democrat...

..vote for this vile piece of shit legislation?

:grr:

[flpoljunkie]

26. They either live in a red state or district or are tools of banks, credit

card companies. Either way, they do not deserve to be called Democrats.

[cyberpj]

27. Re the energy bill - please see this DU item for a part of that

and what it will do to my home state:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=1723677&mesg_id=1723677