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http://www.motherjones.com/washington_dispatch/2007/07/campaign_contributions_credit_card_companies.htmlCampaign Contributions from Credit Card Companies? Priceless Washington Dispatch: The presidential contenders have largely remained mum on the mounting consumer debt crisis. Are they afraid to cross their largest campaign donors? By James Ridgeway July 11, 2007 When it comes to domestic issues that pit the interests of large corporations against those of ordinary Americans, few equal the exploding crisis in consumer debt. Yet with the exception of John Edwards, none of the leading presidential contenders in either party has made this a serious campaign issue. Perhaps this shouldn't come as a surprise, since the same financial institutions that engage in predatory lending practices constitute their largest contributors, as well as what is perhaps the most powerful lobby in all of Washington. As it stands, approximately 40 percent of American households spend more than they make each year, and the average household debt to credit cards is about $10,000. According to the Federal Reserve, consumer credit card debt in the United States totals $880 billion; this figure, adjusted to current dollars, has increased a hundred-fold in the last 40 years. These numbers, huge by any standard, represent a growing factor in the nation's questionable economic future. <snip> To make the situation worse, the new bankruptcy law that went into effect in 2005 makes it much harder to declare bankruptcy, and requires filers, including those with very modest incomes, to pay off much of their credit card debt regardless. Initiated in 2001, the law was vigorously opposed by consumer groups and unions, but championed by the president, whose largest campaign contributor had been the credit card giant MBNA (which subsequently merged with Bank of America). On an initial vote in 2001, it also won the support of 36 Senate Democrats, including current presidential candidates Joe Biden, Hillary Clinton, and John Edwards, while only Chris Dodd voted against it (as did Dennis Kucinich in the House). "I've never seen a bill that was so one-sided," said Consumer Federation of America chair (and former Ohio senator) Howard Metzenbaum, at the time. "The cries, claims and concerns of vulnerable Americans who have suffered a financial emergency have been drowned out by the political might of the credit card industry." When it came up for a second vote in 2005, Barack Obama, Kucinich, and Dodd voted against it; Biden (who represents credit card central, the state of Delaware) voted for it. Hillary Clinton was the only member of the Senate who didn't vote on the measure. -MORE- The Bankruptcy Bill, Examined by Hunter Sun Mar 06, 2005 at 03:31:44 AM PDT
The details of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 reveal it to be a bill crafted as a Republican paean to MBNA, the largest single contributor to the Republican party. Far from being either an effort to stem "Bankruptcy Abuse" or an effort at "Consumer Protection", the bill is in fact an attempt to rewrite bankruptcy laws to reduce the ability of those laws to protect consumers from predatory lending practices on the part of MBNA members, and to stiffen the capabilities of those corporations to collect from consumers already suffering from extreme financial hardships.
On the Democratic-sponsored amendments discussed below (you can learn a lot from the Role Call Vote Summary, which lists each Amendment to S.256), the voting was consistent. Not even one Republican voted against party lines. Three Democrats consistently voted with the Republicans:
Sen. Nelson (D - Nebraska) Sen. Johnson (D - South Dakota) Sen. Carper (D - Delaware)
Also frequently voting with the Republicans:
Sen. Biden (D - Delaware)
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Published on Friday, March 4, 2005 by the Los Angeles Times When Democrats Join the Dark Side Their Kowtowing to Home-State Industries Props up the Republicans by Jonathan Chait
<snip>
Not long ago, I was listening to Sen. Joe Biden (D-Del.) being interviewed, and I was struck at how intelligent and morally serious he was. Biden is justly viewed as a smart foreign policy hawk, but he also expressed his opposition to Social Security privatization in a particularly lucid way.
All in all, he came across as just the sort of person you'd like to have as president.
There's just one issue that's the exception. And that's what's wrong with most of the Democrats: There's always one issue that's the exception. But before we get into that, let me explain Biden's particular problem.
Biden supports a bill in Congress that would make it harder for people to declare bankruptcy. This is one of those abysmal pieces of legislation that exists only because businesses with a vested interest in it have lobbied hard for its passage and that would have no chance of success if more than a tiny fraction of the public were aware of its existence.
<snip>
The more likely explanation is that the rise in health insurance costs has driven more people into bankruptcy. A recent Harvard study found that half of Americans who declared bankruptcy did so because of illness or medical bills. Regardless of why you go bankrupt, though, the new bill would make it easier for creditors to seize your assets. Nice, huh?
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http://www.nndb.com/people/023/000027939/ Joseph Biden
Biden is the ranking Democrat on the Senate Foreign Relations Committee. He was an enthusiastic supporter of the 2003 invasion of Iraq, and sharply criticized other Democrats who were less supportive or opposed. More recently he has called for "decentralizing" Iraq, a plan that he says would give of its major ethnic groups semi-autonomy, and called for more of a US military presence there.
<snip>
Over his long career in politics, Biden's biggest financial supporter has been the giant credit card company MBNA, which was also one of George W. Bush's biggest donors in 2000 and 2004. His son, Hunter Biden, was hired as a management trainee at MBNA straight out of law school, and was quickly promoted to executive vice president. The younger Biden has since left MBNA to establish his own lawyer-and-lobbying firm, but still receives a $100,000 per year consulting fee from the bank, which has since been swallowed by Bank of America. In 2006, Hunter Biden was appointed by President Bush to a five-year term on the Amtrak Reform Board.
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This one is just for laughs...
http://www.talkleft.com/story/2005/06/19/414/44343
Joe Biden also brought us the Rave Act and has been a supporter of increased rights for law enforcement and wiretapping. He won't get our support. Here's his voting record on issues of import:
Voted YES on loosening restrictions on cell phone wiretapping. (Oct 2001) Voted YES on prohibiting same-sex marriage. (Sep 1996) Rated 60% by the ACLU, indicating a mixed civil rights voting record. (Dec 2002) Rated 36% by NARAL, indicating a mixed voting record on abortion. (Dec 2003) Biden also brought us this bill:
Biden's new bill would make it a federal felony to try and trick certain types of devices into playing your music or running your computer program. Breaking this law--even if it's to share music by your own garage band--could land you in prison for up to five years.
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When Will Joe Biden Become Fair Game?
By Matt Taibbi, RollingStone.com. Posted September 7, 2006.
http://www.alternet.org/waroniraq/41407/ Senator Joe Biden is the ultimate creep Democrat -- happy to attack Rumsfeld when Iraq is polling badly, and arch defender of the credit industries that have put thousands of US troops abroad in bankruptcy.
Or maybe it's just that Biden, more than almost anyone in American public life, will do or say anything that he thinks will secure him even the most temporary electoral advantage. Two years ago, back when the Iraq war was still a winner politically, Biden spent a lot of his time slamming other Democrats for not being On Board enough with the war effort, and he even went out of his way to bitch out Democrats for criticizing Ronald Reagan.
<snip>
In the election cycle immediately preceding the historic Bankruptcy Bill, Joe Biden collected some $62,125 from the credit industry, putting him in 12th place among all American politicians. To date, for his career, he's taken over a quarter of a million dollars from credit card companies, many of which are headquartered in Delaware. So it was no surprise that Biden was one of the chief pimps for this notorious law.
But what was most disgusting was the blatant hypocrisy of the bill's shepherds. One of the features of the Durbin amendment was that it would have allowed servicemen to apply for bankruptcy in any state where he or she had been stationed -- allowing him or her to choose among the states with the most advantageous bankruptcy laws. This amendment, again, was rejected by Biden and Co. But when Sen. John Cornyn of Texas decided to offer an amendment banning a similar "judge-shopping" loophole in bankruptcy law that had traditionally been used by corporations like Enron (which filed for bankruptcy in New York, where it had 57 employees, rather than Houston, where it had 7,500, because the New York laws were more permissive), Cornyn was blocked? Why? A Cornyn spokesman told David Broder at the time that the Delaware Senators threatened to withdraw their support for the bill if his amendment was in it.
<snip>
Moreover, when an amendment was offered to close "asset protection trusts" -- a kind of trust that shields millionaires' assets from recovery in bankruptcy proceedings -- that amendment, too, was rejected. Delaware is one of five states that offer such trusts. The only people who got screwed in the bill were people with real excuses for debt problems: the military, people with serious medical issues, people who had been the victim of identity theft, all of whom had amendments to protect them shot down by the likes of Biden.
So I have to laugh when I hear Biden talking about how Donald Rumsfeld is an "impediment to this effort." What effort? Screwing the military? Biden is a typical Democrat; he'll sell himself as pro-war and antiwar, depending on the circumstances, but in reality he's neither. He's just another whore crouched over the front seat of Capitol Hill. When will we stop taking clowns like this seriously? What will it take?
-MORE- A Bipartisan Senatorial sham http://www.politicalgateway.com/main/columns/read.html?col=288
<snip>
The Kennedy Amendment No. 28.; To exempt debtors whose financial problems were caused by serious medical problems from means testing was voted down as was his Amendment No. 29; To provide protection for medical debt homeowners.
Both amendments were sponsored by Senator Kennedy and had, as their goal, that of providing consumer protection for individuals whose medical debts are the reason filing for bankruptcy.
All Republican Senators voted against these amendments. Democrats voting against Amendment 28 were Biden, Carper, Johnson and Nelson. Democrats voting against Amendment 29 were Bingaman, Carper, Johnson and Nelson. Republican Senator Rick Santorum was absent from both of the votes, but there is little doubt where his sympathies lie. Check out how much money he gets from banking and credit card interests.
<snip>
Each and every Republican Senator, along with Jeffords, a Republican turned Independent, and Democrats Biden, Carper and Nelson, voted to reject a provision that would ensure that the elderly who found themselves in enough financial trouble to seek bankruptcy protection would lose their homes. When you consider Bush's attack on Social Security, do you see where this is leading?
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Debt Slavery: What The Bankruptcy Bill Could Do To You by David Swanson The U.S. Senate has passed a dream bill for credit card and financial service companies that, if passed by the House, will land millions of American families in debt slavery. Rather than being able to file for Chapter 7 bankruptcy and make a difficult new start, families and individuals will be placed on long-term payment plans to credit card companies, companies that will take their houses, their cars, their child-support payments, and their paychecks.
<snip>
About 50 percent of all families who are forced to file for bankruptcy do so as the result of medical expenses. And three quarters of those have health insurance. Another 40 percent have suffered a death in the family, lost their job, or gotten divorced, or suffered some combination of these factors and medical costs. Almost everyone who files for bankruptcy does so as a last resort. Sixty-one percent of those who do so have gone without medical care that they needed but could not afford. Fifty percent have failed to get prescriptions filled. A third have had their utilities shut off. Twenty-one percent have gone without food. Seven percent have moved their elderly parents to cheaper care facilities.
<snip> The Democrats
The greatest hypocrisy on this bill may come from the Democrats, who often speak as if they are the party of working people. Some Democratic senators spoke against the bill and then voted for it. One of them, Senator Joe Lieberman, spoke for it and against it, voted for cloture (cutting off debate and moving the bill toward passage) and then voted against the bill. Another, Senator Hillary Clinton, did not vote for or against the bill. Nineteen Democratic Senators voted for the bill, while 24 voted against it. These are the 19 who chose to side with the credit card companies:
Sen. Joe Biden (D-Delaware)
Sen. Tom Carper (D-Delaware)
Sen. Ben Nelson (D-Nebraska)
Sen. Tim Johnson (D-South Dakota)
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US Senate clears last obstacle for bill to punish bankrupt debtors
http://www.wsws.org/articles/2005/mar2005/bank-m10.shtml
<snip>
The real bipartisan support for the legislation, however, was reflected in another vote, by 69-31, to limit debate to a total of 30 hours. Fourteen Democrats joined all 55 Republicans to bar a filibuster that would have killed the bill, including such leading figures as Joseph Biden of Delaware, Joseph Lieberman of Connecticut, and Robert Byrd of West Virginia. Debbie Stabenow of Michigan, a state with one of the highest unemployment rates, also voted to close debate.
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