Political Risks For Consumers: Kerry And Edwards On Bankruptcy "Reform"

[DrFunkenstein]

GW Bush and the credit card/banking industry won a huge victory last night as 36 'Democrats' joined their Republican 'colleagues' and voted to pass S-420 - the Bankruptcy bill.

"I've never seen a bill that was so one-sided. 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," said Howard M. Metzenbaum, head of Consumer Federation of America

Consumer groups and unions have been aggressive in opposing it, contending that the changes in bankruptcy law will take away an important means of relief for families hit by job losses. Former President Clinton vetoed last year's similar version, saying it would hurt ordinary people and working families.

"This is the most anticonsumer piece of legislation that the Congress is considering," said Edmund Mierzwinski, consumer program director for the U.S. Public Interest Research Group in Washington, D.C.

The Associated Press is calling it a big win for Bush and "the second business-friendly measure to pass both houses of the new Congress".

And they wonder why Ralph Nader got so many Democratic votes?

Among The Sell Outs:

Hillary Clinton, Tom Daschle, John Edwards, Bob Graham,
Joe Lieberman, Zell Miller.

The 13 Democrats Who Voted No:

Jon Corzine, N.J.; Mark Dayton, Minn.; Chris Dodd, Conn.; Dick Durbin, Ill.; Russ Feingold, Wis.; Tom Harkin, Iowa; Ted Kennedy, Mass.; John Kerry, Mass.; Bill Nelson, Fla.; Jack Reed, R.I.; John Rockefeller, W.Va.; Paul Sarbanes, Md.; Paul Wellstone, Minn.

http://www.commondreams.org/headlines01/0316-03.htm

[nothingshocksmeanymore]

1. Kerry has lobbied for MORE consumer advocacy on banking issues

and one of his bills tightened reporting measures for offshore banking due to laundered drug money and its ties to terrorism. He can USE his past history on this matter to underscore his ability to think towards the future...but is anyone listening? It isn't soundbited enough for the short attention span theater!

[democratreformed]

2. I already knew about this but thanks for reminding me again.

This is an area I would like to explore further (along with many others) to see exactly what damage has been done to us "little people". On the surface, it looks very bad to me.

[DrFunkenstein]

5. I Had Forgotten About It Myself

I was just flipping through my old bookmarks and stumbled across it.

[Slice]

3. I was disappointed in Graham for this vote

I can't say I was that surprised that Edwards voted for it. Kerry has always stood for the little man.

[Cocoa]

6. and Bill Nelson was on the right side

Nelson is very often among the handful that votes with the GOP. What was up in FL?

[WatchWhatISay]

4. Thanks, Dr. Funkenstein

This is exactly the kind of informataion I will be considering as I make a switch from Dean to Kerry/Edwards.

I would like to see more people research and present each of their votes on important issues, especially those taken in the last three years.

[arwalden]

7. Oh That Does It! How Could Kerry Betray Us Like This

Doesn't he know that there are people who abuse the system and game-it for all it's worth. I simply cannot support someone who didn't support this bill. Big banking is being ripped off by hundreds of dollars a week. I'm voting for a third party candidate. My voice will be heard. You cannot take my vote for granted. So there! I am not on the fringe, so stop saying that.

-- Allen

[AP]

8. That bill never became law, thanks to things Wellstone and Edwards and

other Dems made sure were in it.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic...

mbali's post 17:

mbali  (598 posts)

Sun Jan-11-04 10:32 AM
Response to Reply #8

17. This was far more complicated - and less damning - than made to appear ...

Edited on Sun Jan-11-04 10:41 AM by mbali





Edwards voted for the Senate version of the bill, but there's more to the story.

Edwards joined most Democrats, including Kerry, Schumer, Wellstone, etc. in attaching an amendment, authored by Wellstone himself, that made the Senate version much harsher on the banking industry and easier on individual debtors. At that point, it became a judgment call whether to vote for the bill or against it since voting for it, with the amendment, would force the bill to conference and increase the likelihood that it would die in conference or that conference would produce a version more favorable to individuals than it otherwise would have been. The odds of this were excellent since Leahy, Kennedy, Feingold, Schumer, Durbin were among the Democratic conferees. The banking industry and corporate interests hated this version, by the way.

And, yes, Kerry, Wellstone and 14 other Democrats voted against final passage. But all of the other Democrats, including Clinton, Cleland and Edwards, voted for final passage, largely because they knew that the version the Dems had forced would probably eventually scuttle the bill. And it has. The bill died at the end of the 107th Congress.

It's important to know all of the facts before condemning anyone for one particular vote. Senate procedure and strategy is extremely complicated and just looking at a yea or nay does not always tell the story. That's why it is sometimes misleading to try to characterize anyone's motives or views just by looking at one vote.

[andym]

9. Why didn't Feingold run?

He seems to be a man of principle and perhaps "electability."