Wall Street Journal:
Consumer bankruptcies topped one million for the first nine months of this year, the highest point since the system was overhauled in 2005.
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Many Dumbocrats signed the bankruptcy bill back in 20005 eliminating and scaling back a right that goes back thousands of years. They also signed bills eliminating rights gained in the Magna Carta. Who needs habeas corpus, the 4th Amendment, Glass-Steagall, the EPA, bankruptcy protection for consumers.
Now this is a surprise. Why? Didn't they try to toughen up the bankruptcy procedures because too many people were filing? So they added in the credit counseling mess. That's turned out well.
Yet we still have record bankruptcies.
But what annoys me most about the reform act is that they started treating unsecured debt as secured debt. That's a serious no-no.
" the credit counseling mess "
This turns UNSECURED DEBT into SECURED DEBT .
People are nuts to play that game. Credit Cards Companys sent out PRE APPROVED cards gambling that they would make money off the interest.
They did for a while but now the game is up they lose.
The Credit Score is how they FIX THE ODDS in their favor. The Casino is open !!!!!!!
"So they added in the credit counseling mess. That's turned out well. "
Not sure about that. I know there are many, many providers for the counseling. The one I went through did a really good job of showing the benefits of a credit free life, and explaining games banks play (constantly referred to as 'the sharks'). The banks can't be real happy about that. They may come to regret the 'reforms' in a few years when they decide that too many people are telling them to take their loans and plastic cards and go away. Not to mention the folks with good credit that are going cash and carry.
Could a 'credit strike' work? What happens when the banks want to lend and nobody wants to borrow?
Unless President Obama grows a spine, stays in the White House and does the people's business, nothing will change. He ran on Change We Can Believe In, yet he has yet to deliver. Americans are suffering, yet instead of doing the work of the voters who elected him to do, the job he promised to do, he has been serving the masters who are the insurance and financial corporate royalists.
Is Obama a liar? He is a fraud? Unemployment is soaring. Foreclosures are increasing. Bankruptcy is growing. The public option is all but dead. So what has Obama done for us that we can believe in?
http://eye-on-washington.blogspot.com
He needs to get rid of Summers. That fool gets to decide what ideas make it to the President and he gets to decide who has access to the President on economic matters.
Sure of coarse the whole Country is the hole.
Folks we live in a country that principles,dignity, decency,integrity , had been buried by the greed, and the gansterism from the last 30 years. Where 1% is holding the wealth of the country, and the other 99% are holding the "Emptiness in their souls"
The had had the ultime supreme Plan to runsuck the wealth, 30 years in the making, From Reagan's "Free-Enterprise" , Clinton's "Millenium-Bridge" And Bush's "Homeowners-Society"
Now we have all the republicans totally against the common-Sense, and the Good for the Citizens, Just because they love to keep their Status-Quo That the called "Democracy"
Folks in any country that , The 1% is holding the wealth, and the rest is just suffering, Is NOT a Democracy, Is Plain and Simple a Communist-Plutocracy regimes comuflage as a democracy.
A real Democracy start by having an excellent living standards.
This is awful.
And then there's some criminal in another article that blames his part in the theft of the American dream on his "midlife crisis." It's not just criminal, it's immoral and pathological.
This is extremely bad news. American citizens are losing the fight to survive. This lasts for what 7-10 years depending upon the type of bankruptcy. The rebound because of the current state of America will be difficult. Between the mortgage crisis, credit card debit, loss of employment and health care benefits. There are very little gains. We are steadily being bleed dry.
Corporations are moving forward and ordinary people are moving backwards.
It stays on your credit report for 10 years, but people are constantly surprised at how quickly some of the lenders start approaching you again. Just like big tobacco, drug dealers etc. They stay in buisness because people are addicted to the product. If some is unable to get their 'fix' for a long amount of time, and/or goes through rehab, they break the habit, and the drug dealer loses a customer and the customers money. Banks are no different. They have to be concerned about a large segment of the population being unable to get credit, so they raise rates on the people with good credit, who in turn, decide to go credit free by choice.
So, my prediction (for what it's worth), is that banks are going to reach the point where decide that they HAVE to get people 'credit worthy' quicker than they would have a few years ago, before they get weaned off the drug.
Yet in 2005 Bush sign legislation to prevent Americans from wiping out debt completely.
like sheep to slaughter
They had too, in order to make this whole scam work.
Right now, as we speak, even though the banks insurance has paid them in full, A.I.G. is sending our the lawyers to collect on bad debt.
Debt you used to be able to file bankruptcy and get out from under during a particularly hard time (like medical debt, 63% of bankruptcies).
Oh, they wouldn't have been able to sell that debt and insure it had they not repealed Gall/Stegall.
Excpet for the WEALTHY.
Put your home in a TRUST --- after 5 years you can dump all you debt and the house is safe !!!!!
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Posted: 10- 2-09 09:56 PM