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10:31 AM on 09/30/2010
It makes me sad to see what America has become. Thinking back and wondering how we got to this point, all because of greed.
10:24 AM on 09/30/2010
Support the Franken/Dodd bill (Fairness for Struggling Students Act (S 3219)) and the house version (Private Student Loan Bankruptcy Fairness Act (HR 5043)) which will stop the discrimination and allow student loans to be dischargeable in bankruptcy. HR 5043 has been voted out of subcommittee and is now in the house judiciary committee. Call your Congressmen, Senators Franken and Dodd and members of the house judiciary committee to show your support.

Americans should not have to live in indentured servitude because the economy cannot provide a job for them at a living wage, often because the banks and corporations use their undue influence in the political process to shape the economy for their own purposes, not for the good of the country.

PubliusEsq.blogspot.com
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flyovermark
...Obamacare is tyranny...
11:07 AM on 09/30/2010
If "bankruptcy fairness" means that students can spend a fortune to get a degree in "underwater basket-weaving", or "modern interpretive dance", and then declare bankruptcy to duck out on their debts when they can't find a six-figure job after they graduate, then phooey on that. Education is an investment and, just like any other investment, the return on investment is governed by risk/reward. Since government is now the primary source of all education lending, all that HR 5043 accomplishes is to shift the consequences of bad decisions from the shoulders of those making them to the shoulders of taxpayers. Good decisions = Private gains / bad decisions = public debts.
Isn't that the very complaint many have with Wall Street?
03:26 PM on 09/30/2010
You are right, education is an investment. Just like investing in a business. However, business loans are dischargeable in bankruptcy. So, by your logic, businesses should not be able to declare bankruptcy. Or for that matter, home equity loans, another investment, should also not be dischargeable. So, by your thinking, only gambling debts should be dischargeable, so its a good thing they are, right?

Private educational loans made prior to the recent legislation mandating that the government take over student loans should be dischargeable in bankruptcy just like other "investments". Prior to the Congress reforming the bankruptcy law in 2005 more to the corporations and banks liking, private student loans were dischargeable after the student had been out of school 7 years and other stringent criteria were met. By the way, the 2005 law did nothing to make it more difficult for corporations to declare bankruptcy, only the powerless without a lobby.

Under the new law, the necessity for discharge will not exist. Banks charge usurious fees and interest, amounting to more than the principle, on private student loans, often driving students into default. The new law's terms are more flexible ensuring the loans will more likely be repaid.

The banks are not on the hook for making bad ones. They make the loans and if the student defaults, the government guarantees the loan and the bank still goes after the student. So the bank and the school get their money and the taxpayor and struggling debor get the shaft.
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Keth30
I used to be a liberal, then I grew up.
12:47 PM on 09/30/2010
Typical "Entitlement" thinking.

Someone owes me something, I'm not responsible for myself, society is.
03:34 PM on 09/30/2010
So when a corporation goes into bankruptcy they must be getting an entitlement. Bankruptcy is not an entitlement. Bankruptcy is a right written into the Constitution. Didn't your propagandist tell you that? So then there should be no right of bankruptcy for individuals or business, or gamblers, for that matter, by your way of thinking.

The word entitlement itself is a Republican term of propaganda. It means that you have been brainwashed into being a lickspittle for banks and corporations that will rob you of Social Security and ship your jobs overseas.
10:23 AM on 09/30/2010
A good example of how the banks actually write legislation is the bankruptcy reform legislation of 2005. In the bill Congress produced, private student loans were no longer dischargeable in bankrupcty. The banks were able to write this bill because students have no organization or lobby paying favors to congressmen.

I have seen it done with mine own eyes. The bank's inside counsel draft the legislation and then pass it on to congressional staffers that they have quid pro quo relationships with, often the staffers and bank's attorneys went to the same schools, and the bills are then introduced into committee in the form drafted by the banks.

No national purpose was served by this legislation. In fact, the bill has served to cause many who tried to better themselves through higher education to wind up as indentured servants slaving away for banks. American's families are impoverished and generations will live in poverty because the banks pay legislators lucrative rewards in the form of campaign contributions and high paying jobs. These private loans, because of little regulatory oversight, often become unpayable because the interest and fees increase to an amount larger than the original loans.

The only reason former students are discriminated against in bankrupcy (other bank loans and even gambling debts are dischargeable) is because students have no lobby, and the corrupt political process favors the disproportinate influence of the banks which use the legislative process to do their own bidding.

PubliusEsq.blogspot.com
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Keth30
I used to be a liberal, then I grew up.
12:49 PM on 09/30/2010
Bankruptcy should be illegal. Why don't you quit blogging and go look for a job so that I won't get stuck paying for your student loan.

Nobody owes you anything. Get out there and make your own way.
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William S. Lerach
01:59 PM on 09/30/2010
Without taking sides on this dispute I would just point out that bankruptcy is provided for by our constitution.The Founders knew about "debtors prison" in England
05:10 PM on 09/30/2010
Sure, just like the right of due process, habeous corpus, the right to contract, illegal search and seizure, speech and, most important of all, the right to bear arms.

You would probably like to see debtor's prisons also.

Bankruptcy is like a pressure relief valve for our system, thats why it is wisely inserted into the Constitution. Look to the Federalist Papers for guidence on where imbalences in power and wealth lead. It is a fundimental basis of political science, written about extensively from Aristotle to Marx to Kevin Phillips. The same conclusion is reached by all and it is a dark and unenlightened place.

If you don't understand the relationship between bankruptcy and pushing on a string don't wait for O'Rielly to spell it out for you. Go find out for yourself.
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jeffrey678
You don't happen to make it. You make it happen.
10:16 AM on 09/30/2010
"Shock Doctrine"
Linda from Deerfield
Paying attention
10:05 AM on 09/30/2010
Democrats have apparently never been able to get their message to sink in -- I remember when unemployment was 8% and the deficit and the national debt were soaring, but Ronald Reagan was re-elected anyway. Large corporations were beginning the shift from being the crown jewels to being the crown jewel thieves. I was mystified as to how voters could ask for more of all that.
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scrogginsfarms
proud daughter of the american revolution
10:00 AM on 09/30/2010
so Keynesian economics has nothing to do with it?
twice now in 100 years first with roosevelt now with obama the false idea that government can stimulate the economy has been perpetrated on the american people, partly because of their own ignorance. to the minority of those who understand why, it is frustrating.

unemployment was still above 20% after years of government stimulus by rooseveltmuch like now.

when will you finally acknowledge the truth?
10:12 AM on 09/30/2010
That the top 2% don't actually create any jobs?
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flyovermark
...Obamacare is tyranny...
10:51 AM on 09/30/2010
...it's a certainty that the bottom 2% doesn't create any jobs...
09:58 AM on 09/30/2010
Sure, it has nothing to do with the government policies it’s all those evil bankers, right? Government (Obama) messing with business regulations,no clear definitive direction that the “free market” can understand and count on. I’m sure you already know what taxes are going to be in the future? Health insurance burdens? Come on, I think I can figure this one out.
11:33 AM on 09/30/2010
People who think as you do haven't figured anything out. The government is corrupt and innefectual because of the influence self proclaimed "capitalists" have on the political process. These corporate criminals run our nation into the ground to benefit themselves.
09:40 AM on 09/30/2010
_______________________________

Our Economy is in Shamble

The consequences, the Great Depression and history tells us, will necessarily be a Formidable Chaos:

Social and political turmoils, and military adventures.

Neither supranational bodies nor governments can propose a plausible solution.

What is Politically Correct is Mathematically Wrong!

_______________________________

- Do you feel that your ideology pushed you to make decisions that you wish you had not made?

- Well, remember that what an ideology is, is a conceptual framework with the way people deal with reality. Everyone has one. You have to -- to exist, you need an ideology. The question is whether it is accurate or not. And what I'm saying to you is, yes, I found a flaw. I don't know how significant or permanent it is, but I've been very distressed by that fact.

- You found a flaw in the reality...(!!!???)

- Flaw in the model that I perceived is the critical functioning structure that defines how the world works, so to speak.

- In other words, you found that your view of the world, your ideology,
was not right, it was not working?

_______________________________

It is our responsability to create a meaningful increment of jobs, revenues and investments:

We urgently need the only plausible solution that is offered to us:

An Innovative Credit Free, Free Market Economic Ideology

It is your duty to insure your own security and economic survival!

_______________________________

Credit Free Economy
More Jobs, No Debt, No Fear.
Prosperous, Fair and Stable.
http://post-crash.com

_______________________________
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flyovermark
...Obamacare is tyranny...
09:35 AM on 09/30/2010
"I can cut your grass for $10 a week, Mr. Lemark," the enterprising neighborhood kids proposes.

"Okay, son, we have a deal," Mr. Lemark says, "Ten dollars a week it is. But there are some conditions. First, you'll have to use a push mower, because I can't have you adding CO2 to the environment with a gas-powered mower - global warming you know. Second, you'll have to join the Landscaper's Union, because I only employ union labor. Third, you'll have to show me proof of liability insurance, because I don't want to get sued if you hurt yourself while on my property. Fourth, you'll have to provide proof of citizenship, or documentation that you are in the country legally. And finally, you may only do the work on Sunday between the hours of 9:00am and 10:00am, so that you do not disturb my neighbors. Okay?"
The kid listens patiently with a stink-eye expression, and then answers, "You want all that for $10 a week? Just forget I asked, Mr. Lemark," and walks on to the next house.

William S. Lerach - Lecturer, Writer and Investor advocate - scowls and grumbles. "D@mn kids these days. Where's the loyalty? Corporate CEOs must be responsible for this somehow."
09:30 AM on 09/30/2010
Bankers and CEOs try to make money. Its not their job to hand out jobs.
11:38 AM on 09/30/2010
Increasing your balance sheet through economically destructive practices and slight of hand is not "making money". When someone truly makes money, Jobs are created as an unavoidable consequence. So to truly make money, it IS a CEO's responsibility to create jobs because the two are unbreakably linked.
12:46 AM on 10/01/2010
false. Bankers are in fact making money, and no jobs are being created.
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William S. Lerach
11:47 AM on 09/30/2010
No one asks them to "hand out" jobs.As I said its the policies and incentives that guide their actions and they do as well or better when they direct capital off-shore creating low paying jobs their hurting the US workforce
12:47 AM on 10/01/2010
The banks are not hiring foreign workers either.
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bighat
Truth as I see it
09:18 AM on 09/30/2010
So why did we give walll street and bankers money?
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09:38 AM on 09/30/2010
WE didn't, the Republicans and Corporate Dems (DLC/Blue Dogs) did.
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Keth30
I used to be a liberal, then I grew up.
12:40 PM on 09/30/2010
Um, newsflash, Obama voted for the bank bailout. Sorry to burst your bubble on that one.
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pjwrites
09:18 AM on 09/30/2010
I've been in business for myself and I have been employed by others. It has always been my belief that a rising tide should quite naturally float all boats, but the business laws in this country openly encourage criminal exploitation of the labor force.

The world seeks balance and balance can never be achieved while the sociopaths among us continue to prosper at the expense of the genuine producers. The social contract in the U.S. has been broken and only the rule of law can bring the world back into balance.

The current system, where lawmakers, our courts, and corporate interests work in collusion to exploit their less ambitious fellow men, can only be overturned when individuals find the courage to take a stand together, in defense of their own self-worth.
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flyovermark
...Obamacare is tyranny...
09:45 AM on 09/30/2010
...so, you'll be voting Republican this November too?
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pjwrites
10:42 AM on 09/30/2010
For the first time since I have been able to vote, I am electing not to choose between the two evils.

Participating in a crime makes one equally guilty. By voting, we lend legitimacy to this exploitative system, as well as to the marauders of the human species, for whom the system was created.
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William S. Lerach
11:45 AM on 09/30/2010
No but I don't have much enthusiasm for the Dems
11:39 AM on 09/30/2010
Bravo!
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Ryan Lobo
09:16 AM on 09/30/2010
Obama recently announced $50 Billion for infrastructural projects - 50 Billion, he seems to be dreaming!!! Where are the hundreds of billions supposedly allocated to "shovel ready" projects? Where are the new projects for high speed rail and other transportation projects?

Obama has only made speeches!! Nero fiddled while Rome burned! Obama waxed eloquent while the true America degenerated!
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08:52 AM on 09/30/2010
I've been saying this stuff for years, but the message has a hard time getting any traction. Our corporate dominated media supresses this message and too many citizens can't see how we're all being screwed by big money. The teabaggers want still less regulation. We are truly doomed.
11:40 AM on 09/30/2010
I feel your pain and frustration.
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fiddler3
physicist, musician, parent
08:44 AM on 09/30/2010
It isn't just that the heads of the large multinationals don't care that the jobs they create go to cheap workers overseas. If they chose to create new jobs in the US they would be hounded out of their positions by the shareholders. The system has become totally globalized. The key markets are in developing countries. It is difficult to compete in those markets while saying we don't like your cheap workers, or low standards, or repressive governments. If a CEO did that, they would be fired pretty quickly. First rule of business -- do not p*ss off your customers.

The US needs to be as competitive as possible in offering skilled, highly productive workers at competitive costs. Competitive doesn't mean cheap. Government policy needs to be supportive of improving the skill and productivity of our workers. The regulatory situation in the developing world is catching up -- perhaps slower than we want. There is also a definite rise in consumerism in places like China and India -- which will only make their labor more expensive and increase their demands for our products. We need to keep focused on whatever we can do to make US workers the kind that companies (large and small) need to hire. The government should keep pushing the fairness button in discussions with other nations. Keeping abuses of repressive governments in the news can have some effect on shareholders and perhaps they will be willing to cut those CEOs that favor workers here a bit