For Obama's Sake Put Biden Out To Pasture Now

09/25/2008 05:12 am ET | Updated May 25, 2011
  • Raymond J. Learsy Author, 'Ruminations on the Distortion of Oil Prices and Crony Capitalism'

At this time of the nation's economic malaise it would be the highest folly to bring on a
Senator with Biden's record on the personal bankruptcy confronting millions of Americans
on the verge of losing their homes and their personal savings.

Bankruptcy is the last defense of Americans who have lost everything to clear the slate and
start anew. At this time in the nations history with millions on the verge of losing their
homes and having their life's savings destroyed because of Wall Street's CDO Ponzi Scheme
that grossly enriched the few on Wall Street while impoverishing the nation, Joe Biden stands
out as the Democratic Senator whose diligent work helped the credit card moguls revise the
the nation's bankruptcy laws so that Americans would stay on the hook to their debtors for
years on end as they tried to scratch together a new life. It was a Bill that was signed with
alacrity and applauded loudly by the credit card industry and banking interests as
President Bush, that symbol of an American legend pulling himself up by the
bootstraps, was putting ink to paper.

The credit card industry has for years attempted to have our bankruptcy laws amended
and with the Bush administration found a willing partner that would bring "discipline"
to the daily lives of the American family's household budget. Let Wall Street run roughshod,
let the oil interests allow Maine to freeze -- that was OK. But the credit card establishment
wanted their last ounce. The administration needed help on the Democratic side of the aisle.
Bingo, there was Senator Biden. MBNA, the "Credit-card juggernaut had been the biggest
proponent of the legislation and among the largest donors to his campaign" (NYPost 8/24/08:
"Life of Gaffes..."
) with political contributions of $214,000 and according to the non
partisan Center of Responsive Politics, the finance and credit industry was contributing
$300,000. And were that not enough, one of MBNA's executives reportedly purchased Biden's home for $1.2 million in 1996. Ah, the privileges of a garnish free existence.

Well, if you're out there and about to lose your home and your savings, don't worry. Senator
Biden is standing at your side!