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http://www.thedailylight.com/articles/2008/03/10/opinion/doc47d5813ddb52b961638814.txtThe Bankruptcy Bill of 2005 was lobbied for and ghost-written by the consumer credit companies. It made it harder for people to declare bankruptcy when their debts overwhelmed them, made it harder for struggling people to keep basic assets like a roof over their heads when working out bankruptcy arrangements and increased the return for credit card companies that were already making huge profits. John McCain voted for the bill. Barack Obama voted against it. Hillary Clinton did not vote.
Before the bill was finalized, several amendments were introduced:
Amendment 15 — required enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes. McCain voted “Nay,” Clinton and Obama voted “Yea.” This amendment would have helped consumers understand the perpetual debt the credit card companies were selling.
Amendment 16 — served to protect servicemembers and veterans from means testing in bankruptcy, to disallow certain claims by lenders charging usurious interest rates to servicemembers, and to allow servicemembers to exempt property based on the law of the state of their premilitary residence. You guessed it — McCain — “Nay,” Obama and Clinton — “Yea.” Talk about supporting our troops.
Amendment 17 — provided a homestead for the elderly. Again, McCain voted “Nay,” Clinton and Obama voted “Yea.” This would have prevented older Americans from losing their homes.
The votes speak for themselves. We haven’t been seriously affected by this in Ellis County yet, but we need to strongly consider a president who will work towards re-invigorating the economy, not debtor’s prisons.
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