The Bankruptcy bill, an act of congress that looks to have put the entire economy in turmoil, was a mistake and as much as fault for the troubles on Wall Street as the greedy lenders and thier corrupt lending practices.
Just as consumer advocates warned that it wouldn't be good for the consumer. It would seem that in the end it wasn't so good for the creditors and Wall Street either. Since no one can file chapter 7 and save their house, they instead just let them get foreclosed on.. and down the slippery slope we were sent.
Business Week covered it well just this week:
http://www.businessweek.com/ma...
The answer to who is for the middle class and who is for helping out Wall Street is laid out in this law and its amendments. It just couldn't be clearer. You need to look no further than how it Senators Obama and McCain voted on this bill.
Check this link out for not only how Obama and McCain voted on this bill. But also the amendments that supported and how they were voted on:
http://www.bankruptcylawnetwor...
Why this bill and its ramifications on the economy is only being covered by smaller publications and not the whole media is beyond me. The democrats should be using the 2005 Bankruptcy Law as the preverbial "Smoking Gun" to point out how disconnected the Republicans are to the middle class, and responsible they are for this crisis.
Not only should repeal of the 2005 Bankruptcy Law should be a key talking point for Obama, he should take some time to rub McCains nose it in as well.
Charles
Hopefully its something that gets a bit of traction.
Charles