THis thread may prove interesting. I agree with a great deal of what's been said, even by people with whom I normally disagree. Then again, I haven't seen a post by Manx here yet, so I'll stay tuned.
On another note, I received a public request not to do sequential posts. One member said it caused him problems. I PM'd to ask what problems it caused, and didn't receive a reply.
So I'm going to do it again. If this way of (in my mind, at least) maintaining clarity causes trouble for someone else, let me know.
Let the games begin:
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Originally Posted by host
This is the "politics" forum.........yet I have not seen this, one of the most far reaching acts that the Bush led, Republican majority have pulled off in favor of business lobbyists, and to the expense and the detriment of the American people and to
the national economy, receive much attention. Democrats successfully prevented this from happening for the last eight years, and now....it will happen !
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I watch this forum with amazement as "issues', like the "Smoking Ban" thread garner over 200 messages, and over 1600 views, and that "Wearing your Pants Low" thread (or whatever the "F" it was called),and the thread about the girl who wore the confederate flag dress, just kept on distracting posters and lurkers here, from more important issues. I realize that many members here are young, but c'mon, these are serious times, and this is an alarmingly serious issue:</b>
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That might be a good sign. Possibly our members don't bankrupt much. A great many people don't get involved with issues that don't seem to affect them directly. You aren't usually a crusader for better sewers until one backs up near your home.
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1.) Almost all Republicans and some Democrats bought off by the credit industry are about to sell out most middle class and poorer Americans, disproportionately located in red states where there are the highest chapter 7 bankruptcy filing rates per total households.
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I'm not so sure about that. One reason the rates are so high is the high rate of loss via bankruptcy and identity theft.
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2.) After the bill passes and Bush signs it, there will be a six month window for those who want to take advantage of current chapter 7 filing rules, to declare bankruptcy and to then discharge most, or all of their debts. This will trigger filings that might not have taken place, otherwise.
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Do you really think they weren't going to bankrupt anyway?
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3.) Once this bill takes effect, a whole new class of bankruptcy filers will be created who will be chronically burdened with debt that would have been discharged under the old rules. No one knows how many of these folks will be prevented from making a new start as consumers, and this will have the severest economic effects on the already poorest areas of the country, primarily in areas that voted for Bush!
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It might also create a class of mom-and-pop businesses who aren't ruined by a customer bankruptcy. Lending rules might also be eased if bankruptcy weren't so easy, which would lead to a small business increase or boom.
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4.) The wealthy (those who carry no credit card balances from month to month, because they pay the total bill off monthly),
were never affected by the higher interest rates and fees that credit card companies claim to have to levy because of losses cause by "excessive" chapter 7 filings. Attempts to prohibit interest rates above 30 percent were blocked from the new bill. There is no guarantee that the bill will influence credit card providers to lower the rates that they charge to borrowers.
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And the ability of CC companies to flout usury laws truly
DOES suck. However, IMO, you're pretty stupid and/or lazy to take out long-term debt on a credit card. Any rational and responsible person would walk into a bank and take out a loan at a more reasonable rate. If a credit card company will loan you money, so will a bank.