FRIST COMMENTS ON BANKRUPTCY DEBATE

Frist website ^ | 03/08/05 | Sen Bill Frist

[atrocitor]

I am not sure you are reading my posts. I do not assume either the CC lenders or borrowers are stupid, and I think you missed the point that CC lender and borrowers entered into contracts that incorporated existing bankurptcy code and state exemption law and now that law is being changed after the fact in favor of one party over the other. I can't explain it any clearer than in my last post to you and if you don't get it, well, you just don't get it. What can I do.

As to planning, planning is great, and if your planning is bullet proof then you are in great shape. Maybe because of the financial train wrecks I see day in day out, of all shapes and sizes, I have become sensitive to the fact that practically everybody is vulnerable to financial catastrophe at any moment. $100,000 sitting in the bank? $200,000? Doesn't matter. Events can sweep that away in an instant. I don't say these things to put people on eggshells or render them less confident. I say them because they are real and should be considered by all when making public policy such as rewriting bk laws. But like I said last post, the debate is over and this bill is getting passed.

There is good news though, I figured out today how to siphon off a significant portion of the 5 year income stream that MBNA et al thinks it will be getting from all these coerced Chapter 13's under the new bk law. So the real moral of the story is while MBNA et al and its senator whores do all the dirty work, we slip in at the end and take the value. And that is sweet.

My hedge is that I have positioned myself to profit from the financial catastophe's of others. And while this bill is bad for country, its good for me, and . not

[speekinout]

I guess I did miss something in this legislation. Where does it say that previously signed agreements are void? Laws change all the time, and that doesn't bother me at all. But if we are arbitrarily nullifying agreements that people have willingly signed, then we are in so much trouble that anything else is trivia.

If you have really figured out how to rip off people under the new laws, good for you. And if you've figured out how to sleep while doing it, even better.
Our laws will never be perfect, and we will always have scam artists. The borrowers have been scamming for a long time, so maybe it is time to give the lenders a shot at it. After all, you are saying that scamming is the thing to do if you don't agree with the law.