"I am a die hard conservative, but the Republicans have to answer BIG TIME for this one!"
FWIW, I am Republican and I think they did the right thing. We are too soft on deadbeats and we should make it harder for people to use bankruptcy as a way to escape responsibility.
If we lower the costs to others of bankrupcy, we lower the cost of credit, banking, etc... Kind of like how tort reform in Texas helped us get lower insurance rates. Yes, it really happened, I saw it in my insurance bill.
I have no doubt you do believe this. However, based on the statement you have made, you are showing you are very ignorant of the facts of the matter when it comes to bankruptcy and particularly credit card companies. This bill has nothing to do with being tougher on "deadbeats"... it has everything to do with using government to bail out businesses for HORRENDOUS practices.
The notion that deadbeats are driving bankruptcy numbers just is not remotely supported by the facts. The two biggest causes for bankruptcy filings have nothign to do with folks who run up debts and don't intend to pay.. in fact that's not even in the top 10, and the credit card companies know this!
There is a direct correllation between solicitations for credit mailed out and bankruptcy filings.. banks mail out over 5 BILLION solicitations per year! They are offering credit cards to dead people, to dogs, to hs students with no income and no job! In fact that's who they are targeting with a vengence now... they are even doing brand identity marketing to preschoolers and gradeschoolers!
If you hand out credit left right and center to anyone, breathing or not, you are going to get burned, and you should as a responsible business be tightening up your lending practices.. or go out of busines from the losses...Banks are doing neither, instead they basically BOUGHT the congress in a rediculous sell out.
This bill is nothing more than that... the Advocates who stand to make the most money professionally (other than banks) by this bill are the Chapter 13 attorney's, since this will make Chap 7 harder.. .and guess what, they are even against it, because it is a horrible abomination as well.
This bill and the actions of congress around it, represent everything that is wrong with the american political process. The republican's have lived up to every negative stereotype of being pro business at the expense of the individual and willing to sell their souls for cash in relation to this bill! Its horrible, its wrong, and its going to make things far worse rather than better. This bill officially ends any responsibility coming down on the bad practices of banks... and uses the force of government to cover up their ineptitudes.
It's shameless, its wrong, and there will be a reckoning for it... Instead of having a nice controlled contraction of credit by responsible bank policies... we are going to wind up with a huge rapid contraction when all these ducks come home to roost at once! Its bad policy, its bad law, and its setting the stage for very large problem comign down the pipe.