“His support for this bill makes him agree with Obama that contracts mean nothing. “
Wrong. Obama is making promises of adding this provision in a FUTURE bill its not in the current bill. See #45 to get corrected.
I was all for seperating bankruptcy into categories all of which you had to pay according to your ability.
One would be medical bankruptcy. But at least 80 percent of your debt had to be medical. No claiming it was all medical when you have 20,000 in credit card debt and 10,000 in medical bills.
But on the flip side I work at a company with a lot of young people who make 40,000 plus and don’t take the company health insurance that only is 52 a month but they have all the latest electronic stuff.
One of those guys got very sick and now has 100,000 in bills. Sorry to me it’s his fault he has that much debt. He had a 40,000 car all the latest designer clothes all the latest electronics and made 53,000 a year and didn’t want 52 a month taken out of his check for insurance that would have covered almost the entire bill.
I am talking about ‘this’ bill. The contract here is that these type of high yield risky investments (subprimes )are NOT insured or guaranteed by the taxpayers like FDIC accounts are. Now McCain and Obama are ,after the fact , after the loss, guaranteeing these with tax payer money. So those of us that put our money in safe FDIC investments will now pay income tax on that interest to pay the investors for their losses for risky high yield investments.
Worse : Given this McCain has no basis for opposing any other bailout, takeover, power grab, or tax increase without looking like he favors the investor over the average guy. In fact, why would we believe anything he says??