Credit Card Industry to Tom Carper, “Sit!…Roll Over!…Play Dead!”
via eschaton…
Full Circle
Credit card issuers have discovered that maybe it’s sometimes in their interest to forgive a portion of credit card debt. They’ve realized this after they lobbied hard to make bankruptcy a worse deal for consumers. Instead of declaring bankruptcy, people now just walk away from their debts. Now they want the government to make it easier for them to forgive credit card debt by making the tax treatment of forgiven debt more generous.
Bankruptcy protection, like limited liability, is there because the system doesn’t really work without it. Unbalance the system too much by messing with them and it stops working. Heckuva job, credit card lobbyists.
Anybody wanna bet what side of this forgiven debt tax question Tom Carper is on?
Gee, who could have thought this bankruptcy bill would not work out? It seemed like such a good idea at the time!
You shouldn’t leave Golden Boy Joe out of that scathing assessment
http://biden.senate.gov/press/statements/statement/?id=a2bbb9ed-967f-4d00-8919-ea4626901a62
http://biden.senate.gov/press/statements/statement/?id=b566140d-c10e-474d-ad0e-a195422233c2
http://biden.senate.gov/press/statements/statement/?id=3cda1bea-c8e1-4e67-9ac7-20870be734ce