For those curious why the Biden-Warren animosity: Inside Biden & Warren's Yearslong Feud (Politico)

[hlthe2b]

I take no sides on this as I like them both. But someone posted about the animosity and I was curious about it. Perhaps you are too (to the extent Politico can be believed--and right off the bat, I think the Biden siding with the banks referencing back to his Senatorial days may well not accurately reflect his stances/beliefs now). That said, I post without further comment.


Inside Biden and Warren's Yearslong Feud

He sided with the banks in Congress. She was a crusading law professor on the make. In 2020, are we about to get a rematch?

https://www.politico.com/magazine/story/2019/03/12/biden-vs-warren-2020-democratic-primaries-bankruptcy-bill-225728

they’d been feuding over for years: the country’s bankruptcy laws. Biden, then a senator from Delaware, was one of the strongest backers of a bill meant to address the skyrocketing rate at which Americans were filing for bankruptcy. Warren, at the time a Harvard law professor, had been fighting to kill the same legislation for seven years. She had castigated Biden, accusing him of trying “to sell out women” by pushing for earlier versions of the bill. Now, with the legislation nearing a vote, Biden publicly grappled with Warren face to face.

Warren, Biden allowed, had made “a very compelling and mildly demagogic argument” about why the bill would hurt people who needed to file for bankruptcy because of medical debt or credit card bills they couldn’t pay. But Biden had what he called a “philosophic question,” according to the Congressional Record’s transcript of the hearing that day: Who was responsible? Were the rising number of people who filed for bankruptcy each year taking advantage of their creditors by trying to escape their debts? Or were credit card companies and other lenders taking advantage of an increasingly squeezed middle class?

Warren blamed the lenders. Many credit card companies charged so much in fees and interest that they weren’t losing money when some of their customers went bankrupt, she said. “That is, they have squeezed enough out of these families in interest and fees and payments that never paid down principal,” Warren said.

Biden parried. “Maybe we should talk about usury rates, then,” he replied. “Maybe that is what we should be talking about, not bankruptcy.”

“Senator, I will be the first. Invite me.”

“I know you will, but let’s call a spade a spade,” Biden said. “Your problem with credit card companies is usury rates from your position. It is not about the bankruptcy bill.”

“But, senator,” Warren countered, “if you are not going to fix that problem, you can’t take away the last shred of protection from these families.”

At this last remark, Biden smiled and sat back in his chair, according to Mallory Duncan, a lobbyist who was in the room.

Much more at the link...

[Demsrule86]

6. People still declare bankruptcy and rid themselves of debt.

[dsc]

12. It is vastly harder

and some debts can't be discharged at all.

https://www.nolo.com/legal-encyclopedia/new-bankruptcy-law-chapter-7-13-30040.html

For those at or above the median income (ie many middle class people) it was much harder.

[Demsrule86]

13. It is not that hard.

This bill has no real teeth...student loans was an issue. But I think there are other ways to fix this. I was told in some cases don't know the details student loans can also be discharged.

[Demsrule86]

14. Taxes and student loans... I just read what you posted. I don't see much difference.

[yaesu]

2. credit card companies and other lenders taking advantage of an increasingly squeezed middle class

that pretty much sums it up. Its was the worst piece of shit legislation I have ever seen passed with the help of a Dem.

[rurallib]

3. Mark to return to

I want to come back to this later today to see some of the responses.

[democratisphere]

4. The banksters need to be severely dealt with AFTER we win

the WH and Senate and maintain the House. There is no place for warring Democrats prior to the election. We have a whole bunch of criminal rethugs we need to beat.

[rampartc]

5. an extremely important article

the 2005 bankruptch bill made it hard for people with medical deby or student loans but did nothing to prevent the corporations like trump's casino from using bankruptcy to stiff their employees and small business creditors.

[Demsrule86]

7. You can declare bankruptcy because of medical bills my sister did so.

[Hassin Bin Sober]

8. It made it harder. Not impossible. The bill was written at the request of credit card companies.

https://en.m.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act

Support for the act mostly came from banks, credit card companies, and other creditors.[24]


Since banks, credit companies and other creditors are the ones who must bear the losses for debts discharged through bankruptcy, their lobby power was a great supporting factor to eventually prevailing and getting Congress to pass the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

It was widely claimed by advocates of BAPCPA that its passage would reduce losses to creditors such as credit card companies, and that those creditors would then pass on the savings to other borrowers in the form of lower interest rates. These claims turned out to be false. After BAPCPA passed, although credit card company losses decreased, prices charged to customers increased, and credit card company profits soared.[25]

[Demsrule86]

9. It is not that hard. Basically you take two inexpensive courses online. You still can

Keep houses and cars. Millions declare bankruptcy every year. Student loans is the only thing problematic. We do do need to work on this. Not sure bankruptcy is the best way though

[Demsrule86]

10. And credit card debt is still easy to get rid of...

[Demsrule86]

11. Also to be fair, there was massive abuse of bankrupcy laws...still is. From what I

saw, it was not a difficult process for my sis...all debt was wiped out, she took two cheap courses online. And her credit for buying cars and such was actually better after bankruptcy.

I don't feel sorry for the credit industry as they use credit scoring to drive up interest rates...so even though there is abuse of bankruptcy laws, it helps to level the playing field for the consumer.