February 11, 2016

The Rude Talk of the Presidential Campaign, Part the Millionth

Back in the day, from Eliabeth Warren's perspective, Hillary Clinton's work on the bankruptcy bill amounted to little more than putting lipstick on a pig, if by pig we mean the voracious capitalist financiers behind the measure, for the bankruptcy bill as a whole gutted the very protections bankruptcy is meant to offer to specific classes of the insolvent, particularly holders of credit card debt and student loans. It was to institutionalize a condition of debt penury on vast numbers of Americans instead of offering them the clean slate bankruptcy had always ostensibly been intended to provide.

“While this amendment may have provided some political cover, it offers virtually no financial help to single mothers, since the overwhelming majority of ex-husbands don’t pay any distributions during bankruptcy,” the endnotes read. “Of far more importance was the fact that the bill would permit credit card companies to compete with women after bankruptcy for their ex-husbands’ limited income, and this provision remained unchanged in the 1998 and 2001 versions of the bill. Senator Clinton claimed that the bill improved circumstances for single mothers, but her view was not shared by any women’s groups or consumer groups,” said Warren.

It would seem Clinton was offering up an attractive yet basically meaningless amendment in exchange for support of a bill no conceivable Democrat before the time of Bill Clinton, the first post-modern Democrat, would have thought of voting for. Ever.

No comments: