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ssurgulSo now that the country is pretty much bankrupt on its own right, and I just finished my assignments for Fundamentals of Business Law which was all about bankruptcy, it really got me thinking.
We've seen massive deregulation for years and years now, even back into Clinton's day, though there was a much stronger NeoCon presence in Congress then, as I recall. But even so, Clinton was instrumental in paving the way for much of the deregulation nightmare that we've seen in the last 8 years. The upshot? Well, I honestly believe that a lot of these banks knew what was coming, and pushed right along because they assumed they'd get bailed out anyway. And the single biggest take back from the BushCo Administration on this? Why, the bankruptcy reform act of 2005, to 'stop abuses'. Which was really all about the lenders clamping down that much harder on consumers, and raking them across the coals. And look at that. Just in time for the housing market to crumble and the credit markets to implode.
And how did our heroes vote for this heavily lobbied bill? Big shock: McCain voted for it, and Obama against it.
Read more: http://www.bankruptcylawnetwork.com/2008/06/10/obama-vs-mccain-on-bankruptcy/
We've seen massive deregulation for years and years now, even back into Clinton's day, though there was a much stronger NeoCon presence in Congress then, as I recall. But even so, Clinton was instrumental in paving the way for much of the deregulation nightmare that we've seen in the last 8 years. The upshot? Well, I honestly believe that a lot of these banks knew what was coming, and pushed right along because they assumed they'd get bailed out anyway. And the single biggest take back from the BushCo Administration on this? Why, the bankruptcy reform act of 2005, to 'stop abuses'. Which was really all about the lenders clamping down that much harder on consumers, and raking them across the coals. And look at that. Just in time for the housing market to crumble and the credit markets to implode.
And how did our heroes vote for this heavily lobbied bill? Big shock: McCain voted for it, and Obama against it.
Read more: http://www.bankruptcylawnetwork.com/2008/06/10/obama-vs-mccain-on-bankruptcy/