The Bankruptcy Bill

So.. over the weekend, I asked John (a real-estate broker) why people who are facing foreclosure don't just declare bankruptcy and keep their house.

That used to be possible before George Bush and the Republican Congress..

In order to exempt your home from foreclosure in a bankruptcy, you have to have all your debt discharged, and show that you have enough income to pay the mortgage.

Sounds simple enough, right? It was, until..

Friday, April 15, 2005; Page E01

The House gave final passage yesterday to legislation intended to make it harder for consumers to wipe out debt through bankruptcy, clearing the way for President Bush to sign the bill into law as he has promised to do.

Lawmakers voted 302 to 126 for the bill, which is identical to a measure the Senate passed last month. It would make the most significant changes to bankruptcy law since 1978. Its passage by Congress is a victory for executives in the credit card, retail and auto financing industries who have pushed it for nearly a decade. They argue that the changes are necessary to weed out abusers of the system who use Chapter 7 bankruptcy protection to shirk debt they can afford to pay.

Now, because you cannot get your credit card debt discharged through bankruptcy, you cannot meet the conditions to save your home from foreclosure.. and poof.. it's gone. But hey.. something had to be done about those debt shirkers! God damn debt shirkers needed a good fixin' and they sure got one. This had nothing to do with.. say.. people who got fucked by the Glorious American Health Care Industry.. right?

Prior to 2005, this skyrocketing foreclosure rate would not have happened. People would have been able to keep their homes if they could pay their mortgage.. but when you let Conservatives drive, they will destroy everything.

A little bit of irony though.. John makes an outrageous amount of money selling foreclosure properties for banks.. which would not have been nearly as lucrative had it not been for Bush and the bankruptcy bill.. and add to that, the massive tax breaks he receives for being in the very top income earners ensures that he keeps most of that money.. He does have a very good accountant after all.

Financially, Bush has been very good for us.. by screwing the middle class in the process. The irony, of course, is that I still despise Bush for everything that he's done. Conversely, the middle class conservatives cheer Bush on despite being on the wrong end of that deal financially.

It's pretty weird, isn't it? A homo taking advantage of Conservative policies to benefit from the misery of America's middle class. There's no real moral dillema though. John didn't create those policies.. he just sells properties for banks. It's a service! And why not take advantage of the Bush tax cuts? They're there after all! And heck.. being this is Texas, it's not uncommon to see the house of the people John had thrown to the curb by the constable completely decked out in Jesus gear.. I wonder why Jesus didn't save them from being homeless? Oh, that's right.. even in misery, "God has a plan" or some shit. No doubt, the poor saps voted for Bush.

Everywhere you turn.. the story is dripping in irony.

Pictured, the chief Republicans responsible for the bankruptcy bill; Ted "Intertubes" Stevens, is the target of investigation by the FBI for numerous corruption related felonies,Dennis Hastert, former GOP Speaker of the House, who resigned after the Democrats won Congress in 2006, and whose seat was just won by a Democrat, and Bill Frist, former golden boy of the GOP who was thought to be a serious candidate for President, but instead decided to bail out of politics completely in 2006... smart man.