Joe Biden’s swipe at middle class

[formerlurker]

Joe Biden’s swipe at middle class
By Joe Battenfeld
Thursday, October 11, 2012 - Updated 5 hours ago

^snip^

Biden’s record on this issue is a gaffe that’s not really a gaffe. For nearly a decade, he was a willful partner with the financial industry and an avid supporter of their attempts to pass legislation making it tougher for credit card holders to declare bankruptcy in order to get out of debt.

^snip^

According to reports at the time, consumer advocates charged that Biden “provided cover” for other Democrats to back the bill. The then-Delaware senator voted for the bankruptcy reform legislation four times, including in 2005, when it finally passed and was signed into law. He also opposed attempts to force credit card companies to warn consumers about high interest rates.

Biden, not surprisingly, was also raking in lots of campaign cash at the time from home state financial firms such as MBNA. Delaware is a safe haven for these firms because of the state’s lax laws allowing them to charge high interest rates and pay less in taxes.

Oh, and Biden’s son, Hunter, also conveniently got a job as a high-paid consultant for MBNA while the Delaware senator was fighting for the interests of credit firms.

It’s pretty clear that Biden was fully in the tank for the credit card companies while they were getting laws passed allowing them to run roughshod over consumers. Now that he’s vice president and running for a second term, he should be forced to explain why.

http://www.bostonherald.com/news/us_politics/view/20221011joes_swipe_at_middle_class/srvc=home&position=1


Oh misfits... don't you hate it when your hero turns out to be a class A putz?   

[NHSparky]

Any coincidence that the majority of credit card issuing companies are South Dakota and Delaware?

[franksolich]

Oh man.

And to think the primitives are always whining about credit-card interest and fees.

Shafted by one of their own, the primitives.

Too bad for the primitives.....and unfortunately for others too.

<<for the record, not a credit-card holder.

[98ZJUSMC]

Oh man.

And to think the primitives are always whining about credit-card interest and fees.

Shafted by one of their own, the primitives.

Too bad for the primitives.....and unfortunately for others too.

<<for the record, not a credit-card holder.

Me, either.  Last credit card was '94, I think.  Had to have it for delayed-reimbursed military travel.  Cut it up in itty-bitty pieces. 

[Undies]

Me, either.  Last credit card was '94, I think.  Had to have it for delayed-reimbursed military travel.  Cut it up in itty-bitty pieces. 

I keep two.  A Visa and a Mastercard (or BankAmericard and Mastercharge, for those of you who haven't had a card in a while).  I make hotel reservations and internet purchases with them. 

Also, I will send a card with a family member/friend in need if there is a family emergency out-of-town or something like that and they have no card/money of their own.

Credit cards are nice to have, personally, if you don't need them to survive.

[Zeus]

Personally I think it should be harder for individuals to declare bankruptcy in order to get out of debt.

Talk to anyone who has filed for bankruptcy and they will tell you that their lawyer told them that if they got any credit cards max 'em out now because it will be hard to get credit for awhile when their bankruptcy goes through and they will only be paying pennies on the dollar for the debt, if anything.

Folks wonder why Credit card rates are so high. Not only is it unsecured credit but folks paying their debts are picking up the slack for those that don't.

[GOBUCKS]

You have to have a credit card for online shopping, which is the best thing since sliced bread and ice cubes. Just pay the bill when it arrives.

You also need a debit card for in-person shopping, the convenience is unmatched.

I go to the ATM less than once a month now. I'm still uncomfortable to be without cash, but rarely use it.

[txradioguy]

Oh and while we're at it...lets not forget that Beau Biden is the AG for Delaware.

[thundley4]

You have to have a credit card for online shopping, which is the best thing since sliced bread and ice cubes. Just pay the bill when it arrives.

You also need a debit card for in-person shopping, the convenience is unmatched.

I go to the ATM less than once a month now. I'm still uncomfortable to be without cash, but rarely use it.

We got rid of all of our cards but still do online shopping.  Some online retailers will take debit cards, and for others, I'll purchase a "reloadable credit card" in the amount I need.

[Undies]

We got rid of all of our cards but still do online shopping.  Some online retailers will take debit cards, and for others, I'll purchase a "reloadable credit card" in the amount I need.

   Whatever gets you through the night.

[AllosaursRus]

Oh man.

And to think the primitives are always whining about credit-card interest and fees.

Shafted by one of their own, the primitives.

Too bad for the primitives.....and unfortunately for others too.

<<for the record, not a credit-card holder.

Unfortunately, at this time I have quite a bit of Credit card debt. If "Toots" don't make it, they can all kiss my ass! I may look up Biden myself to ask him why he's made it impossible for us to have any relief!