Joe Biden Not the Man for the Job
by John Lawrence, April 6, 2019
And it doesn't have anything to do with his "touchy-feelyness." To think President Pussygrabber has the noive to accuse Joe Biden of invading someone's personal space! I guess now that's a mortal sin. Forgive me Father for I have sinned. I invaded somebody's personal space. Anyway that's not the reason Joe Biden shouldn't run. It has to do with the fact that Biden was instrumental in getting the law changed so that student loan debt is not dischargable in bankruptcy. His state of Delaware is loaded with financial corporations chartered there because conditions are so favorable for them. Joe is just too cozy with all these behemoths just as Hillary was too cozy with Wall Street. As a result of Biden's efforts for the financial industry, Americans now have about $1.56 trillion in student loan debt. Not to mention credit card debt.
Joe Biden needs to apologize. He's worthless as a Democratic candidate for President. His state, Delaware, is home to the credit card divisions of the major banks because of laws passed that favor them. In February 1981, he supported the Financial Center Development Act, legislation that dropped restrictions on interest rates and gave tax breaks and other accommodations to the burgeoning credit card sector. It’s that bill which is now credited with supporting ballooning credit card debt, and those are the roots of why most of the national banking companies with offices in Wilmington have their credit card divisions there.
So good old union supporting Joe has his hands dirty on both credit card debt and student loan debt. Elizabeth Warren is right. He should just step out of the national political scene. His time is past. Forget about his invading personal space. He has invaded most Americans financial space while supporting big banks and giving rich people advantages in the state of Delaware. Salon reported:
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed in April, 2005 by the U.S. Senate in a 74-25 vote, including the "yea" vote of Joe Biden, and was quickly signed by President Bush.
In light of what occurred in its wake, this law is easily one of the most disgraceful aspects of the Bush and Biden legacies. The harm it did to middle-class Americans, especially during the crushing events of the recession four years later, is immeasurable. The bill made it nearly impossible for average families to file Chapter 7 bankruptcy protection, also known as "clean slate" bankruptcies intended to discharge nearly all debts, a matter of a few years before they'd need it the most. The bill instituted an all new means test to determine whether debtors with insurmountable financial hardships earned enough income to pay back all or part of their unsecured debts, specifically credit debt. If they earned too much, a clean slate bankruptcy became impossible, and they'd be forced to file Chapter 13, which would force debtors to pay back their debt over a five-year timeline, thus legalizing neo-indentured-servitude to creditors.
Among other things, the bill also forced debtors to enroll in an "instructional course concerning personal financial management." The requirement still exists even though there's little evidence of its efficacy. Additionally, the bill made it more difficult to force creditors to stop harassing debtors for repayment after bankruptcy protection had been filed. As if all of this wasn't bad enough, the Biden-supported legislation prioritized credit card debt repayment over child support repayment, forcing women who are owed back support to negotiate with credit card companies over the debts owed by their exes. Furthermore, the term "debtor" was changed by the BAPCPA to "household" so that the new means test would take into account the total earnings of an entire household, rather than one debtor -- including, for example, a teen daughter's babysitting money.
Worse yet, the bill contained nothing to crack down on abusive practices by predatory lenders, including punitive interest rates and penalties.
Unforgivably, Joe Biden was one of the leading cheerleaders of the bill.
Joe Biden has his handprints all over the indebtedness of the middle class and the increasing split between the wealthy and everyone else. While the banks were bailed out and given free fiat money in the 2008 crisis, Americans were screwed and couldn't even file for bankruptcy thanks to Joe Biden with all his folksy charm. Don't be fooled by this guy. His time has gone. He is not the man for the job. Let him go back to hair sniffing and "pressing the flesh." Biden's son also had ties to the financial industry as reported by the NY Times:
Mr. Biden’s role in the bankruptcy debate and his ties to MNBA were immediately an issue for him after he was selected as Mr. Obama’s running mate in August 2008. A day after Mr. Biden was introduced as Mr. Obama’s choice, campaign aides acknowledged that Hunter Biden, his son, had a consulting arrangement with MBNA and that vetting the Bidens’ connections with the card issuer had been especially delicate in picking him for the ticket. Mr. Biden played down the relationship at the time, telling NBC’s Tom Brokaw that there was nothing inappropriate about his ties to MBNA.
One hand washes the other. Good 'ol Joe now can't pretend that he didn't play a leading role in the impoverization of millions of Americans and the creation of a neo-feudal society. Besides all the other advantages of doing business in Delaware, it is also a tax shelter.
There is no sales tax in Delaware. It doesn't matter if a company's physical location is in the state or not; as a Delaware corporation, no in-state purchases are subject to tax. Additionally, there is no state corporate income tax on goods and services provided by Delaware corporations operating outside of Delaware.The state does not have a corporate tax on interest or other investment income that a Delaware holding company earns. If a holding corporation owns fixed-income investments or equity investments, it isn't taxed on its gains on the state level.Delaware also does not have any personal property tax. There is sometimes a county-level real estate property tax, but that tax is very low compared to other states. Corporations can own their own office spaces and reduce the amount of property tax compared to other states.The state has no value-added taxes (VATs), it does not tax business transactions, and it does not have use, inventory or unitary tax. There is no inheritance tax in Delaware, and there are no capital shares or stock transfer taxes.
We need a true progressive like Elizabeth Warren or Bernie Sanders in the White House, not a pseudo, phony like the Clintons, Obamas and Joe Biden. Remember it was Bill Clinton who supported the overturning of Glass-Steagall which separated commercial from investment banking and precipitated the 2008 financial crisis.
