Even as the fundies rattle the leash, the House moves to placate the GOP’s real masters by approving the corporate-friendly bankruptcy bill 302-126. “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.” But, not to worry, y’all — the base is protected: The bill “preserve[s] loopholes that enable wealthy individuals who file for bankruptcy to shield unlimited amounts of money in complex trusts and in multimillion-dollar homes in states including Texas and Florida.”
Tag: Dubyanomics
Ain’t Gonna Work on Maggie’s Farm No More.
“[F]or many investors Thatcher’s plan has fallen flat. Many investment funds charged huge commissions and fees, leaving contributors worse off than they would have been in the state system. The stock market collapse four years ago compounded their losses. Meanwhile, many private pension plans have gone bust, after companies drained those plans to pay off rising debts.” As England’s experience since Margaret Thatcher suggests, Dubya’s desired privatization of Social Security will likely cause more problems than it solves. (Somebody tell the nation’s business associations.)
Rewriting Roosevelt.
“He who controls the present, controls the past. He who controls the past, controls the future.” Or is quoting Orwell too shrill? Well, you tell me — A coalition of women’s groups are blocked from holding a forum on Social Security at the FDR Library in Hyde Park because none of the attendees wanted to support Dubya’s ill-conceived privatization plan (Two Republican representatives were invited to speak — both declined.)
I’m just going to go out on a limb here and say that, despite the lies of Brit Hume and FOX News, ole FDR himself would probably have agreed that dismantling one of his most enduring achievements so that Dubya’s Wall Street cronies could pad their wallets is a lousy idea. (For what it’s worth, FDR’s grandson agrees.) At any rate, the new head of the National Archives, Allen Weinstein, is trying to mitigate the damage. And, well he should, for after all: “Weinstein has been on the job for six weeks. Several historical organizations opposed his selection, fearing he would politicize the archives. Bush removed the previous archivist without providing a reason to Congress.”
Wait ’til Next Year.
In a moment of clarity, House Speaker Dennis Hastert joins his GOP colleagues Frist and DeLay in declaring what now seems obvious, that Dubya’s Social Security privatization plan probably can’t pass this year. For their part, the White House immediately disagreed.
On Life Support.
Dubya’s ailing Social Security PSAs take another hit, with even conservative intellectuals starting to turn against Dubya’s plan in print. Yep, seems like a goner.
Puppets of Industry.
“Fortune 500 companies that invested millions of dollars in electing Republicans are emerging as the earliest beneficiaries of a government controlled by President Bush and the largest GOP House and Senate majority in a half century…Bush and his congressional allies are looking to pass legal protections for drug companies, doctors, gun manufacturers and asbestos makers, as well as tax breaks for all companies and energy-related assistance sought by the oil and gas industry.” In the stating the obvious department, the Washington Post discovers the Republicans are in the thrall of corporate power.
A Public Funeral for Private Accounts.
“George W. Bush’s plan to remake the Social Security system is kaput. This is not a value judgment. It’s a statement of political fact.” While Dubya, Cheney, and McCain (carrying water for the administration as usual) continue their respective privatization dog-and-pony shows, Slate‘s Jacob Weisberg puts PSAs in the fridge.
A Line in the Sand.
While the GOP may have bent the rules to facilitate passage of the ANWR drilling bill (set for a vote today), it appears they face a Senate shutdown by the Dems if they keep pressing on Dubya’s wacko judicial appointees. And why not? Dubya has revealed he’s not going to relent on Social Security PSAs, despite their unpopularity, and he continues to appoint controversial right-wing neocons like Paul Wolfowitz to top positions (in this case, the World Bank.) If Dubya and the Right don’t want to compromise, then we Dems shouldn’t play ball. It’s 1993 all over again. (That being said, it’s probably wise of Reid to keep legislation “supporting our troops” out of the boycott…FOX News would have a field day with that one.) Update: By a 51-49 vote, the Senate opens ANWR to drilling, with Dems Daniel Akaka, (D-HI), Daniel Inouye (D-HI), and Mary Landrieu (D-LA) putting the GOP over the top.
Update 2: Slate‘s Fred Kaplan has more on the Wolfowitz pick.
Update 3: Conservative George Will warns against GOP tampering with the filibuster rule.
“Morally Bankrupt.”
“So what does the bill do? It makes it harder for average people to file for bankruptcy protection; it makes it easier for landlords to evict a bankrupt tenant; it endangers child-support payments by giving a wider array of creditors a shot at post-bankruptcy income; it allows millionaires to shield an unlimited amount of equity in homes and asset-protection trusts; it makes it more difficult for small businesses to reorganize while opening new loopholes for the Enrons of the world; it allows creditors to provide misleading information; and it does nothing to rein in lending abuses that frequently turn manageable debt into unmanageable crises. Even in failure, ordinary Americans do not get a level playing field.” Salon‘s Arianna Huffington ably dissects the GOP bankruptcy legislation currently making its way through Congress. Update: It passes the Senate, with the help of 18 Dems. For shame.
Bait and Switch?
“We’ve now got this huge fight over a sideshow,” Graham said during a meeting with Washington Post reporters and editors. “It’s always been a sideshow, but we sold it as the main event.” To the White House’s consternation, Senator Lindsey Graham (R-SC) argues for sidelining Dubya’s private accounts in favor of a Social Security compromise. Well, let’s make sure they’re well off the table before we talk.