Friday, January 30, 2009

Biden In Charge

Today, President Obama gave Vice President Biden a job to do. He is to be in charge of a task force to pursue the economic recovery of the middle class. This is a rather odd job for Mr. Biden. His support of the current Bankruptcy Bill is a major factor in the pain that the middle class is feeling during this economic crisis. The pain for the middle class began years ago when the Biden backed and supported Bankruptcy Bill became law and was signed by Republican President George Bush.

The Bankruptcy Bill that Biden supported allows Credit Card Companies to randomly raise a card holders interest rate based on their Credit Score. It allows Credit Card Companies to place a card holder at a default rate even if the bill that they were late on was not the Credit Card Bill. A credit card company can dig through the personal financial data of a card holder to find any late bill, even a utility bill and claim justification for raising the card holders interest rate to an astounding 39.99%. The Bankruptcy Bill that Joe Biden supported while a Senator during the Bush Administration also allows for excessive late fees at a set price instead of a percentage of the outstanding balance due. It allows car loans to be set at a default rate, even if the person was late on a Cable Bill.

The most significant thing that Joe Biden can do to ease the pain of the Middle Class is to admit that his support of the Bankruptcy Bill was a major mistake and work to rectify it through new legislation that will benefit the American Family and not the money lenders, who are now Legalized Loan Sharks thanks to the Joe Biden supported Bankruptcy Bill. The task force would be a good idea if the man in change of it wasn't responsible for the most irresponsible piece of financial legislation that affected every American Family's ability to pay off their debt in a fair way based on the American value of justified interest rates.
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