The Vig

Atrios helpfully links to a freeper thread (so I don’t have to) in which they just discover that the bankruptcy bill is an abomination. My favorite quote is, “Conservatism must mean something more than simply doing what pleases big business.” There’s some serious cognitive dissonence going on over there.

Here’s the nurse now with a quick Kool-aid injection:

The administration supports the passage of bankruptcy reform because ultimately this will lead to more accessibility to credit for more Americans, particularly lower-income workers,” said Trent D. Duffy, a deputy White House spokesman. “The fact that the Senate was able to set aside those issues and move toward passage shows it’s another bipartisan accomplishment.

I won’t go into why the Senate “Useful Idiot” Club felt they had to enable Dear Leader to once again claim a bipartisan victory. I hope that they will hear from their contituents loud and clear, however. From the reaction in the blogosphere, anyway, there is some serious bipartisan shock and disgust at this bill.

I had thought that this bill was a bit of kabuki to placate the credit card companies. I never bought that the abortion amendment was really enough to keep the bill from passing the house if Tom Delay wanted it to pass. My reasoning was that nobody wanted to shut down the gravy train of consumer spending that was propping up this economy. And I figured that even if they felt they had to pass the bankruptcy provisions this time that they would use the opportunity to set a cap on these interest rates in order to keep the party going for a while. But, as with every other piece of domestic legislation, there isn’t even a single thought given anymore to the health of the economy as a whole. It’s just ad hoc pay-offs dependent on how much a particular special interest has slipped into the pockets of certain senators.

I certainly hope that anyone running against a Republican in ’06 (or incumbent Dem who voted with the pigs yesterday) makes hay out of this, and not just the bankruptcy bill itself, but the way that they enabled the credit card companies to continue charging usury rates of 30-40-50% interest while preventing people from declaring bankruptcy when they get caught in that increasing spiral. Everyday Americans know about credit card bills. Many people are finding out the hard way that if they are late with one bill all their credit card interest rates can very unexpectedly rise to a ridiculous level and compound a reasonable amount of debt into an unaffordable one. Or they are finding that their credit score drops when they take on a certain level of debt for a large purchase or an unexpected emergency like medical bills, thus triggering another huge rise in their interest rates across the board. Average, hard working folks I know in real life have been complaining about suddenly finding that their minimum payment has doubled from one month to the next because of completely unforseen circumstances. That the credit card companies are making record profits at the time they are whining about bankruptcy proves that this is just pure, unadulterated greed. It’s a racket and these pigs in congress just put their personal USDA stamp of approval on it. It is an outrage.

We are seeing the outlines of a potent broadside against the Republicans in 2006 if we are only bold enough to take it. Social Security privatization and this bankruptcy bill are full throated attacks on the middle and working class in this country. They are asking working Americans to take on more and more risk in order to enrich and protect big business. They want to cut your taxes by a couple of bucks and then force you to put thousands more into the hands of their friends on wall street and the big banks.

You can tell that the White House is aware of this by their typically orwellian formulation of the bill:

ultimately this will lead to more accessibility to credit for more Americans, particularly lower-income workers.

Has there ever been an administration with more gall? Low income workers already have access to loan sharks. The vig is the same, either way. Maybe next year they’ll pass legislation allowing the credit card companies to break your legs if you are unable to pay. It works for Tony Soprano, why not the Republican Mob?

I dearly hope that the Democrats are planning to nationalize these midterms and go after this administration with a fiery populist message.The time is ripe and this hits people right where they live. Even if we do not gain any seats, it’s imperative that we begin to make the argument that the Republicans own the government and that they are using their power corruptly. When the shit comes down, and it will, we must have very carefully laid out the case that this abdication of all common sense and concern for average Americans defines this corrupt Republican establishment.

.