"Very Serious Person" In Favor Of Debtors Prisons

Via DougJ, CEO of the Peter J. Peterson Foundation (Broder's favorite) pining for the return of debtors prisons:

Listening to to the elites in our country makes me pine for a return of Bastille Day - and not just because the Tour de France starts in a week.

See also Digby on the Peterson Foundation's crusade to destroy Social Security and Medicare. Speaking for me only

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    Despoilers Prison (5.00 / 2) (#1)
    by daring grace on Sun Jun 27, 2010 at 08:47:33 AM EST
    This is one of those moments you want there to be someone on that panel asking this guy if he believes that the "sense of entitlement" he moans about and punitive consequences he likes extends to the corporate elites.

    You know: those folks who routinely throw the dice, gambling away the common good knowing their own soft butts are encased in a safety net much more extensive than anything the rest of us enjoy.

    Bankruptcy has no taint? What about the taint of oil killing off wildlife and local economies and ponzi schemes with pension plans etc. etc.?

    Not to mention tsk tsking over the massive mess as if (oh yeah) it's the borrowers who brought us here, dragging those poor, defenseless financial manipulators in kicking and screaming.

    Well then, Citigroup should be the first (5.00 / 2) (#2)
    by inclusiveheart on Sun Jun 27, 2010 at 08:58:40 AM EST
    to go.

    'Need to Hold People Accountible' - HA!!! (5.00 / 1) (#3)
    by pluege2 on Sun Jun 27, 2010 at 08:59:14 AM EST
    That creep can't be serious. The criminals that have destroyed the economy and thrown millions out of work are his brethren the plutocrats that reap huge salaries and obscene bonuses, and are given golden parachutes with total disregard for the performance of the corporations they run. The incompetence and insidiousness of the plutocrat is completely unaccounted in the US.

    And of course there's the bush criminal regime lying the nation into illegal unnecessary war; violating the law and human decency with their torture, indefinite detention, black sites, and extraordinary rendition; and illegal spying on Americans. Where's the accountability for the plutocrats of the bush-criminal regime as masterminds and executors of their illegal sadistic activities. Of course this creep and his fellow plutocrats step in to stonewall any truth getting and instead, incredibly bestow statesman status on the bush criminals instead of the life in prison without parole that the monsters deserve.

    The absolute chutzpah of the plutocrats is so incredible its obscene in and of itself, without even going to their indecency and staggering arrogance. These are really, really sick and distorted human beings, barely worthy of the classification of human.

    And people here think I'm crazy for (5.00 / 1) (#5)
    by observed on Sun Jun 27, 2010 at 11:37:25 AM EST
    wanting harsher penalties for white collar criminals!
    Maybe we need usury laws with teeth!
    Send those CC execs and payday loansharks to  a tough prison cell for their excesses.

    We Effectively Have it (none / 0) (#4)
    by jarober on Sun Jun 27, 2010 at 09:16:14 AM EST
    The Democrats gave us something a lot like this last year:

    -- You can't discharge student loans in bankruptcy
    -- The feds took over most student loans
    -- If you fall into arrears, they'll garnish your wages

    It's not prison, true.  But it's something akin to indentured servitude.  The entire edifice of of higher education, as currently paid for, is just a horror show.

    BS (5.00 / 1) (#7)
    by squeaky on Sun Jun 27, 2010 at 12:28:06 PM EST
    Students might just have a lot more to thank Al Franken for than the years of laughs on Saturday Night Live. Senator Franken, along with fellow Democratic Senators Richard Durbin of Illinois, and Sheldon Whitehouse of Rhode Island, have reportedly introduced a bill that will make it far more possible for borrowers to discharge private student loans in bankruptcy, which have been generally shielded from bankruptcy discharge since 2005....

    Thanks to a provision the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act signed into law by then President George W. Bush, the current law only allows the discharge of private student loans in bankruptcy after a showing of "undue hardship," the same requirement that is made for federal or non-profit backed student loans. Undue hardship requires a separate showing to a bankruptcy judge proving, in essence, that the borrower would never be able to pay off the loan. This is an extremely difficult legal standard to meet.



    The protected status currently allocated to private student loans in bankruptcy wasn't always the case. Until a change in bankruptcy laws five years ago, private student loans, like credit cards, car loans, and other privately issued debts, were dischargeable in bankruptcy.

    But in 2005, as a bankruptcy reform bill -- eventually signed into law by President George W. Bush as the Bankruptcy Abuse Prevention and Consumer Protection Act (S. 256) -- was taking shape, a provision was added to recategorize private student loans as education loans, granting private student loan lenders the same protections against debt write-offs in bankruptcy as the federal government, which issues federal student loans that are subsidized by taxpayers.



    FM and FM (none / 0) (#6)
    by waldenpond on Sun Jun 27, 2010 at 12:07:06 PM EST
    Fannie and Feddie regs changing also.  It is appropriate for corps to only consider the bottom line but if an individual does, our Democratic led Congress has decided they need to be punished.... if an individual walks away from an upside down loan the elites refuse to renegotiate, the borrower will be (if not in effect already) banned from ever receiving loans connected to FM/FM programs forever.  So much for the reparation of bankruptcy.

    If corporations are people too (none / 0) (#8)
    by Militarytracy on Sun Jun 27, 2010 at 01:54:39 PM EST
    how come they are the only ones who are entitled to entitlements?

    Not true (5.00 / 1) (#9)
    by NYShooter on Sun Jun 27, 2010 at 02:25:39 PM EST
    Any of us little people (with 10 million to "contribute") can get entitlements also.

    Please be factual.