Thursday, May 14, 2009

Who Gets Credit for Backing Joe Biden's Line of Credit?

With credit card reform being debated in Congress our "people's" Vice President Joe Biden has been unnaturally silent on the bill and the criticism of the credit card companies. He should be silent. It is much harder to stick your foot in your mouth when your mouth is closed, or is that sealed shut.

Maybe it is for good reason. Look at the position of his boss, President Obama, who has railed against lobbyist money and attacked the unscrupulous practices of the giant credit card companies.

The New York Times and The Wall Street Journal have reported that Joe Biden, D-Del., took more than $200,000 in campaign contributions from Delaware based credit card giant MBNA during his 35-year career in the U.S. Senate.

Consumer advocates may take a harsh view of Biden’s vote in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The law was the first major re-write of the bankruptcy code in over 30 years, and, according to critics, made it harder and more expensive for lower and middle-class consumers to file for bankruptcy. Biden may have reason to regret that vote.
Robert Lawless, a bankruptcy law professor at the University of Illinois-Champaign, said Biden and other legislators apparently viewed that bill "as a 'free vote' to benefit their corporate constituencies. Now most people think that law was a disaster and that vote is coming back to haunt them, especially with this ongoing consumer credit crisis."

The credit card and banking lobby, including Biden-donor MBNA, pumped millions of dollars into Congress over 10 years to help get approval of that bill. Biden worked for the bill for ten years and voted for it in 2005, while Obama was one of the 25 senators who voted against it.

During the same time Biden's son was getting a very lucrative job and lobbying contract from MBNA. Needless to say Biden insists the fact his son was a hired lobbyist at the same time his dad was championing the MBNA bill and stripping consumers of their rights had no relationship, nor did the $200,000 MBNA poured into his federal campaigns.

So can somebody please tell me what is transparent and new about this Administration? The only change I see in this new Administration it that fat cat Senators or Vice Presidents can now change their vote and act like they really didn't take all those contributions, act like their son really is not a lobbyist for the same credit card companies and be comfortable with such a house of cards because the liberal media will never be able to question the real record of our VP.

Did I mention MBNA also purchased a million dollar house from Biden? I wonder what kind of line of credit Biden earned after all those years of protecting the credit card industry?

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