What do Steve Israel, Chuck Schumer, Joe Biden, Harry Reid, Hillary Clinton and Barney Frank have in common? They all voted to enslave young college students with non-dischargeable student loans. When it comes to Student Loans, the Democrats have been among the leading forces in socking it to young people. Large lenders have used their money and influence to get key Democrats in the House and Senate to do their bidding to financially enslave young College graduates. They became huge debtors through the Federal Student Loan programs and many can’t find work to pay the loans back. Here’s how it happened:
Bankruptcy has been around since at least 1787. In the United States, it is a matter placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
The large U.S. Lenders, called affectionately the "Banksters" by the Occupy Wall Streeters, decided that they wanted to force College Students to become permanently indebted to them and the way to accomplish this was to change a section of the Bankruptcy Code concerning non-dischargeability. Since the founding of our country, individuals that are drowning in debt have a solution through bankruptcy filing, to get a fresh start. In order to temporize this great individual power, the U.S. Congress enacted some lender safeguards for the bad actors who are really trying to cheat the lenders.
Section 523 of the Bankruptcy Code makes certain debts non-dischargeable. Almost all of the non-dischargeable provisions concern debtors acting in bad faith, i.e. running up debt dishonestly in order to use a bankruptcy filing as a way to have their cake and eat it too.
The Banksters weren’t satisfied with the provisions in Section 523, and, during the Clinton administration, they got their Congressmen to introduce the Bankruptcy Reform Act of 1999. Under the proposed Act, a new category of bad actors was created, the College student. The new, non-dischargeable debts would be "an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit."
The 1999 bill passed the House and Senate but never became law during this term. However, in 2001, the issue was revived in the Bankruptcy Reform Act of 2001. The 2001 Act had the very same student loan provisions making them non-dischargeable. This too was voted on by both House and Senate. It never became law.
Finally, in 2005, the Bankruptcy Act was finally passed and signed into law. The 2005 bill, called the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, or "BAPCPA" for short, once again had the very same student loan language as the 1999 and 2001 attempts. With the passage of BAPCPA, student loan obligations became eternal, and would last for a student’s life time. If a 21 year old graduated from college with $50,000 in debt, he or she would be permanently obligated until the debt and all interest and fees were paid, no matter what the student’s situation was. With the new bankruptcy law, student loans became like tattoos, easy to put on but permanent and almost impossible to remove.
The Republicans get a bad wrap from the Occupy Wall Streeters. Republicans are known as being hardnosed and rigid when it comes to handouts, whether with welfare or in loan forgiveness. The Democrats, on the other hand, have tried to painstakingly identify themselves as the warmer, softer, party. The Dems would like to be known as the party that likes welfare, likes to help those when they are down, likes those that are down and out. If you look at the Main Stream Media’s description of Republicans and Democrats, the Dems are indeed the kinder softer, party.
So how did this mean old Bankruptcy law get passed if it seeks to make debt slaves of young people who merely strived to improve their lot in life? In large part it was the very Democrats that have been lauded in the New York Times, Washington Post and, of course, New York Magazine, among other left-wing liberal media outlets.
We took the time to see who voted to enslave young college grads by voting for any of the three attempts to make student loans non-dischargeable. We expected Republicans, but among the list were pretty much all of the Democrats’ movers and shakers, especially New York based Dem Politicians. See the list below.
Joe Biden of Delaware
Steve Israel of New York
Steny Hoyer of Maryland
Anthony Wiener of New York
Harry Reid of Nevada
Hillary Clinton of New York
Barney Frank of Massachusetts
Charles Schumer of New York
Max Baucus of Montana
Patrick Leahy of Vermont
Carl Levin of Michigan
Barbara Mikulski of Maryland
Diane Feinstein of California
Ronald Wyden of Oregon
Debby Stabenow of Michigan
Kent Conrad of North Dakota
Daniel Inouye of Hawaii
Mary Landrieu of Louisiana
Joseph Lieberman of Connecticut
Ben Nelson of Nebraska
Alcee Hastings of Florida
James Clyburn of South Carolina
When you look at the Republicans who voted for BAPCPA, you are not surprised. Republicans are hard nosed when it comes to debt repayment and ought to be affiliated with the Banksters, if you listen to the Occupy Wall Streeters. They are acting out of their established principals and philosophy. But when you see this "murderer’s row" of Democrats that have openly supported and voted to make student loans non-dischargeable, you have to conclude that they are acting out of hypocrisy. It doesn’t take much research to find that most of the Dem names above are funded and supported by the very Banksters that the OWS crowd is demonstrating against. For the OWS crowd, we have included a montage of Congressional Dems. Print it out. It makes a great dart board.
Mike Robinson is Sr. Partner at Robinson & Henry P.C., ph. 303-688-0944, a Castle Rock, CO Law Firm.