Harvard Law Professor Elizabeth Warren is running for Senate in Massachusetts. “The pressures on middle class families are worse than ever, but it is the big corporations that get their way in Washington,” said Warren, in a statement obtained by The Huffington Post. “I want to change that. I will work my heart out to earn the trust of the people of Massachusetts.”
Warren, who advocated the creation of a new federal agency intended to protect consumers, was snubbed by Senate Republicans for appointment as the head of the new agency. Warren was an outspoken opponent to the ill-advised bankruptcy “reform” act in 2005 which passed Congress after being bankrolled by the big banks.
Political commentator Warren Graham recently noted that Bankruptcy “Reform” was the failure Elizabeth Warren predicted: “Four out of five would-be bankruptcy filers were forced into dire financial straits by circumstances beyond their control, such as the loss of a job, catastrophic medical expenses or the death of a spouse. It is almost certain that, due to the dramatic increase in administrative expenses and new hurtles to recovery of preferential transfers created in the new legislation, unsecured creditors are likely to be receiving less, not more, in bankruptcy dividends and distributions.”
Elizabeth Warren, in 2005, made substantially similar comments about the proposed new bankruptcy laws, noting that the vast majority of filers faced unemployment, crushing medical bills, medical disability, divorce, or a combination of all of these prior to filing bankruptcy. Despite all the clear evidence against the mean-spirited bankruptcy “reform” proposals, cash from the big banks funneled into the campaigns of Democrats and Republicans alike resulted in passage of yet another senseless piece of federal legislation.
It never ends. Congress for sale? Read more about bankruptcy reform (click here)..