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Elizabeth Warren on fighting back against corporate giants

Elizabeth Warren on fighting back against corporate giants

(25:28) Massachusetts senator Elizabeth Warren talks to Bill Moyers about the corporate interests that have infiltrated government. Her book 'A Fighting Chance' is available from: Amazon.co.uk , and Amazon.com

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Guest: Gizas (1100 days ago)

USA, don't fFF uUckKKK up again.

Elizabeth Warren for president 2016!!

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USA, don't fFF uUckKKK up again.

Elizabeth Warren for president 2016!!

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cengland0 cengland0 (1100 days ago)

I worked for those credit card companies all throughout the 90’s and welcomed the change in bankruptcy laws. Mrs. Warren did not work for a credit card company at that time so she did not see the other side of the issue.

A credit card holder would take advantage of the current laws. They knew they were about to file for bankruptcy and would charge up to their credit limit taking elaborate vacations and then filing for bankruptcy. The bank was victimized when that happened. The consumer got a free vacation (or merchandise) and it was paid for by the banks. The laws were changed to make abuse more difficult and that’s why it was called the Bankruptcy Abuse Prevention and Consumer Protection Act.

Another benefit to the new law was that the property purchased on those credit cards were likely to be taken back by the credit card companies like in a repossession. The debtor should not benefit from merchandise that they cannot and did not pay for and the creditor should be able to sell the property to recover some of the losses. The debtor could reaffirm some of the loans like on their car to prevent from all their property from being repossessed.

Also during this same time period, the credit card companies (at least the ones I worked for) were offering free customer credit counseling services. If they successfully completed the counseling, we would adjust their minimum payments and interest rates to help them pay and still keep their merchandise. However, if after helping these customers, if the customer failed to meet their part of their obligation, then they could be dropped from the program.

So the senator is wrong again. Banks didn’t lobby for the change to squeeze out more money from each customer. It’s to prevent from more losses. Losses are bad for companies and no company can succeed if they have losses year after year.

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Original comment

I worked for those credit card companies all throughout the 90’s and welcomed the change in bankruptcy laws. Mrs. Warren did not work for a credit card company at that time so she did not see the other side of the issue.

A credit card holder would take advantage of the current laws. They knew they were about to file for bankruptcy and would charge up to their credit limit taking elaborate vacations and then filing for bankruptcy. The bank was victimized when that happened. The consumer got a free vacation (or merchandise) and it was paid for by the banks. The laws were changed to make abuse more difficult and that’s why it was called the Bankruptcy Abuse Prevention and Consumer Protection Act.

Another benefit to the new law was that the property purchased on those credit cards were likely to be taken back by the credit card companies like in a repossession. The debtor should not benefit from merchandise that they cannot and did not pay for and the creditor should be able to sell the property to recover some of the losses. The debtor could reaffirm some of the loans like on their car to prevent from all their property from being repossessed.

Also during this same time period, the credit card companies (at least the ones I worked for) were offering free customer credit counseling services. If they successfully completed the counseling, we would adjust their minimum payments and interest rates to help them pay and still keep their merchandise. However, if after helping these customers, if the customer failed to meet their part of their obligation, then they could be dropped from the program.

So the senator is wrong again. Banks didn’t lobby for the change to squeeze out more money from each customer. It’s to prevent from more losses. Losses are bad for companies and no company can succeed if they have losses year after year.

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tornadodog tornadodog (1100 days ago)

so banks never gave credit to people who they new could never pay it back did they?? or never tried to sell off these toxic loans to other banks?? or where never fined for selling toxic loans?? people are to blame for what they do but so are banks if not more so

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so banks never gave credit to people who they new could never pay it back did they?? or never tried to sell off these toxic loans to other banks?? or where never fined for selling toxic loans?? people are to blame for what they do but so are banks if not more so

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cengland0 cengland0 (1100 days ago)

I don’t know what you’re trying to get at. Martha Stewart was found guilty of insider trading. So should all of Wall Street (a.k.a., the stock market) have been put in jail?

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I don’t know what you’re trying to get at. Martha Stewart was found guilty of insider trading. So should all of Wall Street (a.k.a., the stock market) have been put in jail?

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Guest: Div0 (1098 days ago)

Don't be flippant.. you understand perfectly what he said CEngland and yet you use the example of a client who plays the system rather than the establishment itself.. that's lame...

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Don't be flippant.. you understand perfectly what he said CEngland and yet you use the example of a client who plays the system rather than the establishment itself.. that's lame...

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cengland0 cengland0 (1098 days ago)
Latest comment:

Let me try again.

There was a well known murderer on the loose called the BTK Killer. People hired ADT Security Services to install alarms to keep the BTK Killer out of their homes.

Dennis Rader was determined to be the BTK Killer and worked for ADT Security Services as an alarm installer and was convicted of murdering 10 people. The people who hired ADT Security Services were unaware that the BTK Killer himself was installing the alarms. Should ADT Security Services be put in jail too?

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Latest comment:

Let me try again.

There was a well known murderer on the loose called the BTK Killer. People hired ADT Security Services to install alarms to keep the BTK Killer out of their homes.

Dennis Rader was determined to be the BTK Killer and worked for ADT Security Services as an alarm installer and was convicted of murdering 10 people. The people who hired ADT Security Services were unaware that the BTK Killer himself was installing the alarms. Should ADT Security Services be put in jail too?

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