Maxed Out - Another Bush Legacy

I just got done watching a movie documentary called Maxed Out: Hard Times, Easy Lenders, And Predatory Lenders. It was quite an eye opener, exposing the unchecked evil that permeates the credit card industry.

During the documentary we got to see scumbags who work as debt collectors for a living. Despicable human beings that traded on the misery of others for a fast buck. And we got to witness another dreadful chapter of the endlessly revolting Bush era. Then we got to see the heart rending stories of those who had fallen victim to predatory and irresponsible lending.

It is rather interesting that this movie was put out in 2006, because it was a remarkably prophetic piece. Interlaced throughout the movie were several red flags that appeared to speak of the storm gathering on the horizon. And of course a couple of years later we all know what happened.

While there were several snippets of fascinating information in the documentary (including the fact that the loan sharks who bankroll check cashing services are often major corporations within the banking industry) was the roll of George Bush in helping to cause yet more human misery.

Shortly after beginning his second term, George Bush announced to the American people that too many people were simply skipping out on their responsibilities by filing bankruptcy. He signed a new law in April 2005, that basically turned bankruptcy courts into collectors for the credit card companies.

Loan sharking credit card companies were lending money like crazy to anyone and everyone, including those with no means to pay it back. Once the victim got to a point where he or she could no longer cope with the debt, massive fees and penalty interest rates would be applied until quite often the original debt had ballooned threefold.

The money making scheme was working just great. Sure it wrecked lives, but profits are profits right?

Unfortunately the thorn in the side of these companies was that pesky consumers would go out and file bankruptcy and the credit card companies that helped drive them to bankruptcy would lose some of their profits.

So during 2004, they assisted George Bush get re-elected to the tune of millions of dollars in campaign contributions. MBNA alone donated $5.2m. Citi and Morgan Stanley kicked another eight million dollars into the fund.

As if by magic, four months after he takes the oath of office, George Bush closes the 'loophole' that protected bankruptcy victims from evil corporations.

The documentary is certainly worth looking at. Especially in the historical context of what transpired in the two years that followed its release.

It truly is just astonishing how many different ways George Bush found to fuck with us. And it is quite amazing how many victims of George Bush policies still vote Republican. They must be FUCKING STUPID.