- Politics and Social Issues
Bankrupcy hurts Hillary
Senator Warren of Massachusetts, has some interesting allegations against former secretary of state Hillary Clinton. In Warren’s book “the Fighting Chance,” she mentions a discussion she had with the former first lady, on the topic of bankruptcy.
A bankruptcy overhaul had been passed and sent to President Clinton to be signed into law. The senator saw one last hope in the first lady, Hillary Rodham Clinton. That day was an eventful one when the first lady declared “…she would fight of behalf working families, against that awful bill,” according to the senator’s book. She stuck to her promise, soon her husband sent that bill back to congress, without his signature on it.
The bill focused on deregulating the banking industry, by allowing them to increase loan amounts while simultaneously having higher interest rates. This would give the banks free reign of the banking industry, but it would also cripple the economy. By allowing the banks to give loans to anyone they want, for however much they want and with any interest rate they could imagine, you were setting up the banks for disaster
It failed, the story seemed to be over and it looked like the first lady was the unlikely hero, until she became senator Clinton. The bill came back up and this time stronger than ever. You’d think our hero would save the day again, fighting the bill with all her might right? Sadly, you’d be wrong. When the bill came to the senate floor, she voted for the bill not against it, just like 83 other senate members. Senator Warren described the dilemma in “The Two-Income Trap” spelling it out for readers “Had the bill been transformed to get rid of all those awful provisions that had so concerned First Lady Hillary Clinton? No, the bill was essentially the same, but Hillary Rodham Clinton was not.”
Once again, the bill failed in another branch of the government so it was not yet law. In an epic finale, our hero would face its foe one more time, challenging it beyond belief…or not. When the bill came back once again to the senate, it still failed, but this time without the support of Hillary Clinton. But she didn’t vote against it either, she didn’t even vote, against a bill that she had called “awful.”
Some people think this won’t affect her 2016 campaign like Todd J. Zywicki, a professor at George Mason University who supported overhaul. He said the bill was “…the beginning of the idea that anything the banks are for must be bad.” Explaining that “It’s a gift to people who pay their bills and are willing to pay a little bit more for those who can’t, but aren’t willing to pay a little bit more for those who don’t want to.”
Other professionals think differently like Charles J. Tabb, another professor but from University of Illinois who was against the legislation says that it”…shows the power of the consumer credit industry and our campaign finance world.” and “She did a 180 once she became senator,” he said. “It was galling.” Now Hillary Clinton did respond to these accusations in 2008, when she was asked if she regretted voting in favor of the measure, her response was “Sure, I do,” saying in addition, “I was happy that it never became law.” But this still leads to one last question, can we trust Hillary Clinton?