Way back in 2003, Warren—a pretty, blue-eyed former Republican farm girl from Oklahoma who rose to become one of Harvard Law's rare female tenured professors—and her daughter published a groundbreaking study of Americans' financial woes titled The Two-Income Trap. The book arose from Warren's tenure as senior adviser to Bill Clinton's National Bankruptcy Review Commission, which might, like TARP, also have become a study in frustration. Handed the task of figuring out how bankruptcy rates could be higher than during the Great Depression—and rising—in prosperous times, Warren was denied the cooperation of the financial industry. So she decided to pore over thousands of pages of federal surveys of household spending patterns that had been ignored for decades. What she found was that modern American households are worse off than their counterparts of a generation ago, even with an additional breadwinner—hence, the title. Today's families literally cannot afford not to borrow, and unregulated financial products, with their limitless interest rates and myriad fees, are literally killing them.
He goes on to give her much praise calls her his hero that's nice you should read the whole article one of the parts I wanted to point out was this...
Warren brought her research to Capitol Hill in 2005, when Congress took up legislation to restrict Americans' access to bankruptcy, a tradition that predates the Bill of Rights, but, as it turned out, the vast majority of politicians were as eager to hear it as the queen of talk. Led by Wisconsin Republican James Sensenbrenner, Congress member after Congress member took the floor to disparage broke Americans as "gamers" before throwing them to the wolves. In retrospect, the inaptly named—and horrifically timed—Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was a warm-up for TARP, sending the message that even Democrats would bail out the banks rather than the middle-class families struggling to make ends meet.
Again thats nice but I read the whole article and the reason I wanted to point that out was no where in the article does it tell how The Resident voted on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 odd (extreme sarcasim) do you think he does not know it would seem to me to be a most important part? Well I know and I am sure the Banks who (paid ) contributed to The Resident plenty knew too he voted for Banks against the pleas of many.
Seven of the Obama campaign's top 14 donors consisted of officers and the same employees of the same Wall Street firms charged time and again with looting the public and newly implicated in originating and/or bundling mortgages they now call Toxic Assets. BAILOUT LOOTING NOW!
These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse. There is also a large hedge fund, Citadel Investment Group, which is a major source of fee income to Wall Street. There are five large corporate law firms that are also registered lobbyists; and one is a corporate law firm that is no longer a registered lobbyist but does legal work for Wall Street. The cumulative total of these 14 contributors through February 1, 2008, was $2,872,128, while the resident was still in the primary season. (Source Open Secrets)