Welcome to the land of the corporate hand outs.
2007-08-06 13:08:49 · 12 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Bush & the (then) GOP controlled congress...just to clear things up
2007-08-06 13:16:07 · update #1
Right, individuals can't file for bankrupcy even though 90% of bankrupcies are due to inability to pay medical bills.
Happy Birthday, health care companies,
Happy Birthday, credit card companies........
Happy Birthday, pharmaceuticals......
Happy Birthday to you!
2007-08-06 13:23:54 · answer #1 · answered by Mitchell . 5 · 3⤊ 1⤋
The President, regardless of who they may be or which Party they belong to, merely enacts legislation by signing it into law: Two houses of Congress must agree to and pass some sort of Bill to place on the Presidents desk prior to that happening.
Filing for Chapter 11 does not absolve the company of their debt, it only serves as a means for them to attempt to become profitable again. The management of the company continues to run the company, but all financial decisions are made by a Bankruptcy Court once they file for protection. In a nutshell, it's an attempt to pay off their debts and become a profitable company. Not all companies are able to return to a profitable status.
Chapter 11 is not necessarily a bad thing in that it's better to have a company or individual repay their debts late and in full than for those bad debts to be written off entirely and passed on by way of increased costs to the consumer at time of purchase (and yes any bankruptcy claim means an increase in costs in some form to the consumer).
2007-08-06 13:56:19 · answer #2 · answered by Barney Fife 2 · 0⤊ 0⤋
Companies have been getting bailed out for years, look at the airline industry, a sinking ship that stays afloat because our government uses tax payers to keep the airlines operating, meanwhile a majority of the tax payers could care less about being able to catch convenient flights to popular destinations at all hours because most people don't have the luxury of having to spend someone else money to travel. Why does this have anything to do with Bush? You know schumer wants the tax payers of NY to pay for the mortgages of morons that can't afford their mortgages anymore, too bad Schumer doesn't want to bail me out on my car payment or house payment or credit cards while he's at it.
2007-08-06 13:14:30 · answer #3 · answered by eldude 5 · 2⤊ 1⤋
Oh, it was quite explicitly known when that bill was voted on that it only made it harder for individuals to declare bankruptcy, not corporations. There was a lot of protest because of that.
2007-08-06 13:12:00 · answer #4 · answered by Anonymous · 5⤊ 1⤋
Because Bush is a worthless corporate animal who believes that corporations should be entitled to benefits that citizens aren't. -RKO- 08/06/07
2007-08-06 13:18:18 · answer #5 · answered by -RKO- 7 · 3⤊ 2⤋
Just part of fascism. Corporations good. Citizens bad.
2007-08-06 13:22:46 · answer #6 · answered by Mr.D 2 · 2⤊ 1⤋
Lesson in government 101: Bush does not make laws. Congress makes laws.
2007-08-06 13:13:47 · answer #7 · answered by Aldo the Apache 6 · 5⤊ 3⤋
Yeah. It's the Presidents fault they had poor management
2007-08-06 13:22:18 · answer #8 · answered by 1st Buzie 6 · 0⤊ 2⤋
Excuse me, since when is it the government's job to bail you out if you buy a house you can't afford. Thought so.
2007-08-06 13:16:16 · answer #9 · answered by Anonymous · 3⤊ 4⤋
excellent point.
2007-08-06 13:11:25 · answer #10 · answered by CHARITY G 7 · 3⤊ 3⤋