The first law that should be repealed in the United States is the 2005 Bankruptcy Bill: Will Obama eliminate debt slavery?

Our centralized government representatives would like us to believe that the subprime mortgage crisis was not expected, however, the truth is that it was expected and authorities knew that a multi-billion dollar crime was being committed.

The Scam

In 1999 the New York Times reported that the easing of credit requirements on loans would mean that Fannie Mae would be “taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's… ‘If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’” This was reported in 1999.

In 2004, “Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling, if little-noticed, prediction: The booming mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators and billions in losses were possible. ‘It has the potential to be an epidemic,’ Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But, he added reassuringly, the FBI was on the case. ‘We think we can prevent a problem that could have as much impact as the S&L crisis,’ he said.”

The Bill

So what did our regulators, politicians and institutions do to protect the average American citizen from this scam? In 2005, they created Debt Slavery by passing The Bankruptcy Bill.

After years of lobbying, the “dream bill for credit card and financial service companies” finally came into effect in the United States. Three years ago the financial institutions that were preparing for the coming crash were able to lobby Congress to pass the ‘Bankruptcy Bill.’ This law that took effect in 2005 created what is now widely referred to as Debt Slavery and is “the biggest rewrite of U.S. bankruptcy law in a quarter century”.

The Bill was conveniently introduced at a time when US household debt was at an all time high.

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The Implications

Those who were wise enough to realize what the implications of the Bill would be, declared bankruptcy before it took effect. Those unfortunates who have been caught unaware are now just realizing that corporations, whose debts are wiped clean when they declare bankruptcy, have more rights than they do. Unfortunately, since personal bankruptcies have been surging, many people are finding out about their slave status the hard way.

In essence, people have become second class citizens next to corporations in the United States.

The Bailout

The Emergency Economic Stabilization Act of 2008, also referred to as the $700 billion bailout, has added trillions of dollars of liabilities, that are worth pennies on the dollar, to the national debt, and the American citizen will be responsible for paying back this, and their own personal debt, with interest.

To make sure that everyone will pay back this debt, our financial and political institutions conveniently passed the 2005 Bankruptcy Bill, making it much harder for people to get a fresh start by declaring bankruptcy. Multinational corporations however, can seek bankruptcy protection any time they want, and by doing so they may become eligible for financial ‘assistance’ from the taxpayer.

The kicker is that they passed the Bankruptcy Bill a year after the FBI stated that they were investigating shady dealings in the mortgage sector.

The Solution

If the next US administration is truly for the people, then the first law to be repealed should be the 2005 Bankruptcy Bill. This will be a change that the people may begin to believe in, and might indicate that Obama is what he is perceived to be.

Additional recommendations on what should take place in the coming months and years was summarized by a member of Guerrilla News Network in the following letter:

Hello Mr. President,

Congratulations again on your impressive and unlikely victory. Surely you must know or suspect that you have run virtually unopposed so that you can be overseer for “the end of the world as we know it”. However, with a little cunning, you (and we) may yet come out of this mess with hope intact.

My suggestions

1. Don’t use taxpayer money to buy “toxic debt” – credit default swaps don’t have enough substance to even qualify as debt.

2. Don’t use taxpayer money to stimulate loans to taxpayers – we’ve run up our credit cards enough, we’d only use the money to pay taxes. Since all the jobs have gone overseas, there’s no longer a viable consumer class here – you can stimulate a dead consumer, but you can’t make him spend.

3. Do dump the Fed – the days of creating “wealth” by issuing debt are gone. The economy can’t continue to expand indefinitely in a finite world and we’ve run up against the limits.

4. Do start printing money – our own money – and issue it without debt as a reverse tax in the amounts needed for the convenient trade of goods and services.

5. Do aspire to a zero growth economy – we’ll circulate the money through entertainment, sports, art, recycled and retrofitted goods, and renewables.

6. Do educate yourself, and all of us, about green building, green gardening, and sustainable local economies. Visit Cuba before Castro dies.

7. Finally, get out of our way.

Good luck, this may turn out to be the best thing that ever happened to us.

Sincerely, ChickenMa