Lou Dobb's on Congress and Bankruptcy Reform

Posted on September 29, 2005 by Kevin Chern Esq.

PILGRIM: New bankruptcy laws take effect on October 17th. If people earn more than the median income in their state and declare bankruptcy, they'll be forced to repay their debt. So the escape hatch for many of these families, Lou, is closing very fast.

DOBBS: Yes, this is utterly an assault on the middle class right now. It is absolutely unconscionable what Congress did with the bankruptcy law. Is it a travesty by any standard.

And the idiots at the U.S. Treasury Department suggesting raising minimum payments on credit cards at this point when so many families are strapped in this country is utterly, utterly mindless.

PILGRIM: Many of the debt experts are saying this is the perfect storm. This is a disaster for middle America.

DOBBS: It's just imperfect leadership on the part of our elected officials, storm or not. Thank you very much.

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