Hostile Takeover...Debt

After taking last week off, I hope to finish Hostile Takeover this week. Chapter 4 of Hostile Takeover is about Debt and most of it is written about the Bankruptcy Bill that was passed in 2005. It isn't just one party that supports the hostile takeover by the Credit Card companies, Democrats, such Evan Bayh and Joe Biden and former Democrat Joe Lieberman get mentioned a lot in this chapter. On to the quote...

As journalist Mark Reutter noted in the Washington Post, the new bankruptcy law cracks down on ordinary citizens but "keeps intact the legal system by which corporations can shed certain employee obligations" - a euphenism for companies reneging on their pension, wage, and health care promise to workers. Thanks to the disparity, "federal bankruptcy court has become the venue of choice for sophisticated financiers and corporate managers seeking to pull apart labor contracts and roll back health and welfare programs at troubled companies."

Read more from Hostile Takeover...
Introduction
Jobs
Wages