Not that they have much choice, given out particular system and current state of affairs

Quote of note:

The law is littered with abuses like the bankruptcy bill: measures that benefit a narrow economic interest at the expense of the broader public good. Most Democrats, like Biden, are smart enough to oppose most of them. But there's almost always a Democratic senator or two willing to shill for their home state industry's favorite abusive privilege.

When Democrats Join the Dark Side
Their kowtowing to home-state industries props up the Republicans.
JONATHAN CHAIT
March 4, 2005

Not long ago, I was listening to Sen. Joe Biden (D-Del.) being interviewed, and I was struck at how intelligent and morally serious he was. Biden is justly viewed as a smart foreign policy hawk, but he also expressed his opposition to Social Security privatization in a particularly lucid way.

All in all, he came across as just the sort of person you'd like to have as president.

There's just one issue that's the exception. And that's what's wrong with most of the Democrats: There's always one issue that's the exception...

...The worst abuses are loopholes allowing corporations or wealthy individuals to declare bankruptcy and keep millions of dollars safe from creditors. One such device is something called an "asset protection trust"   a kind of savings fund that can't be touched by creditors. States actually compete with one another to offer the most generous trusts so they can lure businesses and affluent individuals to park their money in that state.

The most popular state for such trusts is corporate-friendly Delaware.

Delaware, of course, is home to Joe Biden. It's also home to many credit card companies, the driving force behind the bankruptcy bill. You don't have to connect a lot of dots to see the picture here.

The law is littered with abuses like the bankruptcy bill: measures that benefit a narrow economic interest at the expense of the broader public good. Most Democrats, like Biden, are smart enough to oppose most of them. But there's almost always a Democratic senator or two willing to shill for their home state industry's favorite abusive privilege.

Posted by Prometheus 6 on March 4, 2005 - 7:15am :: Economics | Politics
 
 

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