Political Quotes

“I am what I classify as a moderate Democrat, and I think that reform of bankruptcy is something that is necessary. I think there has been an abuse in the country. I would say some of the abusers are in the banking industry themselves, by sending out these credit cards to people that are even in bankruptcy are receiving credit cards. But forgetting that, as we may, this is really a killer amendment for me and I think a lot of moderate people who would like to support bankruptcy. This is opening up the largest loophole in the whole bankruptcy act. This is saying to people, come to Florida, Texas, figure out what you are going to do, and shelter your assets. You are saying to people in Pennsylvania and 45 other states that will not have any great benefit from this loophole, oh, you are going to be able to be wiped out in bankruptcy. You can only keep $16,500 of your exemption. But if you come to Florida, and even if you participated in fraud, abuse and theft in the savings and loan industry, you can remain living in your $5 million mansion and you have wiped out all other creditors through bankruptcy, because we have this exemption. I understand we have this teetering and tottering here. We have some people that are for states' rights and they want the ability to have the exemption, but, on the other hand, they want to have a national statute that makes the credit card owner pay for it. I say pox on both our houses.”