♪ ♪
NO
♪ ♪
>> John: HI THERE!
WELCOME TO THE SHOW.
STILL TAKING PLACE
IN THIS BLANK VOID.
I'VE NICKNAMED IT
"PRINCE PHILLIP'S COFFIN"
BECAUSE IT'S A SAD LITTLE BOX
CONTAINING A RAPIDLY DECOMPOSING
BRITISH MAN.
AND LOOK, IN THE WAKE OF
THE SHOOTING OF DAUNTE WRIGHT
LAST SUNDAY, I CAN SAFELY SAY:
THIS WEEK HAS BEEN A FUCKING
NIGHTMARE.
FROM THE NEWS HE WAS PULLED OVER
FOR MINOR TRAFFIC VIOLATIONS,
INCLUDING HAVING AN
AIR FRESHENER HANGING
ON HIS REAR VIEW MIRROR,
TO THE 26-YEAR-VETERAN OF
THE POLICE FORCE WHO KILLED HIM
CLAIMING IT WAS SOMEHOW AN
ACCIDENT, TO THE LOCAL POLICE
DEPARTMENT FLYING A THIN BLUE
LINE FLAG AFTER THE SHOOTING.
WHICH IS JUST CORN-FED,
DEEP FRIED BULLSHIT.
THE WEEK SANK INTO A
DEPRESSINGLY FAMILIAR CYCLE,
WITH THE PRESIDENT INSISTING ON
"PEACEFUL PROTEST" -- WHICH IS
SO OFTEN JUST ANOTHER WAY TO
PRIORITIZE COMPLIANCE OVER
RIGHTEOUS DISSENT,
AND TO PROTECT PROPERTY OVER
HUMAN LIVES.
AND THOSE KIND OF CALLS WERE
ESPECIALLY GALLING, GIVEN
LAW ENFORCEMENT'S
ANYTHING-BUT-PEACEFUL RESPONSE,
AS POLICE FIRED TEAR GAS,
RUBBER BULLETS, AND FLASH BANG
GRENADES AT PROTESTORS,
CREATING MORE TENSION AND
ANXIETY IN AN ALREADY
EMOTIONALLY EXHAUSTED CITY.
AND LOOK, WE COULD KEEP UP OUR
PART IN THAT CYCLE.
RIGHT NOW, I COULD CITE
STATISTICS ABOUT POLICE USING
EXCESSIVE FORCE.
I COULD DUNK ON ALL THE
APPALLING RESPONSES FROM
CONSERVATIVE MEDIA FIGURES.
I COULD REITERATE, YET AGAIN,
THAT WHAT HAPPENED IS COMPLETELY
WRONG, BUT THE FACT IS,
WE COULDN'T EVEN FINISH WRITING
ABOUT WHAT HAPPENED TO
DAUNTE WRIGHT BEFORE
THE CITY OF CHICAGO RELEASED
VIDEO OF ONE OF THEIR OFFICERS
KILLING A 13-YEAR-OLD UNARMED
CHILD, ADAM TOLEDO -- FOOTAGE
WHICH CLEARLY CONTRADICTED
THE PICTURE OF AN
"ARMED CONFRONTATION" PAINTED BY
THE POLICE AND THE MAYOR,
AS WELL AS A PROSECUTOR WHO'D
SAID TOLEDO HAD A GUN IN HIS
HAND WHEN HE WAS SHOT.
WHICH HE DID NOT.
AND THAT REVELATION BEGAN
THE CYCLE OF PROTESTS,
CALLS FOR PEACE, AND POLICE
OVERREACTION ALL OVER AGAIN.
AND HERE IS THE THING.
THIS SHOW HAS BEEN ON THE AIR
FOR SEVEN YEARS NOW.
WHICH, I KNOW, SOME MIGHT ARGUE
IS EIGHT YEARS TOO MANY.
AND IN THAT TIME, WE HAVE
REPEATEDLY COVERED
THE MULTIPLE WAYS POLICE
TERRORIZE COMMUNITIES OF COLOR
IN THIS COUNTRY.
WE'VE DONE STORIES ON POLICE
MILITARIZATION, ON THEIR OVERUSE
OF MUNICIPAL VIOLATIONS
AND RAIDS, ON THEIR LACK OF
ACCOUNTABILITY, AND ON HOW
THE HISTORY OF POLICING IN
AMERICA IS INEXTRICABLY LINKED
WITH WHITE SUPREMACY.
AND I COULD MAKE THE SAME
ARGUMENTS TO YOU AGAIN NOW.
I COULD DESCRIBE THE PROBLEM TO
YOU, BUT I THINK YOU KNOW WHAT
-- AND WHO -- IT IS.
I CAN OFFER SOLUTIONS, BUT I
THINK YOU KNOW WHAT THEY ARE.
I CAN OFFER ANGER, BUT IF YOU'RE
A SENTIENT HUMAN BEING ALIVE
RIGHT NOW AND YOU'RE NOT ALREADY
FULL OF THAT, I HONESTLY DON'T
KNOW WHAT TO SAY TO YOU.
BECAUSE THE FACT IS,
BLACK PEOPLE CONTINUE TO BE
MOWED DOWN BY THE POLICE THAT
THEY PAY FOR.
AND IF YOU'VE WATCHED THE NEWS
AT ALL THIS WEEK, YOU'RE
PROBABLY EXHAUSTED.
BLACK PEOPLE IN AMERICA
DEFINITELY ARE.
NOT JUST FROM THIS WEEK,
BUT ALSO FROM THE, Y'KNOW,
EVERYTHING.
THE BLACK WRITERS ON THIS STAFF
SET UP AN OUT OF OFFICE REPLY
THAT JUST SAYS, "NAH."
AND HONESTLY, I KIND OF GET IT.
SO GIVEN ALL THAT, WE THOUGHT
TONIGHT WE'D TRY AND BREAK OUR
PART IN THIS CYCLE AND INSTEAD
ATTEMPT TO DO SOMETHING
A LITTLE BIT DIFFERENT.
BECAUSE WE'VE DECIDED TO GIVE
ANYONE WHO NEEDS IT A CHANCE TO
REGROUP.
AND THE NEXT SEVEN MINUTES ARE
FOR ANYONE WHO'S FELT CRUSHED
BY THIS WEEK.
IF YOU CAN'T WATCH THOSE CLIPS
AGAIN, WE'RE NOT GOING TO SHOW
THEM TO YOU.
INSTEAD, WE'RE GOING TO
HOPEFULLY PROVIDE SOME TINY
PIECES OF STUPID, SILLY JOY
BEFORE WE ALL PLUNGE BACK INTO
THE FIGHT.
AND SO THAT IS WHY OUR FIRST
STORY TONIGHT CONCERNS A GIANT
BUNNY.
SPECIFICALLY, ONE THAT'S GONE
MISSING.
AND IF YOU'RE THINKING, "YOU'RE
NOT SERIOUSLY GOING TO TALK
ABOUT A GIANT BUNNY RIGHT NOW,"
-- WELL, YOU HAVEN'T SEEN THE
BUNNY YET.
>> POLICE ARE SEARCHING FOR A
GUINNESS WORLD RECORD HOLDING
RABBIT.
>> DARIUS, THE RABBIT RECORD
BREAKER, LAST SEEN IN HIS
HUTCH-CUM-SHED, LAST SATURDAY.
AS THE WORLD'S LONGEST BUNNY HIS
OWNER IS DESPERATE TO FIND HIM.
ANNETTE EDWARDS TWEETED, "A VERY
SAD DAY.
THERE IS A REWARD OF 1,000
POUNDS.
DARIUS IS TOO OLD TO BREED NOW.
SO PLEASE BRING HIM BACK."
>> John: YEAH, THAT'S RIGHT,
AMERICA:
BIG RABBIT GOT TAKEN LIKE IN
"TAKEN."
LOOK AT THAT LONG LAD!
AND BY THE WAY, AN APPEAL TO
THE RABBIT SNATCHERS WITH
"BRING HIM BACK, HE'S OLD,
HE'S SHOOTING BLANKS.
HE'S USELESS"?
QUIT PUTTING DARIUS' BUSINESS
OUT THERE IN THE STREETS.
EVEN IN MIDDLE AGE, DARIUS IS
A HOTROD WHOSE GOT YEARS OF
BURROWING AND BANGING LEFT.
GIVE HIM THE RESPECT
HE DESERVES.
AND THE FACT THIS BUNNY BEHEMOTH
IS MISSING REALLY SOURS THIS
CLIP OF DARIUS AND HIS OWNER
FROM HAPPIER TIMES.
>> HE'S NOW BRINGING OUT
CHILDREN'S BOOKS, HE'S DOING
A CALENDAR, HE'S DOING
A WORLD TOUR.
THERE'S NO STOPPING DARIUS!
>> John: WELL, IT TURNS OUT
THERE WAS ONE WAY TO STOP
DARIUS!
AND THAT'S STRAIGHT SNATCHING UP
ALL 51 EXTREMELY WEIRD INCHES OF
HIM.
I GUESS PRIDE GOETH BEFORE
THE FALL, AND AGGRESSIVE
COMMODIFICATION GOETH BEFORE
THE JUMBO JACKRABBIT JACKING.
AND THE DISAPPEARANCE OF THIS
ABSOLUTE MONSTROSITY WAS NOT
THE ONLY BLISSFULLY STUPID STORY
THIS WEEK.
FOR A FEW DAYS, THE INTERNET
LIT UP WITH THE CLAIM THAT
USHER TIPPED VEGAS STRIPPERS
IN USHER BUCKS WITH HIS FACE
ON THEM.
WHICH, ON THE ONE HAND, IS
ICONIC, BUT, ON THE OTHER HAND,
IS FUCKING ICONIC.
AND I WOULDN'T BLAME THE DANCERS
FOR BEING MAD ABOUT ENDING
THEIR NIGHT WITH A THONG FULL OF
USHER SELFIES.
ALTHOUGH, I DO HAVE TO TELL YOU,
THE STRIP CLUB INSISTS USHER
DIDN'T USE FAKE MONEY TO TIP
THE DANCERS, ADDING,
"HE CONVERTED THOUSANDS OF
REAL DOLLARS TO TIP THEM" AND
"USHER WAS A TRUE GENTLEMAN."
BUT TO ME, THAT ACTUALLY MAKES
THIS STORY EVEN BETTER, BECAUSE
"USHER WAS A TRUE GENTLEMAN" IS
NOW MY FAVORITE THING I'VE EVER
BEEN LEGALLY REQUIRED TO
CLARIFY.
AND THEN THERE WAS THIS.
>> WE'RE GETTING A LOOK AT WHAT
SOME ATHLETES WILL WEAR AT
THE SUMMER OLYMPICS IN TOKYO.
RALPH LAUREN UNVEILED THESE
UNIFORMS FOR TEAM USA.
THIS ENSEMBLE WILL BE WORN
DURING THE CLOSING CEREMONY AND,
>> John: OKAY, I'M JUST GOING TO
SAY IT: THAT IS A TERRIBLE
OUTFIT.
THEY LOOK LIKE THE CAST OF
A CBS SCI-FI DRAMA THAT NO ONE'S
EVER HEARD OF DESPITE BEING ON
THE AIR FOR 16 SEASONS.
ALSO, WHY IS THE U.S. OLYMPIC
TEAM ALWAYS OUTFITTED BY
RALPH LAUREN, WHICH HAS BEEN
HANDLING IT SINCE 2008, AND HAS
CONSISTENTLY PRODUCED SHIT LIKE
THIS, THIS, AND THIS -- AN
OUTFIT THAT DOESN'T SCREAM,
"I'M GOING TO THE OLYMPICS!"
SO MUCH AS IT SCREAMS,
"YOU THINK I'M RICH NOW?
WAIT TILL MY DAD DIES!"
I'M JUST SAYING, IT IS A CHOICE
TO TAKE A DIVERSE COUNTRY OF
300-PLUS MILLION PEOPLE AND
GO WITH THE AESTHETIC OF
THE BAD GUY IN EVERY '80s
FRAT COMEDY.
ALTHOUGH TO BE FAIR, OUR OLYMPIC
OUTFITS WEREN'T THE ONLY ONES
GRABBING ATTENTION THIS WEEK.
>> HERE'S THE TEAM CANADA
UNIFORM.
>> OKAY.
I LOVE IT.
>> YOU LOVE IT?
>> I DO LOVE IT.
>> IT'S BILLED AS A TWIST ON
THE ICONIC CANADIAN TUXEDO.
>> John: OKAY, THAT JACKET IS
STRAIGHT GARBAGE.
IT LOOKS LIKE JAY LENO GOT
TAGGED BY A STREET GANG OF
EIGHT-YEAR-OLD GIRLS.
AND THAT JACKET MIGHT LOOK GOOD
ON ONE PERSON.
THE PROBLEM IS, ON A GROUP OF
HUNDREDS, THEY'RE ALL GOING TO
LOOK LIKE A HIGH SCHOOL
PRODUCTION OF CANADIAN "GREASE."
ALTHOUGH I WILL SAY,
I'VE ALWAYS FELT IT'S WRONG THAT
"CANADIAN TUXEDO" REFERS TO
HEAD-TO-TOE DENIM, AND NOT
FORMALWEAR SPECIFICALLY DESIGNED
FOR A FANCY MOOSE.
THIS BIG BOY KNOWS WHAT'S UP.
BLAST ME, KING.
AND IF THAT WASN'T ALREADY FUN
ENOUGH NEWS FROM CANADA THIS
WEEK, THERE WAS ALSO THIS:
>> THIS IS A MEMBER OF THE
CANADIAN PARLIAMENT WHO WAS
CAUGHT NAKED --
[LAUGHS]
NAKED ON A VIRTUAL
HOUSE OF COMMONS MEETING.
HE HAS SINCE APOLOGIZED IN AN
SAYING HE HAD BEEN CHANGING INTO
HIS WORK CLOTHES AFTER GOING FOR
A JOG.
QUITE WHY HE DID THAT IN FRONT
OF A CAMERA, I MEAN, WHO KNOWS.
[LAUGHS]
>> John: NOW, OBVIOUSLY,
I FEEL TERRIBLE FOR THAT MAN.
IT WAS CLEARLY A COMPLETE
ACCIDENT.
ALTHOUGH I WILL SAY, HE'S GOT
ABSOLUTELY NOTHING TO BE
ASHAMED OF THERE.
HE'S KEEPIN' TIGHT AND HE'S
KEEPIN' IT RIGHT.
HE'S MAINTAINING WHILE THE REST
OF US ARE GAINING.
A JOG?
IN THE MIDDLE OF THE WORK DAY?
THAT IS HOT MALE BEHAVIOR.
I HAVEN'T TAKEN A JOG
IN THE MIDDLE OF A WORK DAY
SINCE SEPTEMBER 11th.
AND BY THE WAY, IF YOU THINK HE
LOOKS GOOD WITH HIS CLOTHES OFF,
WAIT TIL YOU SEE HIM WITH
CLOTHES ON.
HEY, CANADA!
CHECK YOUR CARBON EMISSIONS,
BECAUSE THERE'S A MASSIVE SMOKE
STACK IN YOUR PARLIAMENT.
AND I HAVE TO SAY, IT'S TRULY
DELIGHTFUL WATCHING A NEWS
PACKAGE THAT'S JUST "TIMID MAN
POLITELY GIGGLES OVER PHOTO OF
NAKED PALE GUY," OR AS IT'S MORE
COMMONLY KNOWN: "HARD CORE
CANADIAN PORN."
AND AS IF THIS STORY COULDN'T
GET ANY BETTER, JUST WATCH HIS
FELLOW M.P. ADDRESS THE INCIDENT
IN THE MOST EXCEEDINGLY TACTFUL
WAY.
>> WE'VE SEEN A MEMBER DURING
QUESTION PERIOD IMPROPERLY
DRESSED -- THAT IS, UNCLOTHED.
WE HAVE SEEN THAT THE MEMBER WAS
IN VERY GOOD SHAPE, BUT I THINK
THAT THIS MEMBER SHOULD BE
REMINDED OF WHAT IS APPROPRIATE
AND TO CONTROL HIS CAMERA.
THANK YOU.
>> John: THAT IS AN AGGRESSIVELY
CANADIAN RESPONSE.
SAY WHAT YOU WILL ABOUT
CANADIANS -- AND THESE OUTFITS
SAY MORE THAN ANYONE EVER COULD
-- BUT ONE THING YOU CAN'T
ACCUSE THEM OF IS BEING
IMPOLITE, EVEN IN THE FACE OF
UNREQUESTED NUDITY.
AND WHILE I AM REALLY SORRY THAT
HAPPENED TO THIS GUY, WHO SEEMS
TO HAVE WEATHERED THE INCIDENT
WITH GOOD GRACE, I HONESTLY
NEEDED THIS STORY THIS WEEK.
AND I APOLOGIZE FOR THE FACT
THAT DESPITE THIS BEING ENTIRELY
COMPLIMENTARY, "THE DAILY BEAST"
WILL UNDENIABLY WRITE IT UP
TOMORROW WITH THE HEADLINE,
"JOHN OLIVER EVISCERATES THIS
CANADIAN'S HOG."
THE POINT IS, A BUNCH OF FUN,
WEIRD SHIT HAPPENED THIS WEEK!
AND WE WANTED TO GIVE YOU A
CHANCE TO LAUGH AT IT, TO GIVE
YOU JUST A BREATH AT THE END OF
A TRULY DEMORALIZING WEEK.
SO IF YOU NEEDED A BREAK,
I REALLY HOPE THAT GAVE YOU ONE.
AND IF YOU DIDN'T NEED A BREAK,
MAYBE ASK YOURSELF WHY THE FUCK
NOT, AND THINK ABOUT THAT
FOR A WHILE.
BECAUSE THE FACT IS, IT'S ONCE
AGAIN MADE PAINFULLY CLEAR THAT
WE -- AND WHEN I SAY "WE," I
MEAN WHITE AMERICA -- HAVE TO
STOP TALKING ABOUT FUNDAMENTAL
CHANGE IN POLICING AND ACTUALLY
MAKE IT HAPPEN.
BECAUSE THIS CYCLE OF STATE
VIOLENCE AGAINST BLACK LIVES
HAS TO BE STOPPED.
SO PUT ON YOUR SHOES, LEAVE THE
HOUSE, MARCH IN THE STREETS, AND
DEMAND A BETTER COUNTRY, ONE IN
WHICH BLACK PEOPLE ARE TREATED
WITH FUNDAMENTAL RESPECT, AND
ONE IN WHICH THE BIG NEWS OF
THE WEEK GENUINELY COULD BE
"IMPRACTICALLY LARGE RABBIT GOES
MISSING."
AND NOW, THIS.
♪ ♪
>> Announcer: AND NOW...
THE COMMERCIALS ON FOX NEWS IN
THE MIDDLE OF THE NIGHT OF
EXACTLY WHO THEY ARE TALKING TO.
>> MEN OVER 45, DO YOU HAVE A
FREQUENT, URGENT NEED TO
URINATE?
>> REDUCE YOUR URGES TO EARN
SPEETWO URINATE.
>> GUYS, ARE YOU DONE WITH 2020?
ALL THE BAGGAGE THAT CAME ALONG
WITH IT?
GUYS, WHAT HAPPENED TO YOU?
YOU CAN'T GET IT BACK.
>> AS WE GET OLDER, WE ALL LOSE
TESTOSTERONE.
>> GUYS, GOT HAIR LOSS?
>> GUYS, TIRED OF FREQUENT
NIGHTTIME BATHROOM TRIPS?
>> GUYS, IT'S THAT TIME AND
NOTHING IS HAPPENING.
>> GUYS.
>> GUYS, WAKING UP OVER AND OVER
TO URINATE IS NOT OKAY.
♪ ♪
>> John: MOVING ON.
OUR MAIN STORY TONIGHT CONCERNS
BANKRUPTCY.
YOU PROBABLY KNOW IT FROM BEING
THE WORST POSSIBLE OUTCOME ON
"WHEEL OF FORTUNE," ASIDE FROM
HUGGING PAT SAJAK OR WINNING A
MITSUBISHI MIRAGE.
OR MAYBE YOU'RE FAMILIAR WITH IT
THROUGH ADS FOR BANKRUPTCY
LAWYERS LIKE THIS:
>> ONCE UPON A TIME THERE WAS
A FAIR MAIDEN NAMED MARY.
MARY LIVED A STORYBOOK LIFE
UNTIL HER PRINCE CHARMING WAS
SMASHED FROM HIS STEED, THEN HER
CASTLE CAME UNDER SIEGE AND THE
CRIES OF ASSAULT WERE VEXING.
HER CHAMPION HAD BEEN GRAVELY
INJURED AND A POX HAD FALLEN
UPON HER HOUSE.
>> I'VE HELPED THOUSANDS OF
CLIENTS LIKE MARY AND I COULD
PROBABLY HELP YOU GET A FRESH
START.
>> John: WOW, THERE IS A LOT
THERE, FROM AN UNMARKED VAN
FULLY "MEAN GIRLS"-ING MARY'S
HUSBAND, TO HIM SURVIVING WITH
WHAT APPEAR TO BE SURPRISINGLY
MINOR INJURIES, TO THAT LAWYER
CLAIMING HE'S HELPED THOUSANDS
OF CLIENTS LIKE MARY.
MEANING THAT IN THE CHATTANOOGA
AREA, THERE ARE THOUSANDS OF
WOMEN WHO'VE WATCHED THEIR
HUSBAND GET SHIT STOMPED BY
A CARGO VAN, AND TAKE WHAT CAN
ONLY BE DESCRIBED AS A GATLING
GUN OF MAIL TO THE FACE.
IF THAT IS TRUE, THEY'VE GOT
A WAY MORE LUCRATIVE LAWSUIT
THAN A BANKRUPTCY CASE.
WHAT THAT AD IS PROMISING IS
ATTRACTIVE, THOUGH: A FRESH
START FROM YOUR DEBTS.
AND IT'S SOMETHING A LOT OF
PEOPLE HAVE TURNED TO.
OVER THE PAST DECADE, THE NUMBER
OF PERSONAL BANKRUPTCIES FILED
EACH YEAR HAS RANGED FROM ABOUT
800,000 TO 1.5 MILLION.
AND MANY WORRY THAT ONCE
THE CURRENT PANDEMIC ASSISTANCE
STOPS, MORE AND MORE WILL NEED
THE TYPE OF HELP THAT BANKRUPTCY
OFFERS.
BECAUSE VERY BASICALLY,
BANKRUPTCY IS A LEGAL PROCEDURE
BY WHICH THOSE WHO ARE DEEPLY
WEIGHTED DOWN BY
DEBTS CAN GET OUT FROM
UNDERNEATH THEM AND THEN START
ANEW.
WHICH IS GOOD!
ALTHOUGH IT COMES WITH SOME
CONSEQUENCES -- IT'LL BE ON YOUR
CREDIT REPORT, AND THERE TENDS
TO BE SOME SOCIAL STIGMA
ATTACHED, AS EXEMPLIFIED IN THIS
CLIP FROM "SHARK TANK."
>> JEFF, I UNDERSTAND YOUR
DECISION TO GO BANKRUPT,
CLEANS THE SLATE, BUT IT CARRIES
A WEIGHT.
YOU'LL NEVER HAVE A BANK,
JEFF.
EVER.
TO ME, YOU'RE RADIOACTIVE.
>> THERE ARE A MILLION PEOPLE
OUT THERE WHO ARE GOING TO GET
THE WRONG MESSAGE FROM WHAT
YOU'RE SAYING.
>> NO, THEY'RE GETTING THE RIGHT
MESSAGE.
THEY SHOULD NOT GO BANKRUPT.
>> John: WELL, HOLD ON.
BECAUSE THAT IS A TERRIBLE
LESSON.
AND YOU, KEVIN O'LEARY, ARE
HARDLY ONE TO BE CALLING
SOMEONE'S DECISIONS
"RADIOACTIVE," GIVEN YOU
INVESTED IN COMPANIES WITH
BUSINESS MODELS LIKE:
PUT YOUR FACE ON A POTATO,
LOOK LIKE AN IDIOT
ON A UNICYCLE, AND TOYGAROO,
THE NETFLIX FOR TOYS, WHOSE
MASCOT ALWAYS LOOKED LIKE IT WAS
SEARCHING FOR A PLACE TO TAKE A
SHIT.
AND WHICH, INTERESTINGLY, FILED
FOR FUCKING BANKRUPTCY.
SO I'M SORRY, KEVIN, BUT TO ME,
THAT MAKES YOU RADIOACTIVE.
I'M OUT!
BUT THAT BROAD-BRUSH
STIGMATIZATION IS COMMON AND
COMPLETELY MISGUIDED.
BECAUSE BANKRUPTCY IS NOT SOLELY
CAUSED BY BAD DECISIONS, IT'S
OFTEN CAUSED BY BAD LUCK:
UNAVOIDABLE CHALLENGES
LIKE JOB LOSS, DIVORCE, SURPRISE
MEDICAL BILLS, OR PERHAPS EVEN
-- Y'KNOW -- A ONCE IN A CENTURY
GLOBAL PANDEMIC.
AND DESPITE BANKRUPTCY OFTEN
BEING CHARACTERIZED AS AN
"EASY OUT," THE WAY IT'S
CURRENTLY SET UP, IT'S SOMETIMES
NOT AN "OUT" AT ALL, AS THIS
COUPLE LEARNED.
>> BEFORE YOU'RE DONE AND OVER
WITH, YOU'RE DEFINITELY LOOKING
TO SPEND AT LEAST $1,000 TO
FILE -- TO CLAIM BANKRUPTCY.
WE DON'T HAVE $1,000.
>> ARE YOU TELLING ME YOU CAN'T
AFFORD --
>> WE CAN'T AFFORD TO GO
BANKRUPT.
>> WE CAN'T, CORRECT.
>> YET, WE'RE $50,000 IN DEBT.
SO, WHAT DO WE DO?
>> John: YEAH, A LOT OF PEOPLE
CAN'T AFFORD TO GO BANKRUPT.
A TRUE SENTENCE THAT
FUNDAMENTALLY DOESN'T MAKE
SENSE, LIKE "SONIC DRIVE-INS
ADVERTISE IN CITIES WHERE THERE
ARE NO SONIC LOCATIONS" OR
THE SEQUEL TO "NOW YOU SEE ME"
WASN'T CALLED "NOW YOU DON'T,"
OR ELON MUSK DOESN'T FUCK HIS
CARS.
I MEAN, COME ON, THAT'S THE
FACE OF A MAN WHO'S AT THE VERY
LEAST MEASURED THE CIRCUMFERENCE
OF THE CHARGING POINT.
SO GIVEN ALL THAT, TONIGHT,
LET'S TAKE A LOOK AT PERSONAL
BANKRUPTCY.
OUR MODERN BANKRUPTCY CODE
WAS ENACTED IN 1978 --
INTERESTINGLY, AROUND THE SAME
TIME THAT THE CREDIT CARD
INDUSTRY BEGAN TO ENJOY A PERIOD
OF STEADY DEREGULATION.
WHICH WORKED OUT VERY WELL FOR
THEM, BECAUSE THEY MARKETED
THEMSELVES AGGRESSIVELY, AND
DURING THIS TIME, CONSUMER DEBT
BEGAN TO SHARPLY RISE.
AND WHAT THE INDUSTRY CLEARLY
WANTED WAS PEOPLE STUCK IN A
LUCRATIVE CYCLE OF MINIMUM
PAYMENTS, LATE FEES, AND
INTEREST HIKES.
WHAT THEY DIDN'T WANT SPOILING
THAT WAS PEOPLE CUTTING THAT
CYCLE SHORT THROUGH BANKRUPTCY.
SO BY THE LATE '90s,
THEY WERE LOBBYING SENATORS LIKE
CHUCK GRASSLEY HARD TO CURB WHAT
THEY FRAMED AS "BANKRUPTCY
ABUSE."
BASICALLY ARGUING THAT PEOPLE
WHO CAN "AFFORD" TO PAY WERE
USING BANKRUPTCY AS AN EASY WAY
TO NOT PAY BILLS AND PASS THE
COSTS ON TO THE REST OF US.
AND GRASSLEY SEEMED MORE THAN
HAPPY TO REPEAT SOME OF THEIR
TALKING POINTS.
>> THERE'S NOT A SINGLE FAMILY
IN AMERICA -- LOW INCOME OR HIGH
INCOME -- THAT IS NOT PAYING
PART OF THE COST OF BANKRUPTCY.
$40 BILLION COST TO THE ECONOMY
EVERY YEAR.
$400 FOR A FAMILY OF FOUR.
>> John: WOW.
THE AVERAGE FAMILY PAYS $400
A YEAR BECAUSE DEADBEATS
ABUSE THE SYSTEM.
GRASSLEY DROPPED THAT SHOCKING
"FACT" WITH THE CONFIDENCE OF
A MAN WHO'D LATER TWEET FROM HIS
GOVERNMENT ACCOUNT,
"WINDSOR HEIGHTS DAIRY QUEEN IS
GOOD PLACE FOR U KNO WHAT."
THE THING IS, THAT $400 FIGURE
IS TOTAL NONSENSE.
NO ONE KNOWS FOR CERTAIN WHERE
IT CAME FROM, AND DESPITE IT
TURNING OUT TO BE DEMONSTRABLY
FALSE, THE CREDIT CARD INDUSTRY
PUSHED IT HARD, TO CREATE
A NARRATIVE OF WIDESPREAD
IRRESPONSIBILITY AND ABUSE
AROUND BANKRUPTCY.
BUT IT'S A LITTLE HARD TO TAKE
MORAL GRANDSTANDING FROM CREDIT
CARD COMPANIES, WHO WERE ALL
TOO HAPPY TO HELP PEOPLE GET
INTO SIGNIFICANT DEBT, EVEN IF
THEY HAD JUST DECLARED
BANKRUPTCY.
>> BARELY OUT OF BANKRUPTCY
COURT, JOAN BURNETT OPENED HER
MAILBOX AND THERE IT WAS: THE
CHANCE FOR A SHINY NEW CREDIT
CARD, THE FIRST OF MANY.
>> IT LOOKED LIKE AN EASY $3,000
AND I THINK I HUNG ON TO IT FOR
A DAY, AND THEN I THOUGHT, "OH
NO.
YOU'RE NOT GOING TO BE THAT
CRAZY."
>> THE BANKS ARE GIVING OUT
CREDIT WITH A RECKLESS DISREGARD
FOR CONSUMERS' ABILITY TO
REPAY.
>> John: YEAH, THAT MAX WEINBERG
IMPERSONATOR IS RIGHT.
AND SO, BY THE WAY, WAS JOAN,
WHOSE SELF-RESTRAINT I REALLY
ADMIRE.
IMAGINE THE EXPENDITURES I COULD
HAVE AVOIDED BY SIMPLY SAYING,
"NO, JOHN, YOU'RE NOT GOING TO
BE THAT CRAZY, ASK YOURSELF,
DO YOU REALLY NEED THIS ITEM?"
BUT YEARS OF LOBBYING BY THE
CREDIT CARD AND BANKING INDUSTRY
ULTIMATELY RESULTED
IN A HUGELY SIGNIFICANT 2005
"BANKRUPTCY REFORM" BILL,
WHICH MADE IT FAR MORE
COMPLICATED TO FILE FOR
BANKRUPTCY THAN IT PREVIOUSLY
HAD BEEN -- WHICH IN TURN MADE
IT FAR MORE COSTLY, WHICH MEANT
MANY PEOPLE ENDED UP IN A
SITUATION WHERE THEY COULDN'T
AFFORD TO GO BANKRUPT.
AND TO UNDERSTAND OUR CURRENT
SYSTEM, A KEY THING TO KNOW IS
THERE IS NOT ONE MAIN KIND OF
PERSONAL BANKRUPTCY, THERE ARE
ACTUALLY TWO: CHAPTER 7 AND
CHAPTER 13.
CHAPTER 7 IS WHAT YOU COMMONLY
THINK OF AS BANKRUPTCY.
YOUR DEBTS ARE MOSTLY WIPED OUT.
AND WHILE YOU CAN HOLD ONTO A
FEW ESSENTIAL ASSETS BELOW A
CERTAIN THRESHOLD, THE REST CAN
THEN BE SOLD TO PAY OFF
YOUR CREDITORS.
IT TAKES A FEW MONTHS TO
COMPLETE, BUT THEN YOU GET YOUR
CHANCE AT A "FRESH START."
CHAPTER 13, HOWEVER, IS
DIFFERENT.
THAT IS MORE OF A REORGANIZATION
OF DEBT.
BASICALLY, YOUR FINANCES GET
EXAMINED TO WORK OUT HOW MUCH
YOU CAN AFFORD TO PAY INTO A
REPAYMENT PLAN FOR THREE TO FIVE
YEARS.
AND IF YOU MAKE ALL THE PAYMENTS
IN THAT PLAN, AT THE END OF IT,
YOUR DEBTS DO GET DISCHARGED.
AND THIS HAS ITS BENEFITS -- YOU
DON'T HAVE TO GIVE UP ASSETS
LIKE A HOUSE OR A CAR.
BUT -- AND THIS IS A HUGE "BUT"
-- IF YOU MISS EVEN ONE PAYMENT,
YOUR CASE COULD BE DISMISSED AND
THE WHOLE DEAL IS OFF.
YOU'RE ESSENTIALLY BACK AT
SQUARE ONE.
AND THE UNCOMFORTABLE FACT IS,
THIS HAPPENS IN MOST CHAPTER 13
CASES, BECAUSE ONLY ABOUT A
THIRD ACTUALLY MAKE IT
ALL THE WAY TO DISCHARGE.
AND CHAPTER 13 IS ACTUALLY
MUCH MORE EXPENSIVE TO FILE.
BECAUSE WHILE ATTORNEYS CHARGE,
ON AVERAGE, ABOUT $1300 TO FILE
CHAPTER 7, FOR CHAPTER 13, THEY
GENERALLY CHARGE ABOUT $3800.
SO YOU MIGHT BE THINKING, IF
CHAPTER 13 IS MORE COSTLY,
MORE DIFFICULT, AND LESS LIKELY
TO GET YOU A GENUINELY FRESH
START, WHY WOULD ANYONE
CHOOSE IT?
WELL, FOR SOME, IT MIGHT BE
THE RIGHT FIT -- REMEMBER, IT
GIVES YOU A CHANCE TO KEEP YOUR
HOUSE, WHICH YOU MIGHT NEED TO
LIVE IN, AND YOUR CAR, WHICH YOU
MIGHT NEED TO WORK.
BUT FOR MANY, MANY MORE, CHAPTER
13 -- DESPITE COSTING THREE
TIMES AS MUCH IN THE LONG TERM
-- CAN ACTUALLY SEEM LIKE THE
BETTER FINANCIAL OPTION WHEN
YOU FILE.
BECAUSE CHAPTER 7 GENERALLY
REQUIRES YOU TO PAY LAWYERS UP
FRONT.
WHEREAS CHAPTER 13 CAN BE
DIFFERENT, AS LAW FIRMS CAN BE
EAGER TO POINT OUT.
>> IS DEBT CONSTANTLY ON YOUR
MIND?
ARE YOU LOOKING TO GET A FRESH
START FINANCIALLY?
THEN CALL THE BANKRUPTCY
ATTORNEYS AT WOOTTON & WOOTTON.
WE EVEN OFFER A NO MONEY DOWN
CHAPTER 13 PLAN.
>> John: OKAY, FIRST, GET THE
FUCK OUT OF MY VOID, WOOTTON!
I KNOW I DON'T TECHNICALLY OWN
THE CONCEPT OF SAD, WHITE
EMPTINESS -- JARED LETO'S GOT
THE MARKET COVERED ON THAT ONE.
BUT I WILL BE DAMNED IF I LET
THIS ADULT WHO LOOKS LIKE HE
JUST MADE A WISH TO BE BIG STEAL
MY WHOLE VIBE.
BUT THE POINT IS, IF YOU'RE
ALREADY IN A BAD SPOT WITH YOUR
FINANCES -- WHICH YOU PROBABLY
ARE, IF YOU'RE CONSIDERING
BANKRUPTCY -- "NO MONEY UP
FRONT" MIGHT NOT JUST SOUND
GOOD, IT MIGHT BE YOUR ONLY
OPTION.
THE WORRY IS THAT SOME LAWYERS
GUIDE THEIR CLIENTS TO
THE MORE EXPENSIVE CHAPTER 13,
WHEN THEY'D ACTUALLY BE FAR
BETTER SERVED WITH CHAPTER 7.
AND IF YOU KNOW ANYTHING ABOUT
AMERICA, IT WON'T SURPRISE YOU
THAT WOULD RESEARCHERS RAN AN
ACADEMIC STUDY, THEY FOUND THAT
ATTORNEYS WERE MORE LIKELY TO
OFFER A CHAPTER CHAPTER 13
BANKRUPTCY TO BLACK PEOPLE
RATHER THAN WHITE PEOPLE.
PUTTING ASIDE THE QUESTION OF
WHETHER THE RESEARCHERS PLUCKED
REGGIE AND LETICIA FROM THE
HOPEFULLY NOT OFFENSIVELY SO
BLACK NAMES, THE FINDINGS
EXPLAINED THAT THE ODDS OF BLACK
DEBTORS CHOOSING CHAPTER 13
INSTEAD OF CHAPTER 7
WERE MORE THAN TWICE AS HIGH AS
WHITE DEBTORS WITH A SIMILAR
PROFILE.
SO EVEN BANKRUPTCY
DISCRIMINATES AGAINST
BLACK PEOPLE.
WHICH IS, COINCIDENTALLY, THE
COVER STORY ON THIS MONTH'S
ISSUE OF "YEAH, NO SHIT"
MAGAZINE.
AND THE FACT THAT PEOPLE ARE
OFTEN PUSHED INTO THE FORM OF
BANKRUPTCY WITH FAR LESS
SUCCESSFUL OUTCOMES MEANS THAT
THEY CAN END UP HAVING TO FILE
BANKRUPTCY AGAIN DOWN THE LINE.
AND KNOWING THAT MAKES IT A
LITTLE HARD TO SEE FINANCIAL
EXPERTS LIKE SUZE ORMAN BROADLY
FRAME REPEATED FILING AS A MORAL
FAILING.
>> MOST PEOPLE WHO CLAIM
BANKRUPTCY ONCE CLAIM IT TWICE.
SO IF YOU ARE CLAIMING
BANKRUPTCY, YOU HAVE GOT TO
LEARN.
BECAUSE IF YOU GET YOURSELF INTO
THAT SITUATION AGAIN, IF YOU GO
OUT AND YOU RACK UP ALL THIS
CREDIT CARD DEBT AND ALL THIS
STUFF AGAIN, AND YOU HAVE TO
CLAIM BANKRUPTCY AGAIN, THEN I
SAY, SHAME ON YOU.
>> John: WOW.
SUZE IS OFFERING REPEAT
BANKRUPTCY FILERS THE
"SHAME ON YOU" NORMALLY RESERVED
FOR DOGS WHO PEED ON THE CARPET
AND NOSY PHARMACISTS IN
"MAGNOLIA" WHO'VE ASKED
JULIANNE MOORE ONE TOO MANY
QUESTIONS.
"I HAVE SICKNESS ALL AROUND ME
AND YOU FUCKING ASK ME MY LIFE?
HAVE YOU SEEN DEATH IN YOUR BED?
IN YOUR HOUSE?
WHERE'S YOUR FUCKING DECENCY?
AND THEN I'M ASKED FUCKING
QUESTIONS.
WHAT'S WRONG?
YOU SUCK MY DICK.
THAT'S WHAT'S WRONG.
AND YOU, YOU FUCKING CALL ME
"LADY?"
SHAME ON YOU.
SHAME ON YOU!"
BUT A FEW THINGS.
FIRST, EXPERTS SAY ORMAN'S CLAIM
THAT MOST BANKRUPTCY FILERS FILE
TWICE IS JUST WRONG.
BUT MUCH MORE IMPORTANTLY,
EVEN THOSE WHO DO END UP FILING
A SECOND TIME, OFTEN DO SO
DUE TO FACTORS THAT HAVE NOTHING
TO DO WITH RECKLESSNESS -- LIKE,
FOR INSTANCE, GETTING A
CHAPTER 13 BANKRUPTCY THAT
WASN'T RIGHT FOR THEM.
AND THERE'S SOMETHING ELSE THAT
CAN SIGNIFICANTLY LIMIT THE HELP
BANKRUPTCY CAN PROVIDE --
BECAUSE THERE ARE WHOLE
CATEGORIES OF "NON-DISCHARGEABLE
DEBTS" -- DEBTS THAT EVEN
BANKRUPTCY CAN'T GET RID OF.
YOU TYPICALLY CAN'T WIPE OUT
DEBT FROM CRIMINAL PENALTIES,
TAXES, OR CHILD SUPPORT THROUGH
BANKRUPTCY -- AND THERE'S
ANOTHER, MASSIVE CATEGORY, AS
THIS WOMAN LEARNED.
>> 31-YEAR-OLD RADMILLA
SULEYMANOVA GRADUATED WITH A
MASTERS FROM NEW YORK UNIVERSITY
IN 2008 DURING THE DEPTHS OF THE
GREAT RECESSION.
JOBLESS, SHE QUICKLY DEFAULTED
ON HER $80,000 STUDENT LOAN
BILL.
>> OH, WELL, I'LL JUST FILE FOR
BANKRUPTCY LIKE EVERYONE ELSE IS
DOING, HA-HA-HA.
AND THEN YOU REALIZE...
NO.
THE ONLY WAY TO GET AWAY FROM
YOUR STUDENT LOAN DEBT IS TO
DIE.
>> John: YEAH.
AND TO COMMUNICATE JUST HOW BAD
STUDENT LOAN DEBT IS AS A
GENERATIONAL DEAD WEIGHT ON
MILLENNIALS, I GUARANTEE YOU
ANYONE WITH STUDENT LOANS
WATCHING THIS HEARD "$80,000
AND THOUGHT "OH, I
DUNNO, I'VE HEARD WORSE."
BECAUSE, YEAH, SHE COULD HAVE
BOUGHT THIS ENTIRE THREE
BEDROOM, TWO BATHROOM HOUSE
IN INDIANAPOLIS, BUT WHO REALLY
NEEDS A PLACE TO LIVE WHEN YOU
HAVE A FRAMED 8.5 X 11 PIECE OF
PAPER WITH YOUR NAME ON IT?
THAT CAN, JUST LIKE A HOUSE,
KEEP YOU SAFE FROM THE RAIN.
AND IF ALL THAT WEREN'T BAD
ENOUGH, OUR CURRENT SYSTEM ADDS
INSULT TO INJURY THROUGH
MANDATORY CREDIT COUNSELING
COURSES.
WHICH CAN BE EXACTLY AS
PATRONIZING AS THEY SOUND.
EVEN BANKRUPTCY JUDGES HAVE
CALLED THEM "INANE" AND "A
PROCEDURAL HURDLE WITHOUT VALUE
OR CONSEQUENCE."
WITH ONE EVEN NOTING A COURSE
REFERRED PARTICIPANTS "TO THE
LOCAL LIBRARY FOR RESOURCES ON
BANKRUPTCY."
AND RECOMMENDED THEY "SEEK A JOB
MAKING HIGHER WAGES" AND I'M
SURE THEY'D NEVER THOUGHT OF
DOING THAT BEFORE IT WAS
VERY CLEVERLY POINTED OUT TO
THEM.
AND IF IT SEEMS THESE COURSES
MAY HAVE LIMITED VALUE,
ONE WE FOUND ONLINE EVEN SEEMED
TO RELUCTANTLY ACKNOWLEDGE THAT
FACT.
>> YOUR ATTORNEY MAY HAVE GONE
OVER YOUR PARTICULAR SITUATION
WITH YOU IN THEIR OFFICE
ALREADY.
PERHAPS THEY EXPLAINED WHY
CREDIT COUNSELING WILL NOT WORK
FOR YOU.
MANY DEBTORS THEREFORE BELIEVE
THAT THIS MANDATORY CREDIT
COUNSELING EXERCISE IS
POINTLESS.
WE HOPE INSTEAD YOU TAKE A MORE
POSITIVE VIEW OF THIS MANDATORY
COURSE.
>> John: OH, YOU HOPE SO,
DO YOU?
THAT'S BASICALLY AN ADMISSION
THAT IT'S A WASTE OF TIME.
ALTHOUGH, QUICK QUESTION, WHY IS
THE ATTORNEY THERE CARTOON ME?
HE'S WEARING MY GLASSES.
HE HAS MY BANGS.
HE'S NEGGING AN UNWILLING
CIVILIAN WHILE WAVING AROUND
A BORING AMOUNT OF PAPERWORK.
THE GUY IS MORE ME THAN I AM.
BUT WHILE AT BEST, AN
OBJECTIVELY HUNKY CARTOON
LECTURING YOU ON YOUR FINANCES
IS ANNOYING -- AT WORST, IT CAN
BE ACTIVELY INSULTING.
BECAUSE THE ASSUMPTION IN THESE
COURSES IS THAT YOU'RE IN THIS
POSITION DUE TO RECKLESS
PERSONAL BEHAVIOR.
BUT IMAGINE HOW THAT ARGUMENT
FEELS IF YOU -- LIKE THIS WOMAN
-- WENT BANKRUPT AFTER HAVING TO
LEAVE YOUR JOB TO TAKE CARE OF
YOUR SON, WHO DIED FROM
CYSTIC FIBROSIS.
>> IN SEPTEMBER, WE SAT DOWN
TO TAKE THE CREDIT COUNSELING
COURSE AND IT WAS SORT OF A SLAP
IN THE FACE, HONESTLY.
AND WE HAVE NOT YET FINISHED
THAT COURSE.
WE LOGGED OFF AND NEEDED TO WALK
AWAY FROM IT FOR A LITTLE
WHILE.
AND WE'LL
NEED TO DO IT AGAIN AFTER WE
ACTUALLY GO THROUGH THE FILING
PROCESS AND MEET WITH THE JUDGE.
IT'S A REQUIREMENT AFTER YOU
FILE, AS WELL, SO THAT YOU CAN,
I GUESS, GET AN IDEA OF HOW TO
NOT DO THE SAME THING AGAIN IN
THE FUTURE.
SO.
WHICH IS AN INCREDIBLY HURTFUL
IDEA THAT I'M NOT LOOKING
FORWARD TO.
>> John: NO, OF COURSE YOU'RE
NOT.
BECAUSE HAVING A COURSE SUGGEST
THERE'S A WAY NOT TO HAVE YOUR
CHILD DIE AGAIN IN THE FUTURE IS
A FUCKING INSULT.
AND IT'S TERRIBLE THAT SHE NOT
ONLY HAD TO GO THROUGH THAT,
BUT THEN HAD TO REHASH IT IN THE
SENATE IN AN ATTEMPT TO GET THAT
REQUIREMENT CHANGED -- WHICH, BY
THE WAY, IT WASN'T.
AND THE TRUTH IS, SO MUCH OF
WHAT IS WRONG WITH OUR CURRENT
BANKRUPTCY SYSTEM STEMS FROM
THAT 2005 LAW THAT I MENTIONED
EARLIER.
EXPANDING THE
NON-DISCHARGEABILITY OF
STUDENT LOAN DEBT?
THAT WAS IN THERE.
THE MANDATORY CREDIT COUNSELING
CLASSES?
THAT WAS IN THERE, TOO.
THE LAW ALSO MADE BANKRUPTCY
HARDER TO COMPLETE, ADDING OVER
A DOZEN WAYS SOMEONE COULD MAKE
A TECHNICAL ERROR AND BE
DISMISSED.
IT WAS A HUGE WIN FOR
THE CREDIT CARD COMPANIES.
AND FOR ALL THE ASSURANCES
FROM GRASSLEY AND OTHERS THAT IT
WOULD TARGET HIGH-INCOME PEOPLE
ABUSING THE SYSTEM WITHOUT
HURTING THOSE OF LESSER MEANS,
AFTER IT PASSED, BANKRUPTCY
FILINGS DROPPED
DISPROPORTIONATELY IN POORER
NEIGHBORHOODS, WITH FILINGS
THERE DECREASING 32% MORE THAN
IN RICH ONES.
SHOWING THAT AS ALWAYS, WHEN
THINGS ARE DESIGNED TO BECOME
HARDER FOR EVERYONE, FOR THE
RICH, THEY JUST BECOME A BIT
MORE EXPENSIVE, AND FOR THE
POOR, THEY BECOME BASICALLY
IMPOSSIBLE.
SO WHAT CAN WE DO HERE?
WELL, IDEALLY, THE PEOPLE
RESPONSIBLE FOR THAT 2005 LAW
WOUL ACKNOWLEDGE THAT OUR
SYSTEM BADLY NEEDS FIXING.
AND COINCIDENTALLY, ONE OF THE
MOST PROMINENT BACKERS OF THAT
LAW IS ACTUALLY THE FUCKING
PRESIDENT NOW.
JOE BIDEN IS FROM DELAWARE,
HOME TO SOME OF THE BIGGEST
CREDIT CARD COMPANIES.
AND HIS SUPPORT WAS CRUCIAL
IN GETTING THE 2005 LAW PASSED.
AND IT'S NOT LIKE HE WASN'T
WARNED IT COULD LEAD TO TROUBLE
-- WHEN IT WAS BEING DEBATED,
ELIZABETH WARREN -- THEN A
HARVARD LAW PROFESSOR STUDYING
BANKRUPTCY -- TESTIFIED ABOUT
HOW MEDICAL DEBT RUINS PEOPLE'S
LIVES, AND THIS BILL COULD
SIGNIFICANTLY HINDER THEIR ONE
REMAINING CHANCE TO GET OUT FROM
UNDERNEATH IT.
AND JOE BIDEN KEPT SHIFTING
FOCUS BACK TO THE POOR CREDITORS
WHO WOULDN'T GET THEIR MONEY.
>> UNTIL WE FIX THE BROKEN
HEALTH CARE FINANCE SYSTEM --
>> RIGHT.
>> THOSE FAMILIES HAVE TO TURN
SOMEWHERE AND THAT MEANS NOW
THEY TURN AS A LAST-DITCH EFFORT
TO THE BANKRUPTCY COURTS.
>> RIGHT.
AND THAT MEANS THEY TURN TO
ASKING THE PEOPLE THAT THEY
BORROWED MONEY FROM TO PAY FOR
THEIR HEALTH CARE COSTS, RIGHT?
WE'RE GONNA ASK THE GAS COMPANY,
THE DRUG STORE, THE AUTOMOBILE
DEALER TO PAY FOR THE BROKEN
SYSTEM?
>> John: OKAY, BUT THAT'S NOT
REALLY HOW THIS WORKS.
IT'S NOT LIKE WE'RE LIVING IN
SOME SMALL TOWN IN THE 1920s,
RACKING UP DEBTS TO
THE CORNER STORE FOR GROCERIES,
THE BUTCHER SHOP FOR MEAT, AND
THE LOCAL PHARMACY FOR
COUGH DROPS LACED WITH
WEAPONS-GRADE COCAINE.
NO.
WE'RE LIVING IN A WORLD WHERE
MEDICAL DEBT IS OUT OF CONTROL,
AND PEOPLE HAVE ENVELOPES RAMMED
THROUGH THEIR DOOR EVERY DAY,
SCREAMING THEY'RE PRE-APPROVED
FOR A CREDIT CARD.
OH, LOOK!
THIS ONE HAS SNOOPY ON IT!
NOW THE GOOD NEWS IS,
ELIZABETH WARREN HAS PROPOSED
THE "CONSUMER BANKRUPTCY REFORM
ACT" WHICH WOULD COMPLETELY
OVERHAUL OUR BANKRUPTCY SYSTEM,
IT WOULD ELIMINATE EXCESSIVE
PAPERWORK NEEDED FOR FILING,
THEREBY LOWERING ATTORNEY COSTS.
IT'D MAKE STUDENT LOAN DEBT
DISCHARGEABLE, IT'D GET RID OF
THE REQUIREMENT FOR A CREDIT
COUNSELING COURSE, AND IT'D
COMBINE CHAPTERS 7 AND 13 INTO A
NEW, MORE FLEXIBLE CHAPTER 10.
IT'S A COMBINATION THAT WOULD BE
AN IMPROVEMENT -- SORT OF LIKE
BURGER KING'S CHICKEN FRIES,
A LITTLE BIT CHICKEN, A LITTLE
BIT FRIES, ALL IN A BOX THAT
LOOKS LIKE I ASKED MY KIDS TO
DRAW ME FROM MEMORY.
AND WHILE BIDEN HAS BROADLY
EXPRESSED SUPPORT FOR WARREN'S
REFORMS, THE FACT IS, THE BILL
IS UNLIKELY TO PASS IN ITS
ENTIRETY -- IT'D CURRENTLY NEED
TEN REPUBLICANS IN THE SENATE
TO GET ON BOARD BECAUSE
DEMOCRATS LIKE JOE MANCHIN AND
KYRSTEN SINEMA ARE STILL IN A
DEATH CULT OVER THE FILIBUSTER
FOR SOME REASON.
BUT THE FACT IS, SOMETHING BIG
NEEDS TO HAPPEN HERE.
BECAUSE WE BADLY NEED TO GET OUR
BROKEN BANKRUPTCY SYSTEM WORKING
AGAIN FOR PEOPLE WHO DESPERATELY
NEED A LIFELINE.
AND MEANWHILE, WHILE WE WAIT FOR
CONGRESS TO ACT, THE VERY LEAST
WE CAN DO IS OFFER AN
ALTERNATIVE CREDIT COUNSELING
COURSE THAT ISN'T QUITE SO
INSULTING.
♪ ♪
>> HELLO THERE.
I'M THE CARTOON STEAM ES WALK.
IF YOU ARE WATCHING THIS VIDEO,
CHANCES ARE YOU HAVE HIT HARD
TIMES.
MAYBE YOUR HUSBAND WAS PANCAKE
BY AN UNMARKED CARGO MAN OR
MAYBE YOU LOST YOUR JOB DUE TO
THE CORONAVIRUS AND THAT
FATEFUL DAY IN 2019 WHEN ONE BAT
FUCKED THAT OTHER BAT.
EITHER WAY, YOU ARE SADDLED WITH
DEBT RIGHT NOW AND YOU'RE
LOOKING FOR A FRESH START.
THANKFULLY, YOU HAVE FOUND
BANKRUPTCY.
LESS THAT IS YOUR DEBT'S
STUDENT LOANS, IN WHICH CASE,
YOU SHOULD THINK ABOUT FAKING
YOUR OWN DEATH BECAUSE ODDS ARE
YOU ARE AS FUCKED AS THIS BAT.
UNDER CURRENT THINKERS WHO ARE,
YOU ARE REQUIRED TO COMPLETE
THIS CREDIT COUNSELING COURSE.
AND THE KEY THING I'M HERE TO
TELL YOU IF THEY ARE TWO MAIN
KINDS OF PERSONAL BANKRUPTCY,
CHAPTER 7, THAT'S THE THING YOU
THINK OF BANKRUPTCY WERE
TYPICALLY MOST OF YOUR DEBTS CAN
BE DISCHARGED IN CHAPTER 13,
WHICH YOU MIGHT ASSUME WORKS
SIMILARLY, THERE ANYONE WHO HAS
BEEN THROUGH IT KNOWS THAT IT
DOESN'T.
AND IF ALL THIS SEEMS NEEDLESSLY
CONFUSING, IT'S BECAUSE IT IS.
THE WHOLE SYSTEM IS CURRENTLY
DESIGNED TO BE SO DISCOURAGING
THAT EVENTUALLY YOU SAY FUCK IT
AND GIVE UP.
[LAUGHS]
ARE YOU OKAY?
SO INSTEAD OF WATCHING A
CONDESCENDING SERIES OF VIDEOS
ABOUT HOW TO MAKE A BUDGET, WHY
DON'T WE BOTH MAKE BETTER USE OF
THIS TIME AND ENJOY THIS VIDEO
OF A MAN FEEDING A PACK OF
RACCOONS INDIVIDUAL HOT DOGS?
>> YES!
YES!
>> LOOK, FILING FOR BANKRUPTCY
WILL NEVER BE AS ENJOYABLE AS A
RACCOON EATING A HOTDOG.
BUT AT THE VERY LEAST, IT SHOULD
BE THAT SIMPLE.
BYE.
♪ ♪
>> John: THAT'S OUR SHOW.
THANKS SO MUCH FOR WATCHING.
WE'RE OFF NEXT WEEK,
BACK MAY 2ND.