Sen. Joe Biden wanted a sweetheart deal for the banks that stripped student loans of bankruptcy protections, and it created a train wreck. //

In general, borrowers burdened by too much debt and unable to pay their loans can usually discharge them in a personal bankruptcy case. Some debts, particularly those owed to the government, are not dischargeable. But consumer loans and credit card debts generally are dischargeable. //

Why did Biden staunchly back this change — even as Democrats like Teddy Kennedy denounced it for “sacrific[ing] Americans to the rampant greed of the credit card industry”? Because Biden was a long-time water carrier for the credit card and banking industries. And both he and his family profited from that arrangement.