Friday, May 01, 2009

Progressives lose "cramdown" fight in Senate

Sirota on OpenLeft:
Here's what we know:

- 12 Democrats (listed here) voted against allowing bankruptcy judges to compel banks to renegotiate mortgage terms so as to prevent homeowners from being foreclosed on and thrown out of their homes.

- Bankruptcy judges currently have this "cramdown" power to renegotiate mortgage terms on vacation homes and investment properties.

- Vacation homes and investment properties are disproportionately owned by very rich people.

QUESTION 1: Out of the hundreds of professional "journalists" who work in Washington, can someone - anyone - please ask these 12 Democratic senators why they believe it is perfectly fine for bankruptcy judges to cram down mortgages for very rich people's vacation homes and investment properties, but not mortgages for regular people's homes?
I wasn't harping on this enough. Not that this blog or some email I sent to a Senate office would have made a difference. But I feel bad for not being on the ball.

Senator Dick Durbin (D-IL) on Monday:
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place," he said on WJJG 1530 AM's "Mornings with Ray Hanania." Progress Illinois picked up the quote.
"they frankly own the place". Anyone who thought our work was over with Obama's election should be disabused of that notion forthwith.

There are two major political parties in this country: one of them is deeply corrupted by financial interests, out of touch with where the American people are, and has leadership that is more concerned with maintaining the current power structure than making America a better place. Then there are the Republicans, who are just batshit crazy.


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