Saturday, May 2, 2009

More Information Regarding the “Cram Down” Defeat

I found two more important items regarding the defeat of Sen. Dick Durban’s (D-IL) foreclosure amendment.  I don’t think this is getting enough coverage, otherwise, there would be more outrage. 

First, Ryan Grim has comments from the Democratic Senators who voted against the amendment.

Second, Keith Olbermann analyzes the situation and talks to Arianna Huffington about it:

I can’t stress how disappointing this is.  Maybe I was naive.  I really hoped that we would have a new era where people mattered more than a handful of companies, in this case, banks.  As was mentioned in the Olbermann clip, banks, who without having been bailed out, would have nothing.  They’d be closed.  And, again, they’re thinking only about their short term interests.  People can’t pay their mortgage.  Instead of negotiating better terms for the borrower, effectively keeping an income stream open, the banks rather have the borrower foreclose.

Bank stress tests are coming up this week, and Huffington Post reports this morning that the tests are woefully soft.  So much for “We the People.”  It should be, “We the Companies that Own the Government.”

I hate feeling this way.

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