U.S. Senate Stiffs the People, Cheers Wall Street by Jim Hightower

[Better Believe It]

U.S. Senate Stiffs the People, Cheers Wall Street
by Jim Hightower
May 7, 2009



Sam Rayburn, a longtime speaker of the U.S. House, once said, "Every now and then, a politician ought to do something just because it's right." Last week, 45 U.S. senators dodged an excellent chance to do just what Mr. Sam advised. At issue was a straightforward, common-sense amendment proposed by Dick Durbin, D-Ill. It would have allowed bankruptcy judges to help hundreds of thousands of financially strapped homeowners who now find themselves trapped by exploding, exorbitant interest rates that bankers had attached to their loans.

What a sensible idea! So, naturally, the Senate stomped it to death.

The members were prodded to do so by Bank of America, Goldman Sachs, JPMorgan Chase, Wells Fargo and other upstanding members of the hyper-aggressive GB lobby. These are, of course, the same banksters who for years speculated rapaciously on people's homes, created a housing bubble that has since burst and shattered our economy, reduced their own financial fiefdoms to insolvency, then rushed to Washington to unscrew the Capitol dome and help themselves to a taxpayer bailout that is nearing $3 trillion.

Yet, the very idea of allowing bankrupt families to get a small break in bankruptcy courts has caused Wall Street elites to squawk like a banty rooster choking on a peach pit. They dispatched hundreds of well-connected lobbyists to Congress, to the White House and to key government agencies to nix Durbin's amendment (which, ironically, would've been attached to a bill that awards even more billions of taxpayer dollars to the banks).

The first and chief target of this furious lobbying blitz was a guy who had long backed the homeowners protection plan, promising again and again last year that he would lead the fight to pass it: Barack Obama. The banker lobbyists were aided in this effort to back off Obama by two White House insiders who have shown themselves to be shameless Wall Street softies — Treasury Secretary Timothy Geithner and top economic advisor Larry Summers. Timid Timothy reportedly argued that even a small, tightly targeted bankruptcy provision for common folks would create "uncertainty" for big investors in Wall Street banks.

Never mind that millions of homeowners are facing crushing uncertainty over their mortgages, Obama and team promptly disappeared from the legislative fight, abandoning Durbin.

Please read the complete article at:

http://www.creators.com/opinion/jim-hightower/u-s-senate-stiffs-the-people-cheers-wall-street.html

[Echo In Light]

1. K&R

[Mnemosyne]

2. KnR. n/t

[bvar22]

3. Hightower is the REAL Deal.

<from the linked article:

"This let Wall Street's hired guns go after pusillanimous, bank-financed Democrats. Sen. Evan Bayh of Indiana, for example, was a swing vote, counted on by Durbin. But with no pressure from Obama, Bayh was free to sidestep principle and vote his own political pocketbook. Up for re-election next year, Bayh's top campaign donor is Goldman Sachs.

Needing 60 votes for passage, Durbin got 45. In all, a dozen Democrats gave Wall Street a big wet kiss by voting against Durbin's amendment, which also was a vote against America's hard-pressed homeowners — and against Mr. Sam's sage admonition.

Bayh is the logical target for a National Effort by The Left to unseat him in the Democratic Primary. I have a donation for any Liberal Democrat who is willing to run AGAINST Bayh in the Primary.
Even if the attempt is unsuccessful, it will force the "Centrist" (Conservative) members of our Party to take notice.
WE are WATCHING you!
Take us for granted at your peril.


Note: How can Goldman Sachs take $BILLIONS of taxpayer dollars, and then fund the campaigns of those who funneled the money to them?

[wroberts189]

4. "Wall Street elites to squawk like a banty rooster choking on a peach pit" haha ..love this guy. nt

[Wednesdays]

5. K&R

:kick:

[imdjh]

6. Love Hightower. He's like Tuna, only about important things.

There is a wholesome truth underneath the hokieness.

[slay]

7. Kick - since (due to time) this is not on greatest page anymore

I wish articles could stay a bit longer on greatest page.