By Moe Bedard
Every American that has an interest in our government’s responses to Main Street’s economic problems should pay serious attention to those that are killing the cramdown bill. To me, at least, I take the imminent death of this bill as proof positive that our representatives have sold us down the river. With increasing pressure from major lobbyists in the securities and finance sectors, it seems difficult to identify anyone still fighting for the bill to pass.
According to a story today from The Washington Independent, even after major concessions have been given to the powerful lobbyists more and more representatives are quietly agreeing to vote against the bill. Why? The answer seems simple to me: if they vote for it the money from lobbyists in these industries will not fill the future political coffers of our representatives.
From The Washington Independent:
“It’s a compromise six ways to Sunday to answer everyone’s concerns, and yet you’ve still got what looks like all the Republicans, and a handful of Democrats, who don’t want the bill,” said David Abromowitz, a housing expert at the progressive Center for American Progress. “[The banks] still have enormous political power on Capitol Hill.”
And it’s not only Republicans who are lined up with the banks. Indeed, the Huffington Post reported this week that Democratic Sens. Mary Landrieu (La.), Ben Nelson (Neb.) and Jon Tester (Mont.) plan to vote against the proposal, while a long list of other moderate Democrats remain on the fence.
The worst part of this entire fiasco isn’t simply that we’ve been sold out, the worst part is that American’s need the relief that the cramdown bill provides. With unemployment increasing regularly, inflation escalating, home prices continuing to fall it seems that the relief this bill could have provided will be lost and the only remaining beneficiaries of government support will continue to be major lenders, auto manufacturers and insurance conglomerates.
Make no bones about it…Main Street is not on our representatives list of worthy recipients of either direct aid or even indirect aid like the cramdown bill provides.
{ 4 comments… read them below or add one }
Maybe I’m wrong but I think we’ll see another huge wave of foreclosures now because the moratoriums quietly ended March 30th and the cram down bill was the only hope for millions of struggling homeowners. Who do the Senators represent? And why did Obama not push his fellow dems who were on the fence? Not only will millions more lose their homes but don’t the senators understand that another wave of foreclosures will drag down housing prices nationwide, which hurts all home owners. And it’s the housing crash which led to the stock market crash. Do the Senators want millions of foreclosures, lost equity and Dow 5,000 or are they just completely clueless and completely owned by the banks?
Ispite of eligibility Countrywide did not
modify our loan and trying to forclose our
house. Passing bill s.61 by the Congress is only hope for us.
So, this is Change We Can Believe In? What a joke.
I feel betrayed by the Senate. The cramdown bill was my only hope to keep my family in our home that I’ve spent the last 7 years pouring everything I have in remodeling and improvements. My home was also to be my retirement fund because I’m self employed. Now all my blood, sweat and tears were all for nothing because 15 senators choose to vote against the cramsown bill. I still have to file bankruptcy and rent somewhere.