Congress: The Banks Own the Place. Do They Own Obama Too?
Thats what Democratic Senate whip Dick Durbin said last May when the Senate failed to pass a bankruptcy reform bill that would give bankruptcy judges the power to reduce the principal of homeowners underwater mortgages, the same power bankruptcy judges have to reduce the principal on commercial mortgages like those held by Donald Trump that get in trouble. Indiana Democratic Senator Evan Bayh, one of the banks favorite Senators said at the time:
When I was actively involved at the moment it broke down it was my impression there were no Republicans who were willing to support it and at least a few Democrats have stated openly on the record that they were in opposition. How you get to 60 with those numbers is a mathematical problem.The putative Democrat Bayh appeared to have few regrets that 40 Senators could block any action that would help homeowners keep banks from foreclosing on their homes. And President Obama did nothing to confront or embarrass those Senators, mostly Republicans but including several Democrats, from siding with the banks against the people.
President Obama called the proposal ano brainer. But that was before the banks launched a multi-million dollar lobbying campaign in Congress to kill...[more]
Go to source web page for full content: Congress The Banks Own the Place Do They Own Obama Too Huffington Post blog
Tags: Congress Banks Own Place Obama Too Huffington Post blog 
