Jim Hightower: Democrats Give Wall Street a Big, Wet Kiss

[marmar]

Democrats Give Wall Street a Big, Wet Kiss

By Jim Hightower, AlterNet. Posted May 11, 2009.

Yet more evidence that the banks own Washington.



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."

Recently, 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.

Here was a conspicuous opportunity for even the most ethically blind of our congress-critters to take a principled stand, for Durbin's bill practically had a flashing red-and-yellow neon arrow attached to it, declaring, "Vote Here for the People Against Greedy Bankers."

Actually, even GBs would've benefited, for the bankruptcy provision would have allowed families to stay in their homes and keep making monthly payments to banks (albeit in reduced amounts). Also, banks could still make a profit (though not a killing), and there would be far fewer vacant homes going on the market, thus giving a badly needed break to America's depressed housing market.

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

The complete piece is at: http://www.alternet.org/workplace/139903/democrats_give_wall_street_a_big%2C_wet_kiss/

[Dinger]

1. K & R

Sometimes I wonder. All I'm sayin'.

[ThomCat]

2. "The banks are still the most powerful lobby on Capitol Hill,"

sighed Sen. Durbin afterward. He added this sobering note: "They frankly own the place."

When a Senator admits publicly that the banks own Capital Hill you know the corruption is totally blatant and absolute. What chance do poor and middle class people have of getting any relief or assistance when the parasites own our government? :(

[INdemo]

4. No..banks alone dont own Capital Hill..we must not forget about the

health insurance companies...Reason ..we will never see health care reform..

[INdemo]

5. Here's a list of those Senators that are owned by banks..

These folks care more about banks than they do about regular folks in a pinch:

Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)

Bennet (D-CO)
Bennett (R-UT)
Bond (R-MO)

Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)

Byrd (D-WV)
Carper (D-DE)
Chambliss (R-GA)

Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)

Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)

DeMint (R-SC)
Dorgan (D-ND)
Ensign (R-NV)

Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)

Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)

Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)

Johnson (D-SD)
Kyl (R-AZ)
Landrieu (D-LA)

Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)

McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)

Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)

Roberts (R-KS)
Shelby (R-AL)
Snowe (R-ME)

Specter (D-PA)
Tester (D-MT)
Thune (R-SD)

Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)


If your Senator is on the list, please make note and fire their ass come next election.

Why? Because they voted in favor of these guys:

[AndyA]

3. This is exactly why every executive at every financial institution that lobbied to kill this bill

must be replaced.

They have driven their companies into the ground due to greed or irresponsible business practices. And now they would rather have a vacant house on their books instead of a performing mortgage.

It costs money to foreclose on a property. Then there is the cost to manage and maintain the property. It must be repaired and marketed in an attempt to sell. The yard must be maintained. And if these things aren't done, many localities are placing fines on the property.

In short, instead of having some income (including a reasonable profit) from these properties, they become burdens to the company. Multiply this by thousands of instances and you have a huge reduction in income, and your costs go through the roof.

These people are so greedy they can't see past it and do what's right for their companies and the homeowner. And there's pathetic little hope that in today's market that the property is going to sell quickly, and even less doubt that it will sell for a profit.

The people making the decisions at these mortgage companies are not doing what's right for the company, they are doing what's right for their own personal interests. They will collect their huge salaries and bonuses, and retire when the company goes under.

They must be replaced. This is bullshit. And the Senators who voted to kill this bill must be replaced as well.