Friday, May 01, 2009

Banks And Cram Downs

They may no longer be the Masters of the Universe but bankers proved they are the Masters of the Senate today. Legislation enabling bankruptcy judges to renegotiate the terms of mortgages went off the rails today with Democratic Senatorial help.

Now in case you buy into the idea that such a thing would create a situation of lessening personal responsibility you need to look at the reality is that second home mortgages and yachts and such are subject to cram downs, just not primary residence mortgages. You can see the justice in that, it should be obvious that those who can afford such things are morally superior to the proles who can only afford one house and no yachts. People like bankers, who can, certainly should not be subjected to the onus of just losing their second homes or yachts or...really anything.

Bankers didn't think much of the idea...

Ah well, Republicans are happy too, so all is not lost for everybody.

1 comment:

John Sundman said...

I pray for fire raining down upon them.

I just got back from a celebration for Pete Seeger's 90th birthday, and one of the speakers, who knows the man well, said that he never once has heard Pete express bitterness or rancor.

Well, that's why Seeger's a saint and I'm not.

A pox upon them.

And thank you for your blog.