In a victory for the banking industry, the House of Representatives voted Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners. ... Republicans and an army of lobbyists for banks and Wall Street firms, whose profits would be threatened by reforms, have fought for months to weaken and delay the bill.While I would fully expect that the Republicans would kowtow to the needs of the banks and Wall Street, it took a non-insignificant number of greedy-ass Democrats to go along.
While the Congress and the courts are diligently protecting the interests of the rich and powerful, expect more shit like this to go down.
Sometimes I wonder how much of an illusion democratic elections are. Obama's victory gave me courage, but I haven't seen a lot of change on Wall Street since then.
ReplyDeleteStill wondering.
FDR rammed through Glass-Steagell within a matter of months. These clowns are still circle-jerking around about it.
ReplyDeleteI blame, in no small amount, our Secretary from Goldman, Tim Geithner.
Democrats only slow the nation's rate of decline; they don't reverse it.
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