If you have "no place to go," come here!

Yes, it's a puzzlement!

Here's the nut graph from a fine article from Froomkin on how the banksters -- and I know this will surprise you -- own Capitol Hill. On cramdown:

In March 2009, after the House Democratic leadership made a "herculean effort," Miller said, the cramdown measure passed the lower chamber 234-191.

But in the Senate, thanks to ferocious bank lobbying -- and a puzzling lack of support, if not outright opposition, from the Obama administration -- it was defeated by a wide margin, with the bill falling 15 votes short of the 60 needed to cut off debate and move to a final vote.

BWA-HA-HA-HA-HA-HA-HA!!!! "A puzzling lack of support."

Stop it! You're killing me!


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albrt's picture
Submitted by albrt on

Tanking bankruptcy reform was the first big tell. And it wasn't just that the bankers didn't want to take their losses.

Since I wrote that little piece, I've gained a greater appreciation for how much banker fraud would have come to light if people could have gotten their home mortgages modified in bankruptcy in 2009.

And it would have come out before the statute of limitations expired on all the criminal activity, instead of coming out in a highly managed context when the Obama Fraud Unit finally issues a report in 2014 or so.

Keep up the good work, and sorry I can't figure out how to be more helpful.

cal1942's picture
Submitted by cal1942 on

when people who should know better claim they're 'puzzled.'