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"Cram Down" Dies by Our Leader's Cowardly Hands

chicago dyke's picture

Here, let me piss off some fans of our Leader. From the now Kristol-free Grey Lady:

The bankruptcy solution would not cost taxpayers money, as would mortgage modification programs that could become part of the government's huge economic bailout package. But it certainly would harm the bottom line for lenders and investors holding mortgages.

Ya got that, chicklets? A no-cost solution that could help keep millions in their homes instead of tossing them on the streets. Sounds great, it even has support, and people willing to attach it to the stimulus bill. But...wait for it...guess who's too chickenshit to let such a win-win provision get added?

Sen. Dick Durbin, D-Ill., the chief Senate sponsor of the bill, said Obama persuaded him in a White House meeting Friday to remove the bankruptcy proposal from an economic recovery package -- to ensure it doesn't jeopardize the stimulus bill. But Obama pledged his support for the bankruptcy solution, Durbin said.

Obama said he would work with Durbin to attach the proposal to other ''must pass'' legislation -- with the hope that supporters of the overall bill would not vote against it because of the bankruptcy provisions.

Gosh, that's going to make this guy so happy. I mean, it's about 10F here in MI today, perhaps it'll be warm by the time he's out on the street.

''I'm living from day to day, hoping to make it through the day. I worry about my family, where we're going to live, how we'll survive,'' said, Butler, who has a disabled wife and two children, ages 15 and 11.
...
The lending industry has voluntary programs in place to change mortgage terms. But Butler's lawyer, Peter Bagley, said it was a nightmare trying to contact his client's lender.

First, he was told the application for a loan modification would take at least 30 days to process. Bagley then called someone with authority to stop any sale of the home, but only received voice messages that the mailbox was full. The application never arrived.

Hope is warm and fuzzy, and fills those lil tummies so well, doncha know.

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Submitted by jawbone on

ratings can plummet when the public feels things are not going well. Especially when the public feels promises made are not being kept. And principles promised are being compromised.

I believe Clinton held the public bcz he made clear what he planned to do, was doing, and why there were changes. His popularity went down (then up and pretty much stayed there in spite of the impeachment character assassination), but he never abandoned speaking clearly to the public (well, except for what "is is" maybe). Almost always general principles had a concrete proposal (or achievement) when he talked about what he wanted to achieve,what his administration was about.

The MCM* never strongly supported him and his proposals. I still remember a PBS program in the first year of Clinton's first administrtion where the NYTimes WH reporter at the time whined (she had a whiney voice anyway) that it was "so boring" to go on Clinton's trips around the country where he would speak to promote his (was it econ?) plans at that time. So boring bcz she'd heard it before and just tuned out. No need to report what a Dem says more than once, you know.

When he raised taxes on the wealthy, he explained why in spite of the MCM, did it with a one vote majority in the House (the PA woman Dem rep who changed to yes was, iirc, defeated by the Repubs in the '04 power change), but lost Congress. I thought at the time he lost Congress bcz the public believed Clinton and the Dems were going to bring in true national healthcare, of one type or another; the MCM blamed Hillary. I and my friends blamed the Dems in Congress who couldn't get it together, either to lobby the Clintons or each other. The diappointment was palpable were I lived and, I believe, made the silly Repub House Bank charges against the Dems easier for the public to swallow.

Obama seems to think he has all the time and trillions in the world to both buy Bipartisan Support from the Repubs, with tax cuts which do not make a lot of sense, and then to get do-overs on real stimulus, something that has a better chance of working. (Or is it really his objective anyway, to protect the uberwealthy? Those how know are not telling us the public.)

Thank goodness FDR realized the Repubs hated everything he was trying to do that might help and just went ahead and did those things. He also, iirc, had larger majorities and mainly had to deal with his conservative Southern Dems in terms of compromising. Obama ought to be nurturing his Dem majorities, not undercutting them. He should be letting the public see that they are accomplishing things for the public, not promoting those who wish to bring him and the Dems down.

Kevin Philips said in the 90's that it was going to take a Depression to correct the wealth transfer problems stemming from St. Ronnie, et al, and the Repubs, to get the American public to realize things needed real change. Perhaps we're not deeply enough in economic trouble yet; the uberwealthy have too much wealth they can still use to buy off both parties, influence both parties' approaches.

Why stick necks out, face possible loss of big donors, when the ol' okey-dokey still works so well? Bamboozling**--it's not just for Repubs anymore.

ChiDy, I share you anger and disappointment--even tho' I still hold out Hope that Obama will Change. That he'll have to--only it may be too late, with too many trillions already spent on too few results for the non-uberwealthy.

If that happens, the Dem Party is toast, since the MCM is only too willing to still carry water for the Repubs (and throw acid on the faces --well, proposals-- of progressive Dems). The public will blame the Dems in general for Obama's weaknesses long before they will come to grips with the realization their Hero may have feet of clay. And Obama without a Dem majority? Oh, Katie, bar the door!

*MCM--Mainstream Corporate Media

**Bambloozling--Think about it, Josh at TPM.

pie's picture
Submitted by pie on

And Obama without a Dem majority? Oh, Katie, bar the door!

He's got two years. I just read at ABC's blog about the government official who helpied cover up IndyMac's problems before it was closed. You should read the stories by people who lost money, hundreds of thousands of dollars, because their deposits weren't insured (this happened before the FDIC limit was raised to $250,000). Holy crap! I'd be furious. Apparently, even people whose deposits were insured have not yet received their money.

What a freaking mess. OMG.

Total breakdown of all institutions. The trust factor is nearing zero. Pitchforks and torches, fer sure. Nothing gets people excited like an emptied wallet, especially the way it's happening.

Keep smilin', Obama.