Posted on 05/05/2009 9:19:59 AM PDT by NetRight Nation
It appears that the much ballyhooed “bailout consensus” is finally starting to crumble. But, only time will tell.
In a shocking turn of events, a nearly a dozen long-standing Democrats broke ranks with their party leadership—and the high-riding Obama Administration—to give the Republicans enough upport to turn back what could have been a deadly contractual crisis, one that plunged the courts into a bureaucratic abyss.
The Senators joined forces in opposing a cloture vote on H.R. 1106, a bill that would have licensed bankruptcy judges to “help” banks and debtors who find themselves unable to fulfill their financial obligations. In an unprecedented judicial power grab, the bill would have granted the courts authority to renegotiate mortgages, reset contracts to allow borrowers to avoid foreclosure—and force their banks to eat the cost. And for those banks that are risking collapse, the judges could perform their own mini-bailouts—taxpayer-subsidized, of course.
(Excerpt) Read more at netrightnation.com ...
There was a consensus?
There’s hope. If there’s a dozen D Senators that realized that this gunpoint negotiation with bondholders was a suicidal idea for everyone, then there really is a bit of hope.
But when you spread other people's wealth around, it's good for everyone. Obama already said so. Does this mean some democrats actually disagree with The One?
Nope, it means they want to get re-elected next year, and the financial industry is the source of substantial campaign contributions. Individuals going through BK... not so much.
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