Mike the Mad Biologist

It’s a trite saying to “follow the money”, but, in the case of Senator Evan Bayh’s (D-Goldman SachsIndiana) decision to oppose serious mortgage readjustments on foreclosed properties (“cramdowns”), it seems to fit. Here’s the background on Bayh’s opposition to cramdowns on foreclosures:

Senate debate on legislation that would allow bankruptcy judges to modify mortgage terms for troubled homeowners will be postponed until after the spring recess in April, according to a spokesman for Majority Leader Harry Reid, D-Nev…

Speaker Nancy Pelosi, D-Calif., initially was forced to pull the bill (HR 1106) from floor consideration, and then struck a deal on a modified version to garner enough support from a group of Democratic centrists to push the bill through.

Sens. Richard J. Durbin, D-Ill., and Charles E. Schumer, D-N.Y., have been strong advocates of a cramdown for much of the past two years and are again leading the push for the legislation.

However, a bipartisan group of moderate senators — a group that holds the key to Democratic leaders’ ability to pull together 60 votes to overcome GOP objections — has asked to have the bill significantly narrowed from the House-passed version.

Never mind that Indiana is suffering from a massive wave of foreclosures, or that 64% of Americans think that homeowners in foreclosure should receive help.

But let’s examine Bayh’s real constituents:

Contributor Total
Goldman Sachs $123,750
Eli Lilly & Co $65,722
Latham & Watkins $50,300
Orrick, Herrington & Sutcliffe $47,816
Next Generation $46,750
Blue Cross/Blue Shield $44,500
Baker & Daniels $43,850
Qwest Communications $43,691
US Steel $38,000
Cummins Inc $37,100
Winston & Strawn $35,500
Simon Property Group $34,400
Peabody Energy $33,800
Oaktree Capital Management $33,400
Carlyle Group $32,750
Sidney Fetner Assoc $28,600
Capital Group Companies $28,450
Richman Group $27,300
American International Group $26,700
Hogan & Hartson $26,600

I’ve always wondered what the Blue Dog Democrats are about. Looking back at the stimulus package, they clearly don’t have any coherent ideology, governing philosophy, or principles. On this bill, Bayh isn’t responding to the needs of his constituents.

But now I know: Blue Dog and moderate are just synonyms for whore.

Comments

  1. #1 D. C. Sessions
    March 30, 2009

    Have a look back a few years to the bankruptcy “reform” bill shenanigans. In the midst of more or less eliminating personal bankruptcy (corporate is still fine) our Congress debated a provision retaining personal bankruptcy for victims of identity theft.

    The major financial houses prevailed: if someone uses a hole in the banks’ (laughable) security to run up debts against your name, you’re on the hook and can’t even get out by way of personal bankruptcy. The voting record on that item is very instructive.

  2. #2 Tom
    May 16, 2009

    Yeah florida foreclosures are pretty bad also

  3. #3 Clay Barham
    September 16, 2009

    There is a new book describing the Democratic Party’s libertarian roots and how they switched from Jefferson and Jackson to Rousseau and Marx in the 20th century. You’ll find it on Amazon Books under Clay Barham or on the website http://www.claysamerica.com. The Blue Dogs are supposed to reflect some of the older beliefs of the Party.

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