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.
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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.
Yeah florida foreclosures are pretty bad also
There is a new book describing the Democratic Partyâs libertarian roots and how they switched from Jefferson and Jackson to Rousseau and Marx in the 20th century. Youâll find it on Amazon Books under Clay Barham or on the website www.claysamerica.com. The Blue Dogs are supposed to reflect some of the older beliefs of the Party.