A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.
An 83-9 vote put the plan on track for Senate passage as early as Wednesday, but President Bush is threatening a veto, and Democrats are fighting each other over key details. Those challenges will probably delay any final deal until mid-July.
The bill advanced as separate reports underscored rising economic anxiety: Consumer confidence slid to its lowest level in more than 16 years, and closely watched indices showed a continuing decline in home values.
At the Capitol, Sen. Christopher J. Dodd, D-Conn., the Banking Committee chairman, said the lending measure "would allow us to begin to put a tourniquet on the hemorrhaging of foreclosures in this country."
"We need to demonstrate to people in this country that have lost an awful lot of faith in almost everything, but certainly in (Congress), that we can get something done, that we can put aside differences and make a difference in their lives," Dodd said.
That’s right. The Banking Committee chairman, who got a sweetheart deal on his mortgage, is trying to push through legislation that would directly benefit the company who gave him the sweetheart deal.
AND, it would bail them out for idiotic loans that they made to people who didn’t qualify for normal loans.
Yep, you and I are about to spend $300 BILLION dollars, that’s about $1,000 for every man, woman, and child in the United States, to bail people out who bought WAY out of their means, lived up the high life, enjoyed square footage of homes that you and I strive our entire lives for, and now they want to be bailed out?
FUCK THAT!
Travis
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