SportscarBruce
30th April 2009, 10:13
WASHINGTON (AP) -- Effective lobbying by bankers and voter frustration with taxpayer-funded "bailouts" have kept President Barack Obama from making good on his promise to wield a heavy stick against a financial industry blamed for derailing the economy.
Without pressure from the new president to do otherwise, the Senate on Thursday was poised to reject legislation that would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments.
http://hosted.ap.org/dynamic/stories/U/US_MORTGAGES_BANKRUPTCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Moral of the story; capitalism is not democracy. Not hardly.
Without pressure from the new president to do otherwise, the Senate on Thursday was poised to reject legislation that would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments.
http://hosted.ap.org/dynamic/stories/U/US_MORTGAGES_BANKRUPTCY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Moral of the story; capitalism is not democracy. Not hardly.