Obama's first legislative defeat: *Cramdown* defeated

Discussion in 'Politics' started by Wyldgusechaz, May 1, 2009.

  1. Wyldgusechaz

    Wyldgusechaz New Member

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    A bill was in front of Congress that would have allowed bankruptcy judges to alter mortgage contracts to enable homeowners to stay in their houses. Obama wanted this bad but it was killed. Good riddance.

    This was a huge win for America. Basically we had delinquent homeowners and scofflaws on one side and renters and people who are current on their debt obligations on the other. Some democrats bolted from the liberal party line and defended the rule of contract law.

    Home ownership is a priviledge, not a right, and it isn't even a good thing for America that everyone own a home. Real estate is dead money. The less tied up in the ground the more that can be used for other things.
     
  2. B_starinvestor

    B_starinvestor New Member

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    Great news to start the weekend.

    Thanks for posting, Goose.
     
  3. B_Nick4444

    B_Nick4444 New Member

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    :beerchug2:
     
  4. SilverTrain

    Gold Member

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    This is my favorite part of this issue: listening to all the conservatives throw holy water on themselves while kneeling down to kiss the ground in righteous sublimation to the sanctity of contract law.

    The same folks who've spent the past twenty-odd years wringing their hands and pounding their fists in indignation as they have decried the "liberal trial lawyers" who've had the communist gall to file lawsuits for breach of contract (like say, when an insurance company refuses to honor it's contractual obligations).

    Fuckin' A.
     
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