Wealth Transference

Last week the Senate defeated a mortgage measure to allow bankruptcy judges to modify mortgages for thousands of Americans in foreclosure. The vote was 45-51 and according to an AP article the Democrats “lamented they were powerless, with the 45 votes falling short of the 60 to overcome procedural hurdles.”

No kidding they’re powerless, they’re powerless against taking our millions away from the lobbyists who pay them to vote their way; in favor of the capitalist crooks.

In years past a bankruptcy judge had the ability to modify a mortgage until the Republican controlled Congress under President Bush changed the bankruptcy rules (at the request of the credit card companies, and the banks who own them) to eliminate this rule.

Now with the Democrats in control they had the opportunity to change the rules back, and they refused. Not only do they refuse, they whine about being helpless because of the “procedural rules“. Well they’re not as helpless as those Americans facing foreclosure or the loss of a job. Just think, these whining Democrats have all that lobbying money to back them up while the rest of us are lucky enough to still be able to pay the mortgage. Just goes to show no matter which party is in control of Congress, the real control lies with whoever supplies the payoff to campaign funds in the millions. It’s all influence peddling dollars.

These banking lobbyists work for the same banks who for decades have made billions from us. The Washington Spectator’s editor Lou Dubose reflects on liberal House Democrat Henry B. Gonzalez who chaired the House Banking Committee from 1989 to 1995 who reminded Lou that “In 1988 a thirty-year fixed rate mortgage required the average family to pay for its house twice-once in principal and once in interest. He described mortgage lending as a vast transfer of wealth from the working class to the stocks-and-bonds class.”

It is this transference of wealth which has created the situation we’re in today, with the power and wealth in the hands of the few.

The president supported this bill but backed off when he faced stiff opposition from the banking lobby, which is further evidence that no matter the party in the White House, or Congress, Republican, or Democrat, they are all complicit in this transference of wealth to the capitalist crooks.