One congressional reaction that emerged — Senate Banking Committee Chairman Chris Dodd’s (D-Conn.) response to the rescue package — wasn’t favorable to many of K Street’s banking clients, who oppose one provision in particular: giving bankruptcy judges the power to lower mortgages for distressed homeowners.
“We are vigorously opposing that,” said Steve Verdier, a lobbyist for the Independent Community Bankers Association (ICBA). “If that happens, then the mortgage rates for other consumers are going to go up.”
Well, what can I say except fuck you, Mr. Verdier and the limo you rode in on.
OK, perhaps our next president puts it more…politically:
“First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives.”
And don’t even try blackmail us you rich asshole (and that goes for you too Paulson), we’re in no mood and no longer care what you idiots think. Not one thin dime should be spent on this problem until every single ARM in this country is turned into a reasonable fixed-rate mortgage for every homeowner who can afford it. If that doesn’t fix the problem then you can get in line behind them. And while you’re bent over the hood of your Towncar, you can explain to me a bigger “moral hazard” that giving you corrupt traitors hundreds of billions more taxpayer-backed dollar so you can keep ripping us off and sending a mortgage for the country’s future to the Chinese.
[Cross-posted at E Pluribus Unum]