Rescue Rescued

The House acted quickly to pass the so called bailout bill, rescuing the rescue plan. Again more Democrats voted for it than Republicans. This time around, although most of the "sweeteners," what one of my commenters earlier called "bribes," were directed to Republicans, more Democrats than Republicans switched. Several noted that Barack Obama had called and assured them that he would pursue efforts to change bankruptcy rules so that judges would have the power to change terms of loans, allowing people to stay in their homes.

The bill has gone to the President, who has signed it. Now we wait to see what happens.

Comments

Anonymous said…
Allowing judges to change loan docs is a VERY scary thing as a banker. Here is what happens next.. bankers won't lend! As banker, my main job is risk management, so if that risk can be changed by a judge at the very moment I need all my options to remedy the issue, scary! You would say.. well you shouldn't have done the loan in the first place. Bankers will say.. EXACTLY, so I will no longer lend to people that meet this profile. Thats whats known as an unintended result. Suddenly poor people can't get loans... and its back to where we were before the 1995 Community Reinvestment Act. The pendulum swings.

To respond to the other post.. PLEASE don't go partisan. I am angry it took a $250M BRIBE to give fisherman in Alaska funds b/c of the Valdez. I also laugh at the congressman who changed their vote b/c Obama called them. Sure would have been alot CHEAPER had he called them, say on Sunday?!? In the end, I think we see how pathetic our congress can be. They saw $$$ and took advantage. Part of me wonders if in the end this is the exact result they wanted.. take a 3 page bill.. delay.. swell it up to 25+ pages of pork and pass it. Sad.

Ps.. Bob, please don't ever take any of my comments personally. I love your passion, even if I often disagree. Your comments help me think and its refreshing to hear from people who don't always agree with me. It challenges my beliefs. Please know if we were in a bar, I would buy you a beer, enjoy the conversation, shake hands, say a prayer of thanks.. and keep on going. I felt a little convicted that I might be viewed as some form of trouble maker. Thanks again!

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