Senator Reid once again leads surrender to Republican Minority: On course to gut Bankruptcy Bill

[Better Believe It]

Bank Lobby On Course To Gut Bankruptcy Bill
by Ryan Grim
April 29, 2009

The bankruptcy reform bill that passed the House weeks ago amid much fanfare is on course to be gutted by the Senate Thursday. Senate Majority Leader Harry Reid (D-Nev.) told the Huffington Post Wednesday that he wasn't sure the bill had enough votes to overcome a GOP filibuster and that its key provision -- cramdown -- may have to come out.

"We're going to find out. I don't know," he said when asked if the bill had enough votes to pass.

Democrats Ben Nelson (Neb.), Mary Landrieu (La.) and Jon Tester (Mont.) have indicated to the Huffington Post that they oppose the bill's central measure -- giving bankruptcy judges the power to reduce, or cramdown, a homeowner's mortgage payment under bankruptcy proceedings.

That provision is on the chopping block.

"The bill that the House sent us is a very, very good bill, a very good bill," said Reid. "It would be a terrific bill if we had cramdown in it and it'll still be a good bill if that's not in it."

Cramdown, however, is the guts of the bill, House Speaker Nancy Pelosi (D-Calif.) told the Huffington Post.

"Well, it wouldn't be a bankruptcy reform bill without cramdown in it," she said.

http://www.huffingtonpost.com/2009/04/29/bankruptcy-bill-may-be-gu_n_192907.html

Notice that once again Senator Reid suggests that not enough votes exist to end a threatened Republican filibuster.

Really?

Let's find out for sure.

Don't waterdown the bill even more.

Let the Republicans filibuster against help for homeowners!

I'm sure that will jack Republican poll ratings up!

[blueclown]

1. What's the purpose of a bankruptcy modification bill without a cramdown provision?

Reid, you are a spineless sack of shit.

[Thrill]

2. Wimp

[AndyA]

3. Reid. Really. Needs. To. Go. Reid. Must. Go.

He is as weak as they come. The GOP's best friend in the Senate, it would seem, as the mere idea of a threat from the right has him shaking in his undershorts. Disgusting.

[DJ13]

4. A Republican filibuster would tell the people which side the GOP is on

Why cant gutless Reid see what an advantage that would be?

[theoldman]

5. Without the full support of Democrat senators there is not much

that Reid can do. I was surprised at how many Democrats sided with the Republicans against the bill.

[depakid]

13. That's because with the cowardly and ineffective Reid in place, there aren't any consequences

for Senators who thumb their noses at him.

Best thing that could happen to the party is for him to be defe3ated one way or another in 2010.

[salguine]

6. For God's sake, CAN WE GET RID OF FUCKING HARRY REID?!!? When is his

stupid ass up for re-election? Is somebody going to primary him, for God's sake?!?!?

[Egnever]

7. Unfortunately no

He is safe unless we want to replace him with a puke.

we just sent the only dem with even half a shot at taking him in a primary to the house after she lost the governors race here to a molester who is now talking of gutting teacher pay by 11% to balance the budget.

Yay Nevada!

[depakid]

14. "unless we want to replace him with a puke."

That would be the strategic option.

[salguine]

20. Truthfully, I'd rather have an actual Republican in there than a bad imitation of one that

calls itself a Democrat.

[ClarkUSA]

8. It's Sens. Nelson, Landrieu and Tester who're obstructing this. Evan Bayh, too, no doubt...

and that bunch he runs with. Reid is not alone. But then again, it's not a done deal yet. Let's see if the White House can do
anything or if these Senators are going to remain recalcitrant to the idea.

[TheKentuckian]

9. Fire up that Bully Pulpit Mr President

Do what you do Obama. Turn the people on 'em!

[Better Believe It]

17. Are You Joking? "Obama did little to lean on lawmakers who worried ...."

President Barack Obama had said the bill was important to saving the economy and promised to push for its passage. But facing stiff opposition from banks, Obama did little to lean on lawmakers who worried it might spike interest rates.

http://www.msnbc.msn.com/id/30503750

-----------------------------
In February, the newly inaugurated president included the proposal as the stick in a housing plan full of carrots for the banking industry. The broader rescue plan encouraged, but did not require, lenders to cut homeowners' monthly payments and refinance loans for individuals whose home's market value has sunk below what they owe.

But the bankruptcy option got only a tepid endorsement from Treasury Secretary Timothy Geithner. As debate on the measure brewed, Geithner was pushing for the creation of a government-sponsored program that would rely on private investors to buy the risky mortgage-backed securities weighing down the market.

In recent days, as it became clear the bill would fail, the administration did little to counter the aggressive lobbying by banks fighting the bill and focused its efforts instead on a more popular bill targeting credit card companies.

Spokeswomen at the Treasury Department and White House did not respond to requests for comment, and absent from the debate was any statement of administration policy.

http://finance.yahoo.com/news/Senate-defeats-Obamabacked-apf-15093587.html?.v=7

[uponit7771]

10. Reid has done this Grand Nation great harm. It seams he fights harder against what Dems want...

...the harder against what KKKons want.

Mr. "I don't work for him (Obama)" Reid is shameful.

[Vinca]

11. This man is one of the weakest "leaders" I've ever seen.

He folds like a cheap tent on just about everything.

[islandgirl808]

12. I wonder if he knows

that his state is one of the highest in forclosure and unemployment. Reid what about us??

[Marsala]

15. Stop knocking Reid. The bill only had 45 votes - that's not enough for even a straight majority vote

Blame the conservative side of our center-right party. The "centrist" Senate Democrats are the biggest obstacle to Obama and the progressive agenda.

[Dr Fate]

19. What is Reid doing to keep his fellow conservative DEMS in line?

The buck has to stop somewhere- and Reid is supposed to be the leader of these Senators you mention...

[jsamuel]

21. contrary to popular opinion, that is the whip's job

[totodeinhere]

16. This is why I'm not too excited about us getting to 60 votes.

When we have DINOS's like Nelson, Landrieu, and Jon Tester, and now you can probably add Specter to the list, it's still going to be tough to get progressive legislation through the Senate.

[Dr Fate]

18. Reid helps conservatives and disagrees with the DEM base? WOW-what a suprise.

When did this disturbing trend start?

;)