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Wall Street Ends Hope for Homeowners Via Congress

By       Message shamus cooke       (Page 1 of 3 pages)     Permalink    (# of views)   1 comment

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opednews.com Headlined to H3 6/9/09

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As if the bank bailouts weren’t proof enough that Wall Street owned Congress.  History will likely show that these bailouts involved the largest transfer of wealth ever — from the working class to that small group of billionaires who own the corporations.  

 

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This fact is recognized by most people now and is such common knowledge that even the mainstream media feels comfortable discussing it…matter-of-factly. 

 

These corporations have also exerted tremendous influence in other realms of politics, working towards destroying Obama’s campgain promises of health care, job creation, civil liberties, the Employee Free Choice Act, peace, etc. 

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In each case the promised reform was gutted of its essence, and “compromise” versions of the bills are now being discussed: instead of universal health care, we will likely be universally mandated to purchase health insurance; instead of “job creation” we are told that the stimulus has “saved jobs” (contrary to the evidence); while troops are “drawing down” from Iraq, the war in Afghanistan/Pakistan is being escalated; instead of allowing workers to organize unions easier, a compromise version – Employee Free Choice Act, minus card check — seems more politically “pragmatic,” etc.    

 

Even Obama’s smaller reforms face similar partial abortions in Congress.  For example, Obama recently signed into legislation the Helping Families Save Their Homes Act. But, as The New York Times pointed out, the bill “was missing its centerpiece: a change in bankruptcy law he [Obama] once championed that would have given judges the power to lower the amount owed on a home loan.” ( Ailing, Banks Still Field Strong Lobby at Capitol, June 6, 2009

 

Obama was not demanding that foreclosures cease, or that those who’ve recently lost their homes — because of the economic crisis — be allowed to return to them; he was merely advocating that those who can still afford mortgage payments be allowed to lower their balances. 

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Even this small crumb for homeowners was rejected by Wall Street, whose profits would have suffered. 

 

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Shamus Cooke is a social service worker and activist living in Portland Oregon.

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