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Our sense, is that this bill will not pass, although we have on many occasions in the past underestimated the degree of corruption in this country.
On the other hand, should tens of millions of Americans have a crystallized image of one person who in their view will be "responsible" for their inability to pay their mortgage bill on time, then we just may be one step closer to the full societal collapse that many predict will accompany the end of Keynesianism. This bill could fix a small problem in a legal defence that these foreclosure cases hinge on that isn't obvious just yet.
Red team, blue team, they both are part of the same league. How and when do they have time to write this stuff? And everyone all together: Bernanke, Posen, Dudley and now that guy from Minnesota, plus Grayson and gang all pulling along the dog before the pony. let's take a vote from former presidents Jefferson, Lincoln, Jackson, Wilson, Eisenhower and Kennedy on this one ... the impact of this bill may not be anywhere as serious as first thought. bi-partisan indeed Look how the vote was conducted. bill=h111-3808 Votes: Apr 27, 2010: This bill passed in the House of Representatives by voice vote.These staffers said that, in an unusual display of bipartisanship, Senator Jeff Sessions, the committee's senior Republican, also helped to engineer the Senate's unanimous consent for the bill.Neither Leahy's nor Session's offices responded to requests for comment Wednesday. He told Reuters in an interview that he proposed it because a court stenographer in his district had asked for it due to problems with getting courts in other states to accept depositions notarized in Alabama."It is troubling to me and curious that it passed so quietly," Thomas Cox, a Maine lawyer representing homeowners contesting foreclosures, told Reuters in an interview. As readers will recall, the event that catalyzed it all occurred on September 16, giving the banking lobby sufficient time to flex its tentacles and get passage enacted quickly and quietly.
After languishing for months in the Senate Judiciary Committee, the bill passed the Senate with lightning speed and with hardly any public awareness of the bill's existence on September 27, the day before the Senate recessed for midterm election campaign.
The drama is now on: will Obama openly side on behalf of the bankers (without a "blame the republicans" fall back this time) or of the foreclosure "victims" (granted, the bulk of whom are deadbeat homeowners who should never have owned a home to begin with).