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Conservative, or Just Plain Corrupt?Posted on Nov 30, 2007By David Sirota Through their ethics scandals, Republicans in Washington long ago began making the word conservative synonymous with the term corrupt. Surprisingly, though, it is a group of Democrats that is cementing this definitional conversion for good. In the midst of the housing crisis, a cadre of self-described “conservative” Democrats called the Blue Dog Coalition is demanding that congressional leaders delay legislation designed to help people trapped in high-interest loans stay in their homes and avoid foreclosure. The bill, House Resolution 3609, allows judges to ameliorate the terms of abusive “subprime” mortgages. Rep. Brad Miller, D-N.C., is championing it—a gutsy move for a lawmaker whose state domiciles major lenders. The Blue Dogs say they oppose Miller’s initiative out of concern for the integrity of the 2005 bankruptcy bill—a telling justification. Under that odious law, millionaires can shield their mansions from creditors, and corporate executives (think: Enron guys) can prevent ripped-off shareholders and employees from seizing their holdings. Harvard’s Elizabeth Warren notes that the law also “permits people with vacation homes and investment property to rework their mortgages in bankruptcy.” But regular homeowners? Sorry—without Miller’s legislation, judges are barred from defending you against the vultures. Blue Dog Democrats cite the social conservatism of their rural and exurban districts as the reason for such high-profile stands against their party. Somehow, we are expected to believe that their constituents’ anti-abortion or pro-gun views mean those same constituents want Congress to help banks throw people out of their homes. But since when did any voters—conservative or otherwise—support that kind of thing? Since never, of course. “Conservatism” is being used as the cover for corruption. As National Journal reports, corporate lobbyists “knew exactly who to go to in order to stop the [foreclosure relief] bill in its tracks: the Blue Dog Coalition.” These lawmakers are the mercenaries’ go-to crew not because of any principled ideology, but because they have been big recipients of campaign cash from the finance and real estate industries. Of course, this is only the most recent example of pay-to-play shenanigans on banking issues. In 2005, 20 “New” Democrats—another group billed as conservative—signed a letter demanding the passage of the original bankruptcy bill. Those Democrats had pocketed a combined $750,000 from the financial industry. That same year, the Senate cast a “conservative” vote defeating a bill limiting credit card interest rates to a whopping 30 percent—a modest measure to say the least. Eighteen Republican and Democratic lawmakers voting against the measure had previously voted for a tougher interest cap. What changed? They received about $2 million from the credit card and banking industries in the interim. Still, this new Blue Dog letter takes the cake for sheer brazenness. Why? Because the current mortgage crisis is especially hitting the kinds of exurban and rural districts these “conservative” Democrats purport to speak for. The Atlantic Monthly’s Matthew Yglesias recently reviewed foreclosure data and found that “the hardest-hit areas are the high-growth fringes of vibrant metro areas”—the exurbs that Blue Dog signatories like Illinois Democratic Rep. Melissa Bean represent. Real Estate magazine reports, “In 500 rural counties, one-third or more of mortgage originations involved high-interest loans.” That could spell trouble for districts like the one represented by Rep. Jim Marshall, D-Ga.—another signer. His state has almost 30,000 homes financed by subprime loans. So, will these faux conservatives win? Maybe in this battle over mortgage reform, and in some other upcoming skirmishes, like the brouhaha over taxes. The National Journal reports that this same group of Democrats is intent on “limiting the scope” of proposals to close the loophole letting billionaire hedge fund managers pay a lower tax rate than the janitors who clean their offices. Apparently, the Blue Dogs would have us believe conservative, working-class constituents are insisting their congressional representatives not only support bank foreclosures but also help Wall Street barons rob the federal treasury. Nonetheless, over the long term, those like the Blue Dogs will have an increasingly difficult time succeeding—both legislatively and electorally. The more they attach their “conservative” label to such obscene corruption, the more that label will be indelibly tarnished. Aiding loan sharks and tax cheats may elicit campaign donations and smiles in Washington, but it is no way to win hearts and minds in the rest of America. David Sirota is the bestselling author of “Hostile Takeover” (Crown, 2006). He is a senior fellow at the Campaign for America’s Future and a board member of the Progressive States Network, both nonpartisan research organizations. His daily blog can be found at www.credoaction.com/sirota. © 2007 Creators Syndicate Inc. Previous item: The YouSnooze Debate Next item: The Not So Almighty Dollar Elsewhere: . CommentsAre you a Truthdig member yet? Login now, or register with Truthdig.
By Conservative Yankee, December 2, 2007 at 1:02 pm # The choice between the DEMOlition party and the REPUBLICscrapped orgy is far finer then described here. It is like the 18-year-old, in jail for the first time..."Hey Yo Youse a Nazi, a Nigger, or a Spick?” No matter what he chooses somebody’s gonna fuck him. I’ve spoken about Lawrence, and Worcester Massachusetts before. Both these cities in the liberal backyard of Ted John and Deval. The slums. waste and lack of concern date to before the 1970’s. BUT These cities are no worse off than where the R’s control things. Chrome Avenue in Miami Gary Indiana,and in the Oklahoma City Housing authority which will shortly be under control of a “master” as it slips into receivership. No, working folks get the shit end of the stick no matter which party is “running things” The only practical solution is to give one the congress, and the other the white house.... then at least they will have to buy rubbers!
By republicanSScareme, December 2, 2007 at 2:31 am # The Republican Party has always been a criminal organization to those who run it. How it is merged with the Nazi Party.
By thomas billis, December 1, 2007 at 11:52 pm # To answer one commenter sure there are corrupt democrats.The difference is that a Democrat if he is corrupt will try to steal one dollar in five.The republican wants the whole five dollars.A Democrat will steal setting up social programs that benefit everybody. The republican will make war and hire Blackwater.Which corrupt official is less scary?
By BushWacked, December 1, 2007 at 3:09 pm # Our jails are full of the WRONG people, the poor & defenseless. The REAL criminals get elected.
By Yani, December 1, 2007 at 9:38 am # Cyrena can’t accept the failures of her own party that she has to try and blame the republicans? Get real. They are your party, they are Democrats, they are just as corrupt and they are failures. Another attempt by cyrena to define “is”…. A Democrat is a Democrat is a Democrat. Blame your own party for their own miserable failures.
By DennisD, November 30, 2007 at 7:19 pm # Dave - neither party discriminates when it comes to being corrupt. The Repugs just keep raising the bar for the Dems to aspire to, and they will.
By thomas billis, November 30, 2007 at 12:44 pm # When John Edwards talks abiut public financing for federal campaigns everybody looks at him like he is nuts.Public financing of campaigns will save the taxpayers much more than the cost of the campaigns.It will be an attempt to end the cozy money relationship between politicians and rich lobbyists.
By Conservative Yankee, November 30, 2007 at 11:39 am # 117086 by Robert Giacobbe on 11/30 at 10:24 am @ #117048 by Conservative Yankee: “I think you need to change your screen name. You can keep the yankee part.” I’ll take that under advisement, and have my lawyers get back to you.
By Nancy, November 30, 2007 at 11:34 am # Why doesn’t every home-owner register themselves as a ‘corporation’, then they don’t HAVE to be responsible.
By Barbara Ann Jackson -Law & Grace, Inc, November 30, 2007 at 10:49 am # Most critical to the Nationwide FORECLOSURE Crisis is the FORECLOSURE FRAUD component. In almost all instances of foreclosure fraud, MORTGAGE LENDERS become enabled to ILLEGALLY FLIP properties. In Louisiana, it is HIGHLY COMMON for COLLECTOR attorneys to file foreclosures: (i) in the name of a DEFUNCT mortgage company;(ii)in the name of a mortgage company which is NO LONGER holder of the security interest (the promissory note); or (iii) file a foreclosure and AFFIX a ‘ransom’ amount (the collector’s fee) far exceeding what the promissory note “Acceleration Clause” authorizes. Despite a property owner’s entitlement to CHALLENGE CONTRARY-TO-LAW loss of his / her home, most property owners LACK consumer and legal knowledge; the Court System is REFRACTORY; and there is a SHORTAGE of attorneys with acumen to pursue this area of Consumer Law! Also, when borrowers sue for “Unfair Debt Collection Practices,” etc., the collector gets to make more $$ through prolonged litigation, and reaps added billable hourly fees. As such, it is NOT Judicial Corruption is the underlying factor of New Orleans Apartheid conditions that became exposed due to Hurricane Katrina floods. The court systems as well as the Louisiana division of the U.S. Justice EXAMPLE: In my absence, a debt collector attorney conducted a simulated auction of my residence on May 19, 2005 by use of non-existent mortgagor GE Capital Mortgage Services’ identity. Although GE Capital Mortgage Services ceased to exist on October 25, 2002, documents were created to portray the successful auction bidder as defunct GE Capital, and the property deed was transferred out of my Default on my part, stemming from an abusive marriage, is a fact -and I was trying to negotiate, but the UNREASONABLE RANSOM and other extortion tactics by the debt collector hindered me. (Ransom-type repossessions / foreclosures in New Orleans have caused several pre-Katrina DEBT COLLECTION lawsuits by various homeowners.) As mentioned, illegalities pertaining to real estate fraud, as well as judicial corruption is common in Louisiana --and SEVERE REPRISALS become INFLICTED on people who do not cooperate with property Lastly, Investors need to become more astute about how mortgage servicers’ misdeeds hurts borrowers as well as siphons incalculable amounts of money from what Investors should reap. (See “Limiting Abuse **Here’s a few site links which clarify and prove what I’ve written: “ILLEGAL REAL ESTATE FLIPPING...” “Anatomy of Judicial Corruption,. . .”
By Conservative Yankee, November 30, 2007 at 8:39 am # 117022 by Robert Giacobbe on 11/30 at 7:32 am “The bill, House Resolution 3609, allows judges to ameliorate the terms of abusive ‘subprime’ mortgages.” You remind me ao a former Judge here in Maine who asked the abused wife in his court; “...and what did you do to deserve this?” As my screen-name suggests, I favor “personal responsibility” BUT I also (doing much dealing in real estate)have heard RE brokers, and lenders tell prespective clients “Don’t worry, in five years the price of your house will increase, and you will be making more money, so any “small increase” won’t hurt you. It has been 50 years since we have had inflation coupled with declining property values. People were born, and grew to adulthood never believing such a thing could occur, and anyway, the bankers must know what they are doing? As a “conservative” I opposed the deregulation of the banking industry. Unregulated commercial lenders (Like Ditech, and Countrywide)are poor substitutes for the old regulated savings bank which did the lion’s share of home mortgages before Nixon. Local lenders are aware of economic factors which effect their sphere. National lenders don’t do “local histories” As to your comment on “Mcmansions” the properties I see being foreclosed are 2 bedroom one bath prefabricated housing usually on less than an acre. I would not be opposed to a bail out (similar to the one offered Chrysler) of first time homebuyers in foreclosure IF part of the legislation returned the first time under $300,000 home mortgages to regulated status. We’ll never get our local bganks back, but maybe we can make the larger institutions pay some attention to local markets. I notice (on the foreclosure map) that Westchester County New York, Bergan County New Jersey, and Fairfield County Connecticut have the lowest levels of foreclosure in the Nation..... Where do Citibank’s CEO and board members live?
By teamlessmasses, November 30, 2007 at 7:30 am # Well, if the people in out state regions fail, they can always come to the urban community. They’re too proud to take hand-outs, of course… Unlike the stereotype of us urban folks, who live off them, supposedly. That way the Blue Dogs won’t have to worry about their votes, and the electoral college can explain their opinions away as the unwashed masses, minorities, or just crazy liberal socialists, who aren’t “real Americans” as defined by Ronald Reagan’s handbook of official television stereotypes covered by the Constitution.
By Conservative Yankee, November 30, 2007 at 6:34 am # “conservative” DANIAL WEBSTER “Cautious; having a risk-averse investment strategy which has preservation of capital as a high priority.” SAMUEL FRANCIS “The survival and enhancement of a particular people and its institutionalized cultural expressions. ROGER SCRUTON “Maintenance of the social ecology” “the politics of delay” Mr Scruton meaning conservative purpose is to maintain, relatively unaltered, the vitality and health of a society. Conservatives believe that sweeping transformation and untested ideas should not be employed before being fully assessed. Up here in New England, a “Yankee conservative” would stay out of his neighbor’s affairs unless invited to help. They generally believe in small weak Federal Government relying more on State Government. They pinch a nickel until the buffalo shits on Jefferson, and if true to their position, refuse any governmental assistance, knowing that anything you get from government comes with “strings” designed to keep one “dependent” The mis-use of the word “conservative” can be traced to the misuse of the word “liberal” No true Yankee Conservative would be involved in telling a woman how to handle a pregnancy unless they were asked by the woman in question, AND that woman had some close attachment to the person she was asking. Otherwise the classic Maine/New Hampshire response would be “That’s surely not my business....” My belief is that the liberal/conservative thing arose when the two political parties became embarrassed about what they had become. Campaign signs rarely have a party affiliation on them any more. BUT they often (at least hereabouts) have the “conservative” or “liberal” designation (less often “liberal” these days) The Bush administration AND the Dixicrats are FAR from any real definition of conservative. Someone should point out this perfidy.
By Conservative Yankee, November 30, 2007 at 6:30 am # “conservative” DANIAL WEBSTER “Cautious; having a risk-averse investment strategy which has preservation of capital as a high priority.” SAMUEL FRANCIS “The survival and enhancement of a particular people and its institutionalized cultural expressions. ROGER SCRUTON “Maintenance of the social ecology” “the politics of delay” Mr Scruton meaning conservative purpose is to maintain, relatively unaltered, the vitality and health of a society. Conservatives believe that sweeping transformation and untested ideas should not be employed before being fully assessed. Up here in New England, a “Yankee conservative” would stay out of his neighbor’s affairs unless invited to help. They generally believe in small weak Federal Government relying more on State Government. They pinch a nickel until the buffalo shits on Jefferson, and if true to their position, refuse any governmental assistance, knowing that anything you get from government comes with “strings” designed to keep one “dependent” The mis-use of the word “conservative” can be traced to the misuse of the word “liberal” No true Yankee Conservative would be involved in telling a woman how to handle a pregnancy unless they were asked by the woman in question, AND that woman had some close attachment to the person she was asking. Otherwise the classic Maine/New Hampshire response would be “That’s surely not my business....” My belief is that the liberal/conservative thing arose when the two political parties became embarrassed about what they had become. Campaign signs rarely have a party affiliation on them any more. BUT they often (at least hereabouts) have the “conservative” or “liberal” designation (less often “liberal” these days) The Bush administration is FAR from any real definition of conservative. Someone should point out this perfidy. Add Your Comment |
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