Arianna On "Countdown," Discusses How Dem Senators Screwed Homeowners

Arianna appeared on "Countdown with Keith Olbermann" Friday night to talk about why a number of Senate Democrats voted against legislation aimed at stemming foreclosures Thursday. Arianna read a list of the names of the Democratic Senators who voted against the bill and called on President Obama and Harry Reid to take a firmer stand against the influence of the banks who opposed the legislation.

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Comments

[Trittydi]

I live in Illinois and I vote - every member of my family votes and we're all bleeding heart liberals.

Thank you Senator Durbin - for trying and for caring. Please keep up the good fight.
*

[tbone32]

I'm not an Anarchist, but I'll tell ya right now, that's the only way I see things changing. There are a few good politicians out there (emphasize "few") but its not nearly enough. Banks need to burn.

[Artemis34]

Public campaign financing and nationalizing the banks my be more productive.

But I totally get the anger.

[FrankenPC]

In god we trust. All others pay cash.

I guess this sentiment goes for everyone in the government. What a shame.

[Suzeeq]

Now we see the true colors, democrats and republicans all the same. All sold out and all in bed with the banks. So, further down we spiral.America once land of the great now all at the mercy of the banks and the government allows it.
The people will walk from their mortgages and they will no longer care about the banks credit score system. There is more to life than credit and they will rebuild. May we all learn to dispise the banks like the Europeans and may we learn to elect humanitarians not silver tounged policiticans next time we vote.

[stargazer13]

well said

[jojony]

You just realized this? Wow...

Wall Street has no bigger advocate than both Administration and Congress. Neither are strong enough to talk on the Financial Industry.

[stargazer13]

you know how congress vote,s and then there is a new law !!!

By rights congress men and women should receive no moneys out side of their paychecks paid by the American people through our tax dollars

now make that a law !!! congress it,s bribery at best what you have allowed to be done !!!!

[Suzeeq]

what a great law that would be: fair and reasonable. it seems though simple, straightfoward, honest solutions, don't fly in washington. they have to be convoluted, like it seems our politicians.

[viggoros]

Even if the Bank need more Bailout to survive, we should not give them any more. Let the strongest banks take over the weaker ones.

[stargazer13]

that just makes bigger banks

[Lane4411]

Cramdowns ARE AVAILABLE FOR

*2ND HOMES

*COMMERCIAL REAL ESTATE

*YACHTS, ETC.

Basically for the wealthy and business not the middle class.

Good posts above

NedFlanders19;k1k2lee

EVERYONE MUST BE TREATED EQUALLY!!!

[stargazer13]

under the law

but they broke the law and they are still running around free Why ! is that

[KrugnacTheMagnificent]

Why didn't Dems offer an amendment to REMOVE those cramdowns, then?

For all the phony outrage, we all know this is a one-way street.

[Spesabsquemetu]

Cram down is just a term referencing the ACTION that would have ALLOWED an at-risk of foreclosure homeowner, the opportunity to have their mortgage RENEGOTIATED on terms that they could AFFORD ( the standard that SHOULD HAVE BEEN APPLIED IN THE FIRST PLACE, when the banks were doing all their lending.) Suddenly, the sub-prime mortgages that couldn't be repaid that were never vetted in the first place, became the DEMAND BY BANKS for their SOCIALZIED BAIL OUTS AT OUR EXPENSE.

The cramdowns were the MEANS BY WHICH HOMEOWNERS WOULD NOT - REPEAT - WOULD NOT BE THROWN OUT ONTO THE STREET.

[Deus Angelus]

We need to hold the democrats who voted against this accountable. I'm a Democrat and I'm ashamed of our senators who voted with the banks.

WHAT THE HELL DID WE VOTE FOR YOU PEOPLE FOR? YOU REPRESENT US NOT THOSE DAMN BANKS!!!

[marinade]

Also, keep in mind, as Arianna points out, President Obama did nothing to get this bill passed.

[Spesabsquemetu]

Indeed, this is DEEPLY troubling, and I for one will be watching very closely to see what happens next.

[Samalabear]

It seems that he is doing less and less when it comes to the banks -- that is, speaking out against them. The last bit of phony outrage I heard was about the AIG bonuses and his so-called show of force by firing the CEO of GM.

[mauibob]

Those of "us" That don't own homes see it a little differently. Those of "us" that bought homes years ago and are down a ton in equity but not underwater, see it differently. Those of "us" that put a large downpayment down when we bought a home, see it a little differenty. The biggest beneficaries of this idiotoc plan are the ones who bought homes for nothing down. Why should they benefit at all the others expense. Want a plan I can support? Here it is:

1. Cram down not to exceed the original downpayment
2. Any reduction in principal to be set up as a second lien and paid for at the time of sale, death or after 5 years, begins making payments at the current market rates for a second loan.

This is still favoring the irresponsible borrower but is palatable.

[stargazer13]

I think not !!!

I have a plan and it,s called a Judgment award to the American people for every thing that has been stolen from them since America sold it,s right to private bankers to print money back in the beginning backed by gold now our dollar is worth 4 cents ( nothing really )

get real I want monumental change !!!

[Irishkid]

Agreed

[Spesabsquemetu]

Nice try, but not buying.

You say: "the biggest beneficiaries of this idiotic plan are the ones who bought homes for nothing down."

I don't know of any bank that gives out a home at nothing down.

The plan that you are grossly misrepresenting would have given families the opportunity to have their mortgages adjudicated before a judge who would decide WHAT the new mortgage terms would be.

But let's be at the very least - honest.
The banks didn't like THAT idea because it meant BIGGER LOSSES, LOWER PROFITS - when THEY are the ones who created the PHONY instruments used in the first place.
NOT THE BORROWER.
And this took place while CONGRESS went along with the entire disgraceful LACK OF REPRESENTATION of the PEOPLE'S INTERESTS.
WHERE WAS THE BANK COMMITTEE? Where was the advocacy to PROTECT the CONSUMER. NO ONE PROTECTED THE HOMEOWNER. NO ONE.

[KIVPossum]

I'm a Democrat and thank all them for shooting down this bill.

The folks who bought houses they couldn't afford, thinking the value would always rise and protect them, are as much at fault as the predatory lenders.

Let them live with their actions.

[stargazer13]

this financial engineered crises is not just affecting those people

it is affecting people world wide YOU KNOW WORLD WIDE !

how did a few americans who supposedly bought more home then they could afford bring down the whole worlds economy !!

get real !!!

[BatedBreath]

I'm betting you're from blue dog cuntry, kiv. If you were a real Dem you would realize you don't have the foggiest idea what you're talking about in relation to the mortgange help that was made available in the bill or any idea who the people are it would have helped.

[Chopin]

Don't be smug, be SMART --- a million unnecessary and avoidable foreclosures will surely bring down the entire real estate market value of ALL homes here in US and in many countries around the world ! Did you think of that?

[Lorianne]

Yes, and we don't need to protect 'bubble' prices.

Doing so will only prolong the inevitable.

[Eveland]

ENOUGH!

[Eveland]

Lobbyists are almost the sole reason I don't have much faith in any real drastic changes happening under Obama. They have too much power and nothing ever gets done about it. Obama said he was going to eliminate the issue, he hasn't. Universal health care will never get passed because of pharmaceutical lobbyists and that's a shame to me because it is my central issue of concern. Depressing. God bless you Sen. Durbin.

[stargazer13]

congress should receive no monies out side of what we the people pay them and we pay them very well I might add

Bribery let,s call it what it is

[Artemis34]

No more taxpayer money to bankers who are using it for lobbying!

Worse than executive bonuses for wrecking the company is using our money to act against our interests!

Banks in other countries are able to make money without throwing people out of their homes. Bank here, when under more regulation, could make money without throwing people out of their homes.

We need public campaign financing and verifiable paper ballots. Am I saying that if they can't buy votes they'll steal them? Yes, I am.

And we need universal suffrage so corporations and conservatives cannot disenfranchise those likely to oppose them.

We should vote on a weekend day and it should be a national holiday.

Outlaw lobbying period. We elect the government to represent the people not corporations.

No more gerrymandering. We need a fair and objective way to redistrict as populations change.

Proportional representation is needed. There shouldn't be two senators from Montana anyway based on their proportional population, so Tester would not exist to vote No!

We have a right to alter our government when it is not serving us and I'd say these people are demonstrating that it is about time.

[stargazer13]

so sad I know

[Chopin]

Don't stay sad, get even, get in touch and apply pressure !

[Ellamental]

Good list - I AGREE. I think TERM LIMITS should be included. If it's applicable to President and governors, why not garden variety legislators? They have no business being ALLOWED to invite the influence peddlers to sustain their incumbencies.

[Chopin]

Great wish list, but people REALLY need to apply organized pressure, beyond just naming names. The pressure required is an organized high level of meaningful pressure where it counts. The focussed intensity of public pressure will make the offending Democratic senators who buckled under lobbying pressure from bankers to rediscover their public conscience, and reverse their stand on opposing Senator Durbin's homeowner mortgage foreclosure amendment. Here's convenient list of all US Senators, their email addresses and phone numbers:

Email to any US Senator, selected by___STATE:
http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=state&Sort=ASC

Email to any US Senator, selected by___LAST NAME:
http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=last_name&Sort=ASC

Email to any US Senator, selected by___PARTY:
http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=party&Sort=ASC

(List borrowed from Spesabsquemetu):
Baucus, Max ............... (D - MT) re-elected 2008
Bennet, Michael ......... (D - CO) appointed 2009
Byrd, Robert ................ (D - WV) re-elected 2006
Carper, Thomas ........ (D - DE) re-elected 2006
Dorgan, Byron ............ (D - ND) re-elected 2004
Johnson, Tim ............ (D - SD) re-elected 2008
Landrieu, Mary ........... (D - LA) re-elected 2008
Lincoln, Blanche ...... (D - AR) re-elected 2004
Nelson, Ben ............... (D - NE) re-elected 2006
Pryor, Mark ................. (D - AR) re-elected 2008
Specter, Arlen ........... (new convert D - PA) re-elected 2004
Tester, Jon ................. (D - MT) elected 2006
** Rockefeller, John . (D - WV) didn't vote re-elected 2008
.
Here's MoveOn:
http://www.moveon.org/
.

[slithers]

I'd vote for them... thanks for the list.

[cblcar]

Obama weenied out on this one. He should have had all those Dem Senators in his office, one-by-one, and pressed them strongly. And he should have announced at his press conference that if Durbin's amendment didn't pass there would not be one more penny for the banks.

Sometimes I think he's more concerned with being a nice guy and doesn't have the stomach for such battles.

Still, he is the best we've had in a long time.

[k1k2lee]

I'm a big Obama supporter but I feel like he needs to start channeling some inner LBJ to kick some Senatorial can and get things done.

[sandals]

STOP BLAMING THE HOMEOWNER!
These mortgages were bought and sold through out this economy and over seas to foreign investors. so those on Wall Street could make money they would take a person who had good credit like I did put them in an Arm. sell it off, and than when I lost my job I couldn't afford my home anymore, I had to sell it as a Short Sale.

So a lot of this is dishonesty with the banks, loss of job!

[stargazer13]

people world wide are losing every thing the own !!!

WORLD WIDE !!!

[Lorianne]

No one forced you to get an ARM.
Take some responsibility.

[craneman]

Another reason why we should require public finiancing for ALL elected offices.

[stargazer13]

the American people deserve so much better then this

they strong armed us there was more republicans and democrats against bailing out the banks

we called we wrote letters we flooded there e-mails with the message NO TO BAIL OUT

and did they listen to their people in their district's NO !!

and now this !!

I want change and this is not it greedy little bastards gotta go

[Lorianne]

Exactly.
There should never have been any bailouts. Period.

I hold everyone who voted for bailouts accountable.