Ethics, schmethics. Despite the cloud over Countrywide pals Chris Dodd and Kent Conrad, the latest mortgage bailout boondoggle has cleared another congressional hurdle. The Senate voted 83-9 to move forward on Dodd’s housing aid bill. Final vote is scheduled for later today. We’ll see if the White House upholds its veto threat.Here is a summary of events so far. Chris Dodd has sponsored a bill that would not only be a huge bailout for borrowers but many banks as well. At the same time, we have learned that not only did Dodd get a VIP loan from Countrywide Bank. This would be the same Countrywide Bank that was at the center of many of the bad loans that epitomized the mortgage boon that lead to the disaster.
On top of this, we also know that Bank of America has been funding Dodd's campaign to the tune of about $1000 a week for the last eighteen months. Bank of America is scheduled to buy out Countrywide. This bill is scheduled to remove most of the bad loans from the books of the newly minted company because the federal government will buy them all.
Furthermore, we have found out that Bank of America actually helped write much of the bill. We know all of this and so do the Senators that just voted. Yet, overwhelmingly they actually support this corrupt bill. What this means is that a corrupt bill is being forced upon the public even though we all know it is corrupt. Yet, no one much cares about what is now happening.
The whole thing is surreal. Everything about this bill is the height of corruption and rather than rejecting it unanimously, the Senate has approved it by a margin that is overwhelmingly veto proof. How exactly does it happen that our government would support such a corrupt bill? The only is answer I come up with is that they are all incredibly corrupt from each of the two parties.
For a detailed summary, with context and backstory, please go to this link.