Here’s why Senator Bayh had “reservations” about the cramdown legislation which went down in flames yesterday:
“My concern about this is that in our appropriate zeal to help the four or five percent of Americans who might be faced with bankruptcy, we don’t unduly raise the costs of homeownership on the 95 percent who never will.”
Apparently Bayh (and anyone else sharing his sentiment on this) is so stupid he doesn’t realize that adding to the already hundreds of thousands of foreclosures this year will further drive down the value of real estate- worse than now.
Of course if his goal is to destroy the value of real estate to the point big developers and speculators can get tons of land on the cheap, then he’s doing a great service for the wealthy class.
Tester is the BIG disappointment here… he campaigns on the premise of being a good ol’ boy.. ya know.. just one of the people.. then as soon as he gets elected he kicks people in the head when their down.
http://www.huffingtonpost.com/2009/05/01/in-their-own-words-why-de_n_194589.html