This is just plain hilarious.
Not two days after defecting from the Republican Party to the Democrats, pledging all the while that he was now a “loyal Democrat,” Specter burned the Obama administration today by joining to kill the president’s awful mortgage cramdown bill. The bill, which would basically allow bankruptcy judges to break mortgages and deny lenders the right to foreclose on delinquent properties – thus adding even more risk and moral hazard to a lending industry shot through with it – as well as force reductions in the interest rates and principle amounts of home loans, failed by a 45-51 vote. It’s a bitter legislative defeat for Obama, arguably the worst of his presidency to date.
The Democrat spin now, of course, is that the cramdown bill was no big deal, and that the administration was never really behind it. “Ambivalent,” said Chris Dodd (D-Criminnecticut). Perhaps they didn’t see this:
This came amid news that Specter is likely getting at least one Democratic challenger in the Pennsylvania Senate race next year.
Like I said when this stuff first happened earlier this week, Democrats aren’t going to like Specter any more than Republicans did – and they’ll have a lot less patience with him than the evil, intolerant right-wing GOP, who put up with 29 years of his sticking knives in their backs.
Kudos to Senator Specter for his principled opposition to a terrible bill that would subvert the rule of law. And continued kudos in advance for his principled opposition to the Card Check bill, an equally ignominious piece of legislation that would do great harm to economic liberty in this country – assuming, of course, that Specter will keep his word.
(cross-posted at www.thehayride.com)