Foreclosure Hearing Shows Washington's Pro-Bank Bend (again)

At yesterday's foreclosure hearing session, the CEO of JPM Chase's Home Loan Division, David Lowman, sat before Senator Christopher Dodd, outgoing chair of the Senate Banking Committee and (thankfully) soon to be joining the ranks of the unemployed (er: become a consultant to some key money-making or lobbying operation.) To paraphrase Lowman's testimony - sorry if we did anything wrong, you know, shit happens, and we know foreclosure is tough, so we do everything we can to help our borrowers avoid that situation. 

(He didn't mention, "and while I'm here, on behalf of JPM Chase's grandmaster, Jamie Dimon - I'd like to thank all Americans for standing behind every aspect of our federal subsidization package - from backing Bear Stearn's assets when we acquired the firm, to cheap loans and guarantees since." He also didn't thank Americans of all political persuasions for the 23% rise in profits, including jumps in fees and charges, extolled in their latest earnings report, even as pending mortgage losses loom.)

But, I digress. Cutting off Lowman's script was an angry homeowner (shocking they would be angry that JPM Chase and other banks didn't show them the same kind of generosity that the banks received from our government, at our collective expense), who called him a liar.

What did Dodd do? Did he break protocal, grow a pair, and consider the fact that this may be his last chance to do anything remotely useful for suffering Americans, if only to pretend he can actually hear them - I dunno - look like a hero instead of a douchebag? Did he say, you know what, this angry homeowner, standing amidst other angry homeowners carrying a banner calling Lowman a liar may have a point - so, I'm gonna do something unprecedented, I'm going to ask Lowman to take a little diversionary break from his PR-spun, heavily vetted piece of oral fiction and respond to this man? 

Of course not. Instead, he had the homeowner, whose presence and comments should really have been the point of the hearings, removed, while a bunch of media types looked down at their laps. He then warned against other similar outbursts. Way to show your true colors, Dodd.

http://www.youtube.com/watch?v=9M_0UtLCB5Y

Comments

[Warren]

Awesome stuff! Love seeing you and Matt with guns blazing. Had a trip through your website and noticed many of the sites you post on contain the word "liberal." Now, you may or may not be a liberal. But to me, your writing tells the truth. It doesn't have a political slant. It's a little hyperbolic, but that's necessary to counter the ingrained propaganda that's found in MM. What does it mean for our society when truth-tellers are labelled liberals?

I don't know what liberal means. Does it mean a supporter of the Democratic party? We know most partisanship (by politicians) is a means to a "pillaging" end, and the only rule in politics is "don't lose power." So does liberal refer to social values? Does it mean you support equal rights for different kinds of humans?

I don't know, but I'm pretty sure that liberal has nothing to do with exposing political and financial corruption. If it does, then we're even more screwed than I thought.

[Nomi Prins]

Thanks Warren. Interesting points and questions - food for thought. I guess one of the technical / classical definitions for being liberal is supporting individual liberties and equal rights. I write it like I see it, so prefer not to blindly support any party or politician, on anything inane or destructive. Our political landscape is so rife with corruption, mismanagement and hypocrisy that the party lines tend to be (generally) meaningless, albeit with periodic individual exceptions. Socially, I believe in equal rights for everyone, and financially, that our overall economy and individual and collective well-being requires exposing and ending divisive corporate/political practices.

[LarryP]

It no longer matters whether someone is a liberal, a conservative, or a moderate.

All that matters, at this point in time, in this country, is whether you are honest or dishonest.

Unfortunately it appears that the former is now a rare and endangered species.

Thanks for your honesty, Ms. Prins.

[Nomi Prins]

Larry - I may have to quote you in my next book.... thank you,

[LarryP]

Nomi,

You're welcome.

And please feel free to use my quote.

Larry