Cramdown Fails Barstool Test « The Washington Independent
In an interview with The Huffington Post today, Sen. Charles Schumer (D-N.Y.) points out why credit card reforms, which the Senate is expected to take up this week, stand a better chance of passing than the mortgage bankruptcy reforms that failed last week.
“Bankruptcy reform, important as it was, was sort of esoteric. If you went into O’Halloran’s Pub, the fellas aren’t saying to you, ‘What’s going on with bankruptcy reform?’” says Schumer in his best guy-on-a-bar-stool voice. “But they might say, ‘What are you doing about my credit cards?’ The average person feels the second much more than the first, even though both are important.”
What’s interesting here is how the Democrats seem to be equating the perils of credit card fees with the perils of foreclosures — as if the thousands of families that are losing their homes somehow won’t care because at least they’ll have more time to pay their credit card bills (beginning a year from now).
And cramdown is esoteric? Maybe. But it was the housing crisis — not deceptive credit card practices — that sunk the global economy. If Democrats had to choose which topic to put their full weight behind this year, why choose the latter?