A Good Day
by Deacon Blues
Obama had a good day today. The House passed the beginnings of Obama's $75 billion a foreclosure prevention measure today, over the opposition of the mortgage banking industry. The same people who made a fortune off of inflated appraisals, subprime mortgages, and loans that should have never been made, fought against a provision by Democrats and the administration that would have allowed bankruptcy judges to modify loans to allow owners to stave off foreclosure.
They lost. The bill goes on to the Senate, where I'm sure it will be modified a little further to please the industry, because they'll buy off enough senators to get their way. But in the end, there will be a bill that Obama can sign.
And in a minor surprise, Obama found at his health care summit today that past opponents are now cautious allies, willing to work together to see if something can be produced that will reduce health care costs. Obama saw that hospitals, HMOs, the Chamber of Commerce, and even past GOP opponents now all want something done. And why? Because Obama is shrewdly focusing on two things to sell this to a broad spectrum: cost containment and choice. This country will never go for single payer as long as K Street finances our elections. But you can sell a variation of universal coverage if you can show companies how it will save them money, and if you can show those with insurance that they can keep what they've got.