The bill to that has been derided as the "Bank of America bailout" is pushing forward on Capitol Hill. This morning the bill got the sixty votes needed to limit debate, ending any possibility for a filibuster against it.
A vote on the bill, which may actually have been written by Bank of America lobbyists, is expected as early as tomorrow. It will likely pass the Senate. President George Bush has vowed to veto the bill.
The bill would create a multi-billion dollar mortgage refinancing fund, providing a huge financial windfall to mortgage lenders with risky loans. Countrywide, the nation's largest mortgage lender, was recently acquired by Bank of America. Banking committee chairman Chris Dodd, who sponsored the bill, has come under fire for accepting sweetheart loans from Countrywide. Bank of America executives have recently contributed tens of thousands of dollars to his campaign fund.
But you know what? That old saw about watching laws getting made doesn't apply. This isn't like watching sausages getting made. Not at all. It's more like watching their post-digestion disposal.
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