From MSNBC: "Republicans and business-friendly Democrats (Including, of course, Joe LIE-berman) on Thursday scuttled a plan to give people threatened with losing their homes more leverage in winning favorable loan terms from their lenders in bankruptcy courts.
The Senate killed the bankruptcy plan by a 58-36 vote on the first full day of debate on a bill designed to boost the slumping housing market.
The Democratic-backed bankruptcy law changes, opposed by banks and their GOP allies and a handful of Democrats, would have given judges the power to cut interest rates and principal on troubled mortgages to help desperate borrowers trapped in subprime mortgages keep their homes."
"The defeat of the bankruptcy plan highlighted a weakness that many people find with the bill _ that it showers generous tax breaks on money-losing businesses like home builders but does little to help people facing foreclosure."
"The measure is advertised as helping people keep their homes and injecting demand into the teetering housing market. But its most costly provision simply gives tax cuts worth $25 billion over the next few years to businesses like home builders and banks.
Meanwhile, it provides just $3 billion in tax relief to homeowners over the same period, according to an estimate by the Joint Tax Committee, which explores for lawmakers the effects of tax legislation on the Treasury."
And the Republicans are intent and purposeful in their drive toward Bush's Great Depression II

Farm foreclosure sale. (Circa 1933)