Big money before good politics

Democrats are in a tight spot. The mid-term elections next month could cost them control of the House of Representatives. Why? The economy is in shambles and the electorate is ready to kick the bums out, even if it’s not the bums’ fault the mortgage bubble burst. Someone has to pay, right?

But it didn’t have to happen this way. Democrats and Obama made the choice in early 2009 to back the bankers and trust them to fix the economy with blank checks from the Treasury and the Fed. Bankers would fix the economy, they’d be grateful to Democrats and the American people would be back to work and happy. Unfortunately none of those things happened. Bankers didn’t fix the economy, they hate Obama, and the American people are out of work and pissed.

Backing the bankers didn’t work, and now Democrats are rightly considered to be stooges for the financial industry at the expense of the rest of the country. Sure, Republicans are even bigger sycophants to Wall Street, but can you really blame the public for not noticing one shade of gray is darker than another? Democrats had the opportunity to seize the populist movement, but they went for the big campaign dollars from bankers instead.

And now they’re doing it again:

The swelling outcry over fast-and-loose foreclosures has thrust the Obama administration back into the uncomfortable position of sheltering the banking industry from the demands of an angry public.

Banks are kicking people out of their homes even when the banks don’t own the homes and the occupants don’t even owe them any money.

Bank of America apologized last month for foreclosing on a home in Fort Lauderdale, Fla. The homeowner didn’t even have a mortgage. The bank had failed to notice that the previous owner had repaid the mortgage loan.

Last year the company’s contractors entered the home of a Pittsburgh woman, changed the locks, cut off the utilities and seized her pet parrot. The bank later acknowledged that the woman had not missed any mortgage payments.

It’s perfect chance to change the narrative. Show the American people you’re sticking up for the average American and not just titans of Wall Street. But they just don’t care:

… the White House once again is arguing against punishing the industry, just as it did in 2009 amid the outcry over the unbreakable habit of paying large bonuses.