hadn't realized until today that Obama is bitching about SECURED creditors.
Wow.
There's a payoff scale in bankruptcy, it's absolute
Priority creditors
Domestic support
taxes
student loans
some judgments
can't be erased or reduced usually, you come out owing 100%
secured creditors...
either get 100% of the balance or can demand the security back.
Can't pay off a $300,000 mortgage? Hand over the keys
unsecured schmucks
get what's available, equally. Got enough after exemptions to pay off 50% of charge cards and doctor's bills? Everybody takes half. NOT 5/10 get 100% and 5/10 get $0.
Obama thought he could browbeat SECURED CREDITORS into getting no foreclosure or repossession, and take LESS than unsecured creditors, by stipulation.
As somebody said, Il Duce would be proud
The core joke of Hitchhiker's Guide to the Galaxy is that of course no civilization would develop personal computers with instant remote database recovery, and then waste this technology to find good drinks.
Steve Jobs has ruined this joke.