On Thursday, despite a deal said to have been struck with Democrats in August, Senate Republicans successfully used the filibuster to block meaningful economic reform again.
With just 42 Republican votes, the GOP was able to block the majority and continue to prevent the President's nominee --- his second --- from taking taking the helm at a crucial federal agency, ensuring the man appointed by George W. Bush would remain in that key role.
In late summer, in "GOP Filibuster Still 'Single Largest Obstacle to Meaningful Economic Recovery'", we explained how the Senate’s Republican minority had successfully used the filibuster to prevent the Obama Administration from replacing Bush Administration holdover Edward DeMarco as head of the Federal Housing Finance Agency(FHFA) . The FHFA is the federal agency which oversees government-sponsored mortgage giants, Fannie Mae and Freddie Mac, which own 60% of all mortgages in the United States.
Last year, in a petition to President Barack Obama, the advocacy group Change.Org described DeMarco as "the single largest obstacle to meaningful economic recovery". That assessment was shared by The New York Times' Nobel Prize winning economist Paul Krugman, who called for President Obama to "Fire Ed DeMarco," after DeMarco, in defiance of the Obama Administration, rejected a U.S. Treasury Department request "that he offer debt relief to troubled homeowners --- a request backed by an offer that the U.S. Treasury would pay up to 63 cents to the FHFA for every dollar of debt forgiven."
Although Krugman explained at the time that "a reduction in debt burdens would strengthen the economy," creating "greater revenues" that could "offset any losses from the debt forgiveness itself," DeMarco has consistently sought to protect the Wall Street casino (aka the mortgage backed securities market) against any relief to homeowners who were victimized by those fraudulent schemes.
All of these years later, Republicans in the U.S. Senate, defying the majority will of the American people, continue to help him...