Not that I had any doubts, but it's exceedingly clear that the banking industry owns Congress. The failure of the cramdown vote is nothing less than a disgrace:

The Senate on Thursday rejected an effort to stave off home foreclosures by a vote of 51 to 45. It was an overwhelming defeat, with the bill's backers falling 15 votes short -- a quarter of the Democratic caucus -- of the 60 needed to cut off debate and move to a final vote.

The death of the bankruptcy reform measure -- which would have allowed a small number of homeowners who met strict conditions to renegotiate mortgages under bankruptcy protection -- is a major tactical win for the banking industry. But allowing the foreclosure crisis to continue unabated may end up being a failed strategy for the financial sector.

It wasn't easy for Majority Whip Dick Durbin (D-Ill.), who led the effort on behalf of homeowners, to wrangle the 45 votes.

Sen. Evan Bayh (D-Ind.), who had been on the fence for weeks, gave Durbin his support and nudged him on the way out of the chamber, alerting him of the anti-bank position he'd just taken.

Sen. Mark Warner of Virginia, a conservative Democrat, also cast a courageous vote in favor of the measure. He gave Durbin a hard slap on the arm on the way out.

Sen. Barbara Boxer (D-Calif.), a strong backer of the bill, spent a good deal of time trying to persuade his colleague Jim Webb (D-Va.).

As she got close to convincing him, she called in Durbin. "Hey Durbs," she could be heard saying, "help me with Jim."

I wonder how our newest Democrat voted? Why, Sen. Specter voted nay! In other words, it's perfectly okay to help the wealthy hang onto their vacation homes, boats and cars (because they're allowed the use of the same bankruptcy procedure for which Congress just deemed You the People unworthy). Other nominal Democrats who agreed that you didn't deserve that kind of help included many of the usual suspects: Baucus, Bennet, Byrd, Carper, Dorgan, Johnson, Landrieu, Lincoln, Nelson (NE), Pryor, and Tester.

Let's give props to Bayh and Warner, who did vote with the majority of the Dems - for a change.

Arianna Huffington is having a WTF? moment:

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