Thank God: Obama Loses on Mortgage Cramdown Bill

Obama's attempt to persuade Congress to pass legislation allowing a judge to determine unilaterally how much to slash a bank's mortgage, thus invalidating every mortgage contract in America, has failed 51-45. Thank God for the GOP and 12 sensible Democrats who understand that if contracts are invalidated, the U.S. economy is doomed forever.

Unsurprisingly, the vast majority of Democrats (and the President, who is supposed to be defending the Constitution rather than shredding it) thought that government or judicial authority over private contracts is a great idea...