Cramdown Inequality

So the Times reports that the mortgage cramdown legislation died.  This is such a blatant example of the stranglehold that that banking lobies have on our government.  Moreover, the cramdown double standard is staggering.  Isn't the conversion of bank debt to equity a cram down for the tax payer? Of course it is.  If it's fair for us it should be fair for them. 

So far, the housing market is showing signs of life.  However, if things turn for the worse again, we're going to need a way to clear the housinig market quickly and a key component of that will need to be restructuring of subprime mortgages.