And the power grab continues. In Deal, New Authority Over Wall Street.
A deal brokered by a bunch of politicians - most of whom probably couldn't fill out the EZ tax form. As made clear by one of two unusually honest comments by Chris Dodd, the authority is not just over Wall Street:
"This is about as important as it gets, because it deals with every single aspect of our lives."
Chilling words. Especially coming from Chris Dodd:
In March of this year, the NY Post called it a cavalcade of scandal surrounding soon to retire Chris Dodd of Connecticut. The "Controversies" section of his wiki is the longest section there.
Today there is nothing noble in the leaving of Chris Dodd. He has become a poster boy, a caricature, really, for everything that American politics is at its worst and should not ever be. He neither deserves, nor has earned the entitlements he'll get for life from American taxpayers. But as greedy and crooked as he's always been, he'll take them just the same. You can count on it. This is Chris Dodd we're talking about.
Our lives in the hands of a crook. What could go wrong?
Dodd is not running for re-election (even greedy crooks sooner or later overplay their hands) but he is doing as much damage as he can on his way out. Ramming through a 2,000 page bill, giving "broad new powers" to the federal government. Powers over "every single aspect of our lives." In his second unusually honest comment, Dodd admits he has no idea how it will all work:
“It’s a great moment. I’m proud to have been here,” said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. “No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.”
Interesting side note. The Washington Post article no longer includes this entire quote. Here's how it looks now:
Weary lawmakers wrapped up their work minutes before sunrise. "It's a great moment," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the banking committee led the effort in the Senate. "It took a crisis to bring us to the point where we could actually get this job done."
The damning quote, DODD: 'No one will know until this is actually in place how it works'..., was featured (and as of right now still is) on Drudge Report, linking to the Washington Post article:
NEARLY 2,000 PAGES: The legislation would redraw how money flows through economy...
Government would have broad new powers to seize...
DODD: 'No one will know until this is actually in place how it works'...
How very kind of the Washington Post to scrub Dodd's accidental truth from its story. I guess it is time for Dodd to retire. He forgot he was not supposed to tell the truth to the American people. These little slips of the tongue are dangerous for a corrupt, lying politician.
One thing he did not forget, however, was to take care of his benefactors:
"Most of us believe that Fannie Mae and Freddie Mac played a large role in causing the financial meltdown, says Senator (Jim) DeMint, "certainly the housing bubble with subprime loans, the securitized subprime loans that brought down the worldwide financial system."
Now, as the Congress debates a new financial regulation bill, many republicans propose getting rid of Fannie and Freddie altogether, or at least restructuring them.
Democrats only partly agree. Sen. Chris Dodd of Connecticut, a key player on financial issues, recently conceded there was cause for concern. "Look, this program needs to be fixed," he said. "There's no question about you need an alternative housing finance system. that is without question."
But Sen. Dodd rejects the idea of dealing with Fannie and Freddie in the legislation now working its way through Congress.
So, Democrats want to wait to talk about Fannie and Freddie. And the current financial bill does not address them at all.
Dodd tops the list of political contributions from Fannie and Freddie. There will be no dealing with them on his watch.
While Fannie and Freddie live to see another day, the rest of us are not so lucky. While no doubt there are abuses on Wall Street they pale in comparison to the abuses in Washington, D.C.