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September 24, 2008

Chris Dodd in Action - Too Little, Too Late

My latest over at FSM:

Connecticuts other senator was among the first to begin bashing the Bush administration for its $700 billion bailout proposition. "It would do nothing, in my view, to let a single family save a home. It would do nothing to stop a CEO from dumping billion dollars of toxic assets on the back of American taxpayers," Dodd said.

Forgive me for being just a wee bit cynical. Dodd was the top recipient of campaign donations from Fannie Mae and Freddie Mac over the last ten years to the tune of nearly $134, 000. Plus, where was he when the Bush administration proposed a new agency to oversee Fannie Mae and Freddie Mac back in 2003? Had it passed,

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

John McCain tried to spearhead reform too, back in 2006. Where was Dodd?

Read it all here.

Show Comments

Posted by Pam Meister at 08:36 AM | Comments (4) | TrackBack (0) | FSM
Comments

...Yet nothing about whether the bailout is actually a good idea, including or excluding Dodd's ideas.

Excuse me for being a bit cynical, but over 85% of all 400-something congresspeople took campaign donations from Freddie/Fannie. McCain's top campaign manager was on the payroll for $15,000/month up until less than a month ago, for the service of allowing Freddie/Fannie access to McCain.

Posted by: Ro at September 24, 2008 06:43 PM

Ro - that last statement has been demonstrated to be absolutely FALSE and it was done well over a week ago. Yet here you are repeating a false statement. Does that bother you at all? Clearly you are both cynical and misinformed.

Barack Hussein Obama has the former heads of both Fannie Mae and Freddie Mac ON HIS CAMPAIGN STAFF right now. And he's taking economic policy advice from people whose poor management ran these two quasi-governmental agencies into bankruptcy! And you think Obama is qualified to be anything other than the village idiot?

Posted by: Gayle Miller at September 26, 2008 10:42 AM

If you can give me a source on that (Sarah Palin pinky swearing it's not true doesn't count), I'll be very happy to take it back, Gayle.

Posted by: Ro at September 26, 2008 05:07 PM

Ok, so I'm checking up on real news sources, and, well, as of two days ago, they were all saying Davis was on the payroll for Fannie Mae for 5 years to the tune of $30k/month (sorry, I was underestimating Davis' take), up until just last month. And, in fact, that whole Obama-Raines thing is tenuous at best.

Here were a couple of sources:
http://www.nytimes.com/2008/09/22/us/politics/22mccain.html?_r=1&oref=slogin

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/09/23/politics/p200345D86.DTL&hw=McCain+Davis+Fannie&sn=001&sc=1000

I also looked for sources that said that this wasn't, in fact, true. Pretty much the only sources were super right-wing opinion blogs and the McCain campaign, who said that Davis wasn't a lobbyist for Fannie, but cannot deny that he was on the payroll. I'm happy to recant when I'm wrong, but please don't call me out as some sort of liar when you have absolutely nothing to back up what you're saying.

Posted by: Ro at September 26, 2008 05:20 PM


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