Chris Dodd, Financial Savior?

CT has two of the biggest bums in politics representing them in the Senate. Congratulations.

"But is he one of the heros"
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Should be heroes, unless Dodd is a sub, which is possible...

When I think of Chris Dodd I think of his stand against telecom immunity and the fact that he stood firm when even Obama caved. And of course I'll note that the story Michael links to isn't nearly as damaging as he seems to imply.
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But I do share Micheal's suspicion over any attempts to rewrite history before the actual history itself has played out.

Cheaper than Ambien®.

Well considering this country was 3 hours from economic and political collapse, maybe he has a point, his previous actions notwithstanding. Oh wait, there have been no media reports about the Kangborn's revelations? Guess it never happened.

I will be the first to note that the Democrats are no heroes in this mess. Even those who likely have good instincts, like Dodd and Frank, appear to have been corrupted by the process.
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But this this is a bit rich coming from Scherer. I'd love to hear what regulations he things were necessary to stop the meltdown that Dodd stood in the way of. Anyone who is still trying to pawn this mess off on Fannie Mae doesn't have the first clue about what is going on.

Give it up, Scherer. McCain lost. Even he isn't using his old talking points much anymore.
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We're still waiting for that hard-hitting Phil Gramm piece, though.

"'Win or lose, [people] invest with a high degree of confidence that American balance sheets are accurate, that investment products like securities and derivatives are properly valued, and that the markets are well-policed against those who would commit negligent, deceptive, or fraudulent acts,' he said."
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Just like everyone else, he didn't see the either the real estate meltdown or the freight train called Credit Default Swaps headed right for us:

Still, most agree the potential repercussions are far-reaching. "It's the ripple effects, the domino effects" that are worrisome, said Pincus. "I think it's [going to be] one of the next shoes to fall" in the credit crisis. Miller said the subprime debacle, rising unemployment, record-high oil prices, and now CDS market troubles "have all the makings of the perfect storm.... There are some economists who say this could be another 1929 — but I don't believe it," he said. "We have a lot of safeguards built into the system that did not exist in 1929 and 1930." None of them, though, are directly targeted at CDS. On Wall Street, innovators are always ahead of regulators. And that can sometimes have a very steep price.

I just want to point out why nobody likes you Scherer
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Don't you realize that most of us have no love for Chris Dodd anyway?? So why did you feel the need to try to make it look like you were quoting him when in point of fact on the site you linked to its quite apparent that Chris Dodd himself was quoting Goldman Sachs about the "history of solid regulation".
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More recently, last month, a Goldman Sachs study analyzed the condition of America's capital markets. It found that the strength and continued appeal of those markets could be explained in no small part by what the report called: “a history of solid regulation.”
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That “history of solid regulation” means that investors know that they are reasonably certain to get a fair shake in our markets. Win or lose, they invest with a high degree of confidence that American balance sheets are accurate, that investment products like securities and derivatives are properly valued, and that the markets are well-policed against those who would commit negligent, deceptive, or fraudulent acts.

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Now to make matters worse Dodd went on, in that instance, to talk about the need to IMPROVE Sarbanes Oxley and to always look for ways to improve regulation. Dude you don't have to be Tapper or JMart. Those phuckers don't have any talent and thats why they HAVE to slant their work to drive traffic. Haven't you noticed that when you play it straight you get more comments and praise any damn way? Even when its negative against Dems. I just don't understand WTF is wrong with you when its obvious you actually have talent.

So we'll stipulate that Mikey is a talented tool. I can live with that.

The definition, I mean, not the crap he puts out. Sloppy comment.

michaelscherer:

why in the world would you even bother to respond to an idiot like sgwhite? On other threads, sgwhite actually said that the victim (the real victim) in the Jena Six case deserved what he got. That removes him from the arena of civil debate.

Here's an interesting item from US News: http://www.usnews.com/blogs/washington-whispers/2009/2/12/congressional-offices-dont-have-the-stimulus-bill-lobbyists-do.html

And while you're at it on Dodd, what of the tax implications of his sweetheart loan. Seems to me that to the extent he got a break on his mortgage, that break is taxable income. Why has no one in the press focused on that issue?

But we must resist the temptation to engage our international competitors in a regulatory race to the bottom. Our laws and rules to protect individual investors are a crucial competitive advantage in the global marketplace. Our competitors know that. If we jettison some of those legal protections, we hand our competitors a victory greater than any they could achieve on their own. And we would almost certainly see the slow flow of capital out of our markets and into those of our competitors.
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Scherer
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Like I said the truth is most of us don't even support Dodd because of his Countryway dealings but you obviously misrepresented the full tone of his comments. If you want to say you were a straight shooter on this one thats fine. Like I said I was just pointing out why people can't stand you. You can do better.

It is true that the Democratic Leadership Council was designed for that Republican-wannabe, pandering to financial interests garbage, and Chris Dodd was in the DLC for much of his career in the Senate.
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Throw in having to represent Wall Street, and you've got two big reasons why it should be hard to trust Chuck Schumer and Chris Dodd on financial issues; DLC + Wall Street = Republican-like.
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"DLC + Wall Street = Republican-like."
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But still merely "like".
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Politics = always the choice of the lesser of evils.

Yeah, another great day in Connecticut. Not. [scowl] The GOP governor will run for Senate next, and be elected by a landslide, cuz she's wildly popular, at least at the moment. And it's cold comfort to me that I voted against Leiberman. Twice in the same damn election cycle.

Any criticism of Dodd based on his "failure" to act upon assuming a responsible role in 2007 can only follow a caveat that "he failed to recognize the extent to which the republicans had destroyed the economy through bad policies and even worse regulation of industry players."

If you want to criticize Dodd, that is the only fair context.

Scherer is in fact a tool. He's the only swampland "blogger" I say that about. I believe he's sucking up to Halperin for internal TIME advancement. And Halperin's record of idiocy, cravenness and error is legendary.

Dodd Meltdown Continues

Who would have imagined that five years ago Senator Chris Dodd would become one of the vilest villains?

Connecticut residents are turning on him in droves as they see themselves become jobless and homeless

http://ameriborn.com/?p=1170

Senator Dodd is not reponsible for the financial crisis since he did not become Chairman of the Senate Banking Commitee until January of 2007. The housing bubble which lead to the financial crisis started in 1996 and lasted until about Dec.2006/Jan.2006. In June 2006 housing prices peaked and have been losing value since. Almost no one saw this crisis coming, including those whose job it was to so. The subprime mortgage defaults, in and of themselves, would have been a manageable crisis. However, a bill sympathetic to deregulation interests, the 2000 Commodity Futures Modernization Act caused a manageable crisis to become the HUGE financial crisis of today. This bill authored by Republican Senator Phil Gramm, the then Chairman of the Senate Banking Commitee, deregulated the derivative-Credit Default Swaps which is largely responsible for the historic financial disaster we are now facing.

[...] Magazine blogs have a good rundown as to why Senator Dodd is ideally suited to tell us how the financial crisis happened. Related Posts:Investors Lose - Politicians WinMemo To [...]