Chris Dodd & The Last Check

The New Media Journal ^ | Tony Rubolotta | Tony Rubolotta

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I’m sure most of us have to been to one or more of those impromptu after work parties usually sparked by some significant event that affects our business. The event may be getting a new client, reaching a production milestone, a significant promotion of a co-worker or something catastrophic that no one will escape. During the course of the evening, a number of people will leave after dipping into their wallets and throwing a few bucks on the table proclaiming “I think that covers me.” Those who remain to the end of the evening usually find that the amount of cash on the table is significantly less than the amount required to settle the check.

Chris Dodd (D-CT) wants to throw just such a party with a bit of a twist. The people who didn’t attend the party are going to get stuck with the check. What Dodd will scrape off the table are the devalued assets the party-goers threw down as they left, saying “I think that covers me.” If you think Dodd is an economic moron that doesn’t know what he is doing to the future of this country, think again. He knows exactly what he is doing and could care less how transparent his motives may be. Every defaulted mortgage, car loan, student loan and credit card debt represents a potential voter for the party that is willing to steal on their behalf. That is the transparent part of Dodd’s plan, but there is a more insidious part that won’t become apparent until the long deferred check for this party comes due.

If the Dodd bailout plan is enacted, the Federal government will become the largest owner of single and multi-family homes in the United States.

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Elected officials in Washington are now debating how to fix the current financial problems. The “fix” will leave the government as the entity that controls a significant percentage of the mortgages in this country. Is this a good idea seeing as these are the guys who bankrupted social security to the point where they want to raise our taxes to cover their mistake?

[kenavi]

We don't need sweeping new legislation, so there is no need to barter with the Dems. Our gov't is already on the hook to back Fannie's and Freddie's obligations. We already have a $300 billion rescue package in place to help credit-worthy borrowers who can't pay their mortgages.

The missing piece is a gov't mechanism to take over insolvent banks and sell off their assets, like we did with the S&Ls in the 1980s, without needing for the gov't to run banks and set arbitrary limits on pay or foreclosures.

[Ann Archy]

DODD MUST RESIGN....FRANK MUST RESIGN

[Ann Archy]

I guess there is NO HONOR AMONG THIEVES, after all.....if there was, there would be a LOT of people in PRISON.