Posted on 10/16/2008 7:25:10 AM PDT by hecht
Everybody Else Did It Chris Dodd's mortgage blame game. The late Senator Russell Long used to say that the core truth of tax policy was "Don't tax you, don't tax me, tax the fellow behind the tree." Substitute political blame for the financial meltdown for taxes, and you will understand what Senator Chris Dodd is attempting today with his Banking Committee hearing on the causes of the panic. APIn February 2004, while Republican colleagues warned of the systemic risks posed by Fannie Mae and Freddie Mac, Mr. Dodd pronounced the mortgage market "one of the great success stories of all time." A year later, the Connecticut Democrat voted against a reform that would have limited the size of Fan and Fred's mortgage portfolios. Now that Fan and Fred have collapsed at a cost to taxpayers that could run to $200 billion or more, Mr. Dodd is also under fire for accepting sweetheart loans from Countrywide Financial, the subprime mortgage factory. At today's hearing, his mission is to weave a tale that somehow manages to avoid mentioning his own role in this debacle. That won't be easy, but Mr. Dodd has shrewdly selected a series of witnesses who, like him, contributed to the mess, and have every incentive to point fingers elsewhere. Dodd Bedfellows Dodd and Countrywide 10/10/2008 – The Senator should take the witness stand.Mortgage VIPs 06/25/2008 – Sweetheart deals are just a phone call away.Angelo's Angel 06/19/2008 – The senate bailout for Countrywide needs more scrutiny.Congress and the Countrywide Scandal 06/18/2008 – Some senators want a bailout for big political donors. What a surprise.Beltwaywide Financial 06/16/2008 – The new ARMs: Angelo-rated mortgages for senators.Take Jim Rokakis, treasurer of Cuyahoga County, Ohio, who blames the mortgage industry for destroying Cleveland's economy.
(Excerpt) Read more at online.wsj.com ...
Like father , like son
Both crooks.
Does anybody know how to tie a hangmans noose?
What a pitiful little man.
The poster child for what’s terribly wrong with American politics.
"Barney, we make billions, and blame it on the Republicans and the blacks.
When all the time it will have been us two fat white guys."
Know what would restore faith in the market, boneheads: A FRICKIN' PERP WALK.
Bump!
What a shameless SOB Dudd is.. I caught a snip of him earlier blaming Paul Volcker amongst others for this mess.
No mention of his own culpability..
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