Posted on 02/21/2009 11:37:17 AM PST by knighthawk
Vice President Joe Biden was expected to be Washington's loose cannon in chief, but his old Senate buddy Christopher Dodd of Connecticut is proving to be the master of disaster.
Dodd flapped his gums in a television interview yesterday and promptly sent the stock markets into a tailspin, further battering America's bruised investors. Thanks, pal.
It was downright dumb for the powerful chairman of the Senate Banking Committee to loosely throw around the concept of nationalizing U.S. banks, even for a brief period of time.
Said Dodd in a Bloomberg TV appearance: "I don't welcome that at all, but I could see how it's possible it may happen. I'm concerned that we may end up having to do that, at least for a short time."
And there went the Dow and the S&P, as spooked shareholders stampeded to unload Citigroup and Bank of America, the shakiest of the big financial houses. The selloff led a nosedive to an 11-year market low.
Only after White House spokesman Robert Gibbs told the world that the Obama administration was committed to keeping the banking system in private hands did stocks rebound - just some.
The senator needs lessons in discretion at a time when markets have a severe case of the nerves.
He needs to leave policy proposals to President Obama and Treasury Secretary Tim Geithner, who will be saying more about a financial system rescue plan next week, in part to calm nationalization fears.
Dodd, you may recall, put the hurt on Wall Street recently by inserting onerous restrictions on the compensation that banks can pay top execs after collecting federal bailout funds.
His move backfired by all but ensuring that the best and the brightest financial talent would leave struggling banks for greener pastures.
Yesterday, in the same TV interview, he said Geithner "has leeway" in administering the pay limits. He also said he was "stunned" by the reaction to his damaging populism.
So, Dodd should give Geithner the ultimate leeway by asking Congress to repeal his amendment.
I’ll trade you a Webb/Warner for a Kennedy/Kerry.
Ummmmmm . . . let me think . . . (tapping fingertip on chin, looking at ceiling) NOOOOOOOOOOOOOOO!!!!!!!!!!
It seems like there’s a pattern developing with Dem pols sinking banks ... for fun and profit I’m sure.
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