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.
Ping
Has Dodd seriously hurt his chances at reelection with all of this?
Don’t be surprised about this. The Left doesn’t care if the stock market tanks. In fact, even worse, they WANT it to, since that is the best way to destroy the wealth of the middle class, the investor class, and the petty rich. These groups operate outside of the need for socialist government handouts, and therefore must be reduced. The Left wants people dependant - and prosperity is the enemy of that. Obama, the Democrats in Congress - they don’t WANT the economy to get better. They want to reduce us all to utter dependancy on THEM.
It is now cheaper to buy one share of Citigroup ($1.95) than use an ATM at Citigroup ($3.00 per transaction for an outsider).
I wouldn’t buy a used car from Dodd.
The problem isn’t that he said, the problem is that Congress and Obama are considering it.
When Gibbs was asked he said that Obama prefers privat ownership, or something to that effect, but when a reporter asked a follow up questions of whether he can say that Obama will NOT do it, he back tracked and wouldn’t give a straignt answer.
So what does that tell you?
But this administration has stated they care nothing for the direction of the markets, just like the socialists they are.
“they don’t WANT the economy to get better. They want to reduce us all to utter dependancy on THEM.’
BINGO!
They want to keep us in constant fear, so they can push through their agenda, which has nothing to do with helping the US just the opposite. How best destroy a country, but from the inside. Just look at the E European ex-communist countries, after 40 years of communism, 20 years after the collapse of communism, they are still struggling, because the communist “economy’ destroyed them so.
The left is in the business of purchasing free enterprise. The stock market MUST plunge and businesses must fail if their plan is to work. Big Brother cannot take over thriving companies/industries. Hussein and his minions will do everything in their power to continue...even escalate the market decline.
Chuck me Schumer and Dodd are a tag team against the banks and Wall Street.
While they are tearing Wall Street down, they are destroying YOUR pension plans.......
Rank incompetence. NOTHING the government does is ever temporary, especially if it hurts the people.
“Countrywide” Chris Dodd is a crook. He should have been forced from his Senate seat last year. But just watch, Connecticuit will send him back to Senate in 2010 just beacuse he’s a Democrat.
Suggest this ass clown devote the time to finding his COUNTRYWIDE mortgage papers.
He has the welfare deadbeat's vote wrapped up.
Hey hey
Ho ho
One man, one vote
has got to go!
Do the people of his state not realize that HE is the public face of their state? And that what he does reflects directly on the people of Conn.?
I wish you luck up there. unfortunately I’m stuck with Webb and Warner for the time being. (barf)
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