Bailout bonanza: Dodd's new bank-reform dud

NY Post ^ | March 18, 2010 | Mark A. Calabria

[Scanian]

Sen. Chris Dodd's latest bill to fix the financial system is another failure. After months of negotiation, he's produced a "reform" of the regulatory system that simply fails to deal with the causes of the 2008 crisis -- which nearly saw the collapse of the US banking system.

Reform is urgently needed, but the senator has proved incapable of significantly improving on the widely criticized plan he presented in November. With Dodd retiring after this year, the best course is probably to start over in January, under new leadership.

What's wrong with the new effort? The central flaw is that Dodd's bill continues bailouts as federal policy, despite his claim that he's ending "too big to fail."

[SmokingJoe]

The central flaw is that Dodd’s bill continues bailouts as federal policy, despite his claim that he's ending “too big to fail.”

OMG!
What planet are these vermin living on?

[Straight8]

Central flaw is Dodd. and Barney. and..............

[Son House]

America learning the hard way, you don’t want a Democrat anywhere near your money

[PhilipFreneau]

Chris Dodd is one of the most corrupt politicians in the history of the U.S., and can be linked to every financial failure in the U.S. since he virtually single-handedly caused the accounting scandals of the Clinton administration (the scandals George Bush inherited, including Enron). Dodd and Barnie Fagg were instrumental in the “Homes for Deadbeats Act” (CRA) that gave us the housing bubble and subsequent collapse of the housing and banking industry. And Dodd received major campaign contributions from weak, failed and/or bailed-out entities such as Fannie and Freddie, AIG, Countrywide, Lehman Brothers, Bear Stearns, Merrill Lynch, Morgan Stanley, General Electric and J.P. Morgan.

Since 2005 Dodd’s top 5 campaign contributors by industry are Securities & Investments ($1.55 million), Lawyers/Law Firms ($.86 million), Insurance ($.78 million), Real Estate ($.59 million) and Commercial Banks ($.37 million).

Dodd and the Democrats have “owned” Wall Street for many years, and history has shown repeatedly that anything the Democrats “own” is doomed to failure, such as Education, Social Security, and Medicare—even the military if they hold the presidency long enough.

[Elle Bee]

After months of negotiation, he's produced a "reform" of the regulatory system that simply fails to deal with the causes of the 2008 crisis

so the "reform" has failed but Dodd has succeeded for his donors

[CPOSharky]

It's kind hard to “fix” something when you refuse to acknowledge the real cause.

(Hint: Two guys are going to fix something without admitting their last fix, sub-prime mortgages, was what caused this problem.)