Chris Dodd's past vs . USA Today

I really don't like to be a Johnny-one-note on Chris Dodd, but my word, he is a gift that just keeps on giving

Evidentlly he and his partner in economic incompetence, Barney Frank, were peeved at a recent USA Today editorial which properly called the Democrats to task for not reining in the GSE's while there was time to avoid the meltdown. And of course, the claim was it was all those clueless, free market Republicans that caused the mess.  So this response.

  First, it will be hard to justify that Democratic "members supported virtually any program that provided credit to low-income purchasers and inner cities, regardless of whether this lending was prudent," when in fact we have been trying to pass a national anti-predatory lending legislation for years. But we were thwarted by a deregulation-loving Republican Congress that wanted to allow the "free" market to work its magic.

Of course , trying to enact laws against "predatory lending" at the same time you make the Community Reinvestment Act more stringent makes as much sense as driving by trying to floor the accelerator with the parking brake on, but, I digress.

Readers of this blog will know what Dodd is saying is objectively, unquestionably false.

Here's my June 18, 2008 post

  http://www.thenextright.com/ironman/chris-dodds-countrywide-bridge-sale-continues

Chris Dodd says:

"I've been pretty tough on Countrywide," he said, referring to hearings he has held as Senate banking committee chairman on the nation's mortgage crisis."

Reality Check:

Hearings his Committee held on Mozilo's stock deals:?

Hearings his Committee held on the Bank of America deal?

Last year a Countrywide executive was summoned to a hearing on subprime lending: Dodd's response

Senator Christopher J. Dodd, Democrat of Connecticut and the chairman of the banking committee, said he did not know if new legislation was necessary, saying regulators could addresses most excesses under existing laws.  http://query.nytimes.com/gst/fullpage.html?res=9E01EEDE1530F930A15750C0A9619C8B63

In 2009 Dodd tells USA Today the Republicans prevented legislation to limit excessive subprime lending.

In 2007 Dodd tells the NY Times he doesn't think new legislation to limit excessive subprime lending is necessary.

At tha time he is, of course, is on the "Friends of Angelo" list at the largest subprime lender, Countrywide Mortgage.

And before the mortgage meltdown, Dodd certainly was quite friendly with all those terrible "free market" types and not at all concerned about deregulation.

 Chris Dodd was "the Bankers' Candidate" for President  Each of these big-money interests applauds his light-handed approach to financial regulation and considers him a reliable friend "

One reason it helps to tell the truth is given enough time, it's hard to keep all your lies straight.

If you want to take action, well grassroots groups are forming in CT to start getting a more credible replacement for the Senator from Countrywide