Did Chris Dodd run the most expensive presidential campaign in American history?

The official reports are that Chris Dodd spent about $18 million on his dismally unsuccessful presidential bid in 2008, where he won but a single delegate to the Iowa state convention, let alone the Denver shindig. http://www.opensecrets.org/pres08/summary.php?cid=N00000581&cycle=2008

That wasn;t the real cost of the Dodd campaign. It is likely to run in the tens of billions of dollars--footed by the taxpayers

In the fall of 2007 it was apparent to all that a reform bill was urgently needed to do something about the mortgage mess. House committee chair Barney Frank was ready to proceed. Chris Dodd was in an Iowa cornfield pursuing his pipe dream  http://www.washingtonpost.com/wp-dyn/content/article/2007/11/06/AR2007110602146.html

Sure Dodd and Frank would have passed some liberal bill that Bush would have vetoed...in the winter. By spring the Kabuki dance would have been over and some flawed bill would have been passed and signed probably to the right of what we are now talking about...and which would have been a strong sign that Washington "got it" and was reining in the rogue elements in the financial community.  Didn't happen, and the crisis of confidence was allowed to percolate until a full fledged market meltdown occurred. 

But maybe the rogue financiers wanted it like that so they could have more time to plunder , after all, Chris Dodd was "the Bankers' Candidate" for President  http://www.washingtonpost.com/wp-dyn/content/article/2007/02/15/AR2007021501555.html "Each of these big-money interests applauds his light-handed approach to financial regulation and considers him a reliable friend "

We know who Dodd's friends were Countrywide Financial http://www.portfolio.com/news-markets/top-5/2008/06/12/Countrywide-Loan-Scandal, Bank of America http://www.examiner.com/a-1449448~Bank_of_America_PAC_money_behind_Dodd_s_Countrywide_loan.html and of course, Fannie Mae and Freddie Mac  http://www.gop.com/Print/?Guid=b1a48fcd-8da1-4acb-97f6-cf1484d1a954&pg=news

There's a lot of reason for a Senator to coddle the reckless and feckless, and then to tell the hoi polloi that there's really nothing wrong with the financial markets

To suggest somehow that [Fannie Mae and Freddie Mac] are in trouble is simply not accurate,” Dodd replied.

Last week shares of the two mortgage giants plummeted as speculators grew increasingly nervous that Fannie and Freddie would not be able to guarantee the $5 trillion debt they hold in mortgages. Dodd’S committee oversees Fannie Mae and Freddie Mac.

“The facts are that Fannie and Freddie are in sound situations,” Dodd said. “They have more that adequate capital, in fact more than the law requires.”

http://politicalticker.blogs.cnn.com/2008/07/13/dodd-on-fannie-freddie-they-are-sound/

 

They are so sound, Chris, that just days later they need a $25 Billion taxpayer funded bailout

http://www.boston.com/business/personalfinance/articles/2008/07/23/lawmakers_reach_deal_on_fannie_freddie_rescue/

And who are these fine characters that Chris Dodd wants to rescue from the brink of disaster with money from you and me. Paul Gigot paints a rather unflattering picture of Angelo Mozilo, Franklin Raines and co. running their firms like a bunch of neighborhood bullies trying to enforce a "stop snitchin'" edict. http://online.wsj.com/article/SB121677050160675397.html?mod=opinion_main_commentaries

So there you have it. A delusional and incompentent politician is paid to play in Iowa. The benefactors loot their firms and then turn to the taxpayers for salvation. The same politicians, including the "Tommy Republicans", politely oblige http://thenextright.com/ironman/the-tommy-republicans

Once again, like the S&L crisis two decades ago, we get to pay for the lifeboats