Oh, Boo Hoo, Senator Dodd

Senate Banking Committee Chairman Chris Dodd has identified the villain in the recent financial crisis gripping the globe.

The Press.

Dodd scolds media, says blame for mortgage crisis is misplaced

Sen. Chris Dodd effusively praised advocates for affordable housing in an afternoon speech here Wednesday.

He took a much dimmer view of the reporters waiting for him just outside the door.

The Democratic senator's frustration has reached a low boil with what he - alongside many housing experts - sees as the scapegoating of federal laws requiring banks to lend to minorities and the poor in the ongoing search for a cause of the nation's mortgage and foreclosure crisis

http://www.theday.com/re.aspx?re=505ec8f7-c80e-47b9-a399-23f8fcfabb52

See, it wasn't federal policy that mandated the massive amount of lending to previously noncreditworthy borrowers that tanked our economy, says the esteemed Senator.  That's the press just getting it all wrong.

Of course, giving a speech in front of 700 people all of whom earn their living in the "affordable housing" business, what was Dodd going to say? Of course, the solution to Dodd is to get going and have the Feds make even more uneconomic loans.

Evidently after giving his absolution to the home state people who helped create the housing mess, Dodd went down to DC to hold what Redstate. com termed a "show trial"  . http://www.redstate.com/diaries/redstate/2008/oct/16/chris-dodds-show-trial/ Here's what one of the biased members of the press, the Wall Street Journal, had to say about the fiasco

Mr. Dodd has shrewdly selected a series of witnesses who, like him, contributed to the mess, and have every incentive to point fingers elsewhere.

http://online.wsj.com/article/SB122411797796038903.html

Dodd has made a mantra of acting as if he was the only one in Washington sounding the alarm while "the Bush adminstration was asleep at the switch"  Now there are numerous facts contradicting these chant of innocence, including Dodd's failure to support GSE reform in 2005.. 

But as late as 2007, Dodd didn't think the subprime problem warranted a reaction.  His reaction after a hearing which featured testimony from a top Countrywide Lending executive.. 

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

This was your switch Senator...mind explaining the snoring?

Perhaps this explains it!

The Banker's Candidate

http://www.washingtonpost.com/wp-dyn/content/article/2007/02/15/AR2007021501555.html

Yep, the "Banker's Candidate" was all over his benefactors....right!  The guy who called the subprime mortgage market "one of the great success stories of all time."  was really racking down on it all along.

Paging Mr. Orwell.

By the way, remember those documents about Dodd's sweetheart loan from Countrywide? Not gonna see 'em, not now, not ever. 

 U.S. Sen. Christopher J. Dodd hedged Wednesday on whether he will release documents on two mortgages from Countrywide Financial Corp. that sparked an ethics inquiry.

When asked after a speech in Hartford whether his mortgage documents ever will become public, Dodd replied, "Not right now. No." http://www.courant.com/news/politics/hc-dodd1016.artoct16,0,1032594.story

Perhaps the new channeling of Richard M. Nixon's "stonewall" strategy is because the big lawsuits over Countrywide's unethical lending practices were quickly settled by new owner Bank of America before the politicians in the "Friends of Angelo" club were questioned under oath.  http://www.ct.gov/ag/cwp/view.asp?Q=424350&A=2795 

Whatever. Chris Dodd has no credibility on the financial crisis and he is planning to go off to Washington to "fix the crisis". If rewarding the likes of ACORN with billions of dollars the taxpayers don;t have is your idea of "fixing the economy", Dodd will be just swell.

For the rest of us,  well, I hope Chris Dodd enjoys the press he is getting. He deserves  it all, and more