Friday, November 06, 2009

Christopher Dodd Tries To Save His Job With Bank Reform Proposal

I am very dubious as to the sincerity of Senator Dodd given his involvement in the collapse of our financial system. Dodd enjoyed the fruits of deregulation, a predatory banking system and is what I would term an institutionalized legislator. A "lifer". I'd like him and his Republican counterpart Richard Shelby to start collecting their retirement pay in 2010. I don't know if Shelby is up for re-election but Dodd is. And uber bear Peter Schiff is apparently going to run against him. Nothing would make me happier than to see Schiff win. Not because I endorse Schiff's views on economics, because I clearly don't. But because Schiff would be new blood in a stagnant and corrupt Congress.

Only a politician could dream up a new regulatory agency to do what the existing regulatory agencies did for nearly a century. That is, until Dodd, Shelby and others led the charge to destroy these regulations. I believe Dodd's bill has zero chance of passing the Congress and being signed into law. And I believe Dodd knows this. As a supporter of the Wall Street cabal, I view this effort as an attempt to save his political hide by appealing to the populist rage in America. In other words, I believe Dodd is prepping for his 2010 re-election campaign.

Senator Dodd, all you need to do is restore the financial regulations which led to the greatest prosperity in America's history. Financial regulations you helped to dismantle during your years of institutionalization. We don't need a new government bureaucracy. We need new legislators who will do the will of their bosses. That would be us.

posted by TimingLogic at 8:01 AM