Consider this a victory of the anti-big bank coalition.
In the face of very low poll ratings, Senate Banking Committee Chairman Chris Dodd will announce today that he will not seek re-election in November, WaPo and NYT are reporting.
Dodd, a 35-year veteran of US politics, was raked over the coals for two mortgages he got in 2003 from Countrywide Financial Corp at sweetheart rates. Dodd got the loans through a Countrywide "VIP program".
Dodd's evil doings went far beyond the sweetheart loans, and the good citizens of Connecticut finally recognized that this guy was doing nothing in Washington DC but playing footsie with the big banks. It remains to be seen exactly how he will now cash in, once he leaves the Senate, but rest assured he will.
Now the big question becomes, will Republican candidate Peter Schiff be able to capitalize on this news?
We've suffered with Senator Dodd for 35 long years. He with Senator Phill Gramm, and President Clinton spearheaded the repeal of Glass Steagall Act, which was the crown jewel of the New Deal reforms, that was the firewall that prevented investment bankers from entering banking, and financializing that is securiting mortgages and other debts, as well as creating the drivatives and credit default swaps and interest rate swaps that we have today.
ReplyDeleteHaving made their millions, the rats are abandoning the sinking ship; they know that depotism is coming soon, and don't want to be "on board" when it arrives.
You know only 8 Senators voted against the repeal of Glass Steagall. We have corptocracy; that is we have rule by wealthy senators; it's now called state corporatism, soon to be called despotism as the economy crashes.
I wish I would have know the significance of the vote at the time, I would have gone long the financial sector; and then sold then "short sold" the banks as real estate peaked in 2006.
I pray daily that God will protect me from the Societal Inferno that is to come.