Senator Chris Dodd thinks the government needs to reform the "evil" banking industry. So, he has written 1500 pages of reform law and of course he didn't bother to "reform" Fannie Mae or Freddie Mac. One would think that if there was a pair of financial institutions that required reforming it would be these two. It does not surprise me that Mr. Dodd omitted Fannie or Freddie considering both of these institutions have given donations to him over the years.
Senator Dodd, who has seen the hand writing on the wall, wants to punish the banks for the mortgage meltdown before he leaves office. I find it rather ironic that he wishes to do this, when it was him, Barney Frank, and the Congressional Black Caucus that set the rules in which banks were to follow that allowed loans to individuals who could not afford them.
There had been many calls to reform Fannie and Freddie long before the meltdown took places, but these law makers had stood firm in their opposition to bring reality to the mortgage business.
Senator Dodd wants his swan song to be SB3217 "Restoring American Financial Stability Act of 2010". What a wonderful parting gift ... excuse me while I gag .... this legislation is more all long the line of TARP 24/7/365 to infinity.
I have a suggestion for Mr. Dodd, why don't you just slip away into the night, unseen and unheard, just like a thief in which you are. Don't do us any "favors" other than staying retired and out of public life.
Sic Semper Tyrannis!!!
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