Dodd: 'No second act' to fixing financial mess

[maddezmom]

Source: AP

Dodd: 'No second act' to fixing financial mess
By JULIE HIRSCHFELD DAVIS and JEANNINE AVERSA – 7 minutes ago

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress on Tuesday to quickly pass a $700 billion financial bailout, warning that letting problems persist would have dire consequences for the national economy.

"We all recognize the gravity of the situation," said Sen. Chris Dodd, D-Conn., presiding over a congressional hearing on the crisis and the administration's proposed remedy. He said the "economic maelstrom" was caused by a combination of "private greed and public regulatory neglect."

Dodd and other key lawmakers have been in private negotiations with the administration since the weekend on legislation designed to allow the government to buy bad debts held by banks and other financial institutions. Key details remain unresolved, although the Democratic-controlled Congress is expected to vote in the next several days on a far-reaching measure.

"I understand speed is important," he said. "But I am far more interested in whether or not we get this right. There is no second act to this."

Dodd spoke as Paulson, Bernanke and other top officials listened from a few feet away, ready to publicly plead for swift action.



Read more: http://ap.google.com/article/ALeqM5ioHc80xKMiATnqCpK0cDKJzk_nPQD93CFE7O0

[msongs]

1. Mr Dodd, cash out all YOUR assets and donate them to the bailout fund - lead by example nt

[earthside]

2. Dodd is Wrong

There sure as hell will be a second act if they pass the 'BIG Bush Bailout Plan'.

And that will be generations of Americans impoverished by all tax revenue going to pay the interest on the federal debt.

No health care reform, no Social Security, no FDA, no Department of Education, etc. -- nothing except the Pentagon and interest payments.

"Getting it right" is not being snookered by the Grover Norquist vision for America -- but I'm afraid Dodd and Barney Frank will once again be fooled by the fearmongering of the Bushites.

[whistle]

3. Senator Dodd is a great puzzle in this debate, why is he attaching himself to

...these rePuke enablers of the Great Wall Street swindle?

[Bluenorthwest]

4. I can nay make sense of Dodd on this either

But frankly I don't trust him anymore.

[antigop]

5. I never did trust him...google Dodd "Private Securities Litigation Act"

http://www.pbs.org/now/transcript/transcript_campaignf.html

MOYERS: The Private Securities Litigation Reform Act was passed in 1995. It's what's known as a "tort reform" law. It is an effort to reduce lawsuits, in this case, lawsuits by investors seeking to recover money for securities fraud—investors like those who owned stock in Enron.

ROPER: In the simplest terms, what it does is make it more difficult to sue for securities fraud. And should you successfully sue for securities fraud...makes it less likely that you will recover your damages.

GILBERT: One of its major elements was that it would relieve or very much limit the liability of people who assist in fraud. So they may not be the mastermind behind the swindle, but they are the accountants or the lawyers or the brokers who enable the fraud to go on.

MOYERS: Limit the liability of accountants like Andersen-now being sued for its Enron audits. And who wrote this law? Some familiar names: Billy Tauzin and Michael Oxley, Republicans, and, in this particular case, Senator Christopher Dodd, a Democrat. The accounting industry has given Dodd over half a million dollars.

GILBERT: The legislation was going to protect criminals and swindlers and white collar defrauders, and unfortunately, because of the gobs and gobs of campaign cash in the system the voices of the people with the special interests in the debate won out over the voices of the people who were going to be directly affected, which were consumers and small investors.

[Bluenorthwest]

6. Will do, and thanks

He's been a subject of conversation around here, the last few days.

[antigop]

7. Be sure to read the Moyers interview at the link in my previous post. n/t

[Hugin]

8. "private negotiations"? Aren't they talking about Public Funds?

Let's get it out in the open... What are you hiding from?

[antigop]

9. No, Chris, WE don't recognize the gravity of the situation

Tell us what the alternative is if we do nothing. TELL US, Chris. Tell us.

How come, Chris, this suddenly became a crisis? You're head the SENATE BANKING COMMITTEE, Chris. Where have you been all along? Huh, Chris?

[greyghost]

10. We understand perfectly Chris and we say...

GO FUCK YOURSELF!

Dodd's personal finances hold the key!