The Dodd Bill

[ProSense]

Monday, September 22, 2008

The Dodd Bill

JB

Here is Senator Dodd's proposed bill to deal with the fiscal crisis (hat tip Politico via Krugman). Note the focus on the government's ability to purchase equity shares rather than merely debt, the creation of a insurance program for money market funds and various sunset provisions.

Notice also the creation of an oversight board, the requirement of findings of fact and regular audits.

It's not perfect, but it's a start. And it's far more responsible than Hank Paulson's one pager, the shorter version of which is "Trust me, I'm really smart and I work for George W. Bush."

Read the bill here

[grannie4peace]

1. thank you!!!!!

[seasat]

2. I was skeptical of Dodd but this looks like a decent bill

He hits all the right points from getting equity in the firms bailed out to restructuring mortgages for home owners. I hope they don't compromise and pass something very close to his bill.

[BumRushDaShow]

3. Barney Frank has his House version out as well...

http://www.politico.com/static/PPM111_080922_treas_grim.html

[Avalux]

4. Bush will veto. Then Dems table til Obama is elected. n/t

[mzmolly]

5. Unfortunately I fear that any legislation is going to be viewed as unpopular

and saddle the Dems with the anchor just before the election. I think it's BS even though Dodd is attempting to do what's right.

[knowledgeispwr]

6. I fear the same...

but I'm sure if nothing is done, it'll be the "do-nothing Dem congress." The Dems should try to do what is right because the GOPers will complain either way.

Personally, I think it's rash to pass something this week and it should tabled for now.

[mzmolly]

7. I agree. Table it.

I am no expert but that's what my gut says after watching the hearings and McCain's response.

[NotThisTime]

8. I don't know, I think people are seeing it as necessary....

[mzmolly]

9. Current polls show the majority of Americans opposed. Both left wing and right wing

radio demonstrated their opposition as well. This is highly unpopular at present and I don't want Dems saddled with it by trickery.

[adamuu]

11. yeah when i saw that all the R's are opposing it

it became clear that the whole thing was a joke

[redstate_democrat]

10. I just read this bill

and this motherfucker has TEETH. I bet Paulson and the gang regret opening this can of worms now. lol. He put everything in this bill. We even got a statutorily mandated investigation in Section 18. This bill is like the jaws of life. My goodness. They threw the kitchen sink at this. This bill makes the White House's 3 page ransom note look like a preschool job.

[ShortnFiery]

12. No, no bail outs for corporate millionaires with middle class tax dollars. No! eom

[redstate_democrat]

13. I agree! I"m against this, but Dodd's bill is actually pretty good if you are for it.

It has strong oversight, conditions, and it clearly lays out the plan.

[ShortnFiery]

14. No, the entire premise (debt due to CORPORATE greed) is a scam on face value. eom

[mzmolly]

15. Now all we need is a McCain cosponsor.

I don't care if we get both candidates to cosponsor but I don't want any deal without McSame.