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Monday, September 22, 2008

Support Dodd’s Plan

posted by on September 22 at 16:49 PM

This is what I imagine this weekend was like in Washington:

I have a suggestion: Contact your representative, and tell them you support Dodd’s plan over the Paulson slush-fund.

Senate Banking Committee Chairman Chris Dodd offered an alternative today to the Bush administration’s financial rescue plan aimed at giving the U.S. Treasury an equity stake when it helps companies burdened by debt.

Dodd, a Connecticut Democrat, is circulating a draft of his bill as Congress seeks to deal with a financial crisis that has been called the U.S.’s worst since the Great Depression.

The Bush administration is proposing a $700 billion plan to buy devalued assets from investment firms to keep the financial system from coming to a halt. Democrats have pledged to act quickly on the measure, even as they seek to create an oversight structure, limit the compensation of executives at the companies benefiting from the rescue and provide mortgage relief for struggling borrowers.

It’s a modest, but essential, set of things to ask for if we’re going to open our wallets.

For Seattle-area people, the numbers are:
Patty Murray: (202) 224-2621
Maria Cantwell: (202) 224-3441
Jim McDermott: 206-553-7170 or 202-225-3106
Dave Reichert: 206-275-3438 or 202-225-7761

RSS icon Comments


Here's my plan: if you wanted a safe investment, you should have put it in a local savings and loan (no, not Wamu).

You are guaranteed $100K.

No more, no less.

If you risked your retirement, then you get Social Security and you can eat at Old Country Buffet instead of having maid service and a 5 bedroom house at the assisted living community.

Posted by John Bailo | September 22, 2008 4:58 PM

fail. mortgage relief is a non starter from the get go. it's pushing mortgages down america's throat that served as the basis for this entire mess.

Posted by Bellevue Ave | September 22, 2008 5:04 PM

The new Republican mantra is "We are from the Government and we are here to help you."
With apologies to Reagan.

Posted by ratcityreprobate | September 22, 2008 5:05 PM
Posted by DoddWasPartoftheCause | September 22, 2008 5:08 PM

Yeah, @4, it must be all Fannie and Freddie's fault, and Greenspan was a li'l angel. Way to reblurt the blurts of the American Enterprise Institute's McCain-advising hack.

Posted by tomasyalba | September 22, 2008 5:12 PM

Would suggest our leader, Sen. Obama, step out with a plan. What's this with Dodd being the leader?

We need unity on this and now is the time for the Dems to strike, but based out of unity, not individual senators acting on their own. That way lies chaos.

And it will take too long.

Make it the Obama plan. Then let's all push for it. This will also help Obama win.

And of course we should add a national ban on pit bulls -- in fact a ban on any wild derivatives presenting risks we can't measure.

Unity y'all--

Posted by PC | September 22, 2008 5:20 PM

um, how about we just end the iraq war and use the money to hand out free houses to everyone?

Posted by jrrrl | September 22, 2008 5:37 PM

PC --

Because Dodd is the chairperson of the Senate banking committee. This is how divided government is supposed to work. From the point of view of building up the Democratic Party brand, I'm delighted for it to be the "Democrat's plan, written by Dodd, supported by Obama."

For what it's worth, Obama's record on regulating the financial industry was both prescient and impressive.

Posted by Jonathan Golob | September 22, 2008 5:39 PM

Three cheers for Senator Dodd. Even threw in a sensible alternative that could benefit individuals at risk of foreclosure by allowing judges to alter the terms of loans.

Posted by oneway | September 22, 2008 6:20 PM

John McCain says:

The senior executives of any firm that is bailed out by Treasury should not be making more than the highest paid government official

That sounds nice, and all, but good luck with that. Salary alone for AIG's CEO is $1 million (compared to $400k for George W.). Even if he gets no bonus (which, for the love of God, please make it a criteria of the bailout that top executives cannot receive bonuses for 2008), there's no way to make that happen unless you demand he give back his salary (not going to happen).

At least his stock/stock options are worthless. That's something.

Posted by Julie in Chicago | September 22, 2008 6:30 PM
Posted by Trevor | September 22, 2008 6:42 PM

equity stake is a really good idea, than as the companies benefit tax payers will.

Posted by shane | September 22, 2008 8:14 PM

I'm so amazingly frustrated and furious with all this - I'm a single mom, I've struggled to make my mortgage payments for the last 10 years, never missed ONE. I clip coupons, plan meals, cook cheap food, I'm so ridiculously frugal. I pay for my own health insurance. We definitely not going to be able to keep the house actually WARM this winter. My retirement fund is almost gone because of all this. How the hell did it get to be such a crisis so quickly? How can these rich fucks be so well compensated for running the whole ship into the ground, and then just get to walk away? We have NO sense of history in this company, hardly anyone is talking about the S&Ls. Jeebus. It just makes me want to throw up.

Posted by Mom | September 22, 2008 8:24 PM

Mom, how do you like mortgage relief for people that signed shitty mortgages to flip houses? cause you wouldnt be helped under a mortgage relief plan.

Posted by Bellevue Ave | September 22, 2008 9:11 PM

@14 right on... those flippers (in SoCal mostly) were the ones who ate WaMu's shorts for lunch... and have caused a fairly decent financial institution (with either a deaf ear-- or no ear at all, on the street) to crumble as it has done. ^..^

Posted by herbert browne | September 23, 2008 12:29 AM

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