Senator Dodd - You are One of the Cops

Senator Christopher Dodd (D-Ct.), in an interview on CNN this morning, referring to federal banking regulators, said that “the cops were not on the beat.” Senator Dodd is chairman of the Senate Banking Committee. Excuse me Senator, but you’re one of the cops. The regulators are enforcing the laws that you and your colleagues in congress write, using the funds that you approve as part of the budget.

Where were you when banking laws were systematically stripped so that the sub-prime market was created? Now you want to make us believe that you are riding in on your white horse by holding hearings about Fannie Mae and Freddie Mac. Then in the same interview, you said that Senator Schumer has asked you to hold hearings on what happened at IndyMac. After a letter Senator Schumer sent to regulators caused a run on the bank, which side will you have Senator Schumer sit on, the committee or witness side?

It’s time that you and your colleagues stopped grandstanding and accusing others and accept your role in the current economic mess. You created the laws, or lack or laws and regulation that led to this sub-prime mess.

You have also sat in the senate all these years. You have been a Senator since 1980 and before that and a Representative for six years. Your tenure in the Senate is marked by failed energy policies and laws. You came to the senate during the last gas crisis and yet have done nothing concrete to keep us from moving to 70% imported oil today.

Senator Dodd, I have no doubt that you are a good man and dedicated to your country. But, now is the time for people in positions of power, such as yourself, to step up and admit that you have failed the American people and fix it. Stop blaming others and focus the resources of our great nation on healing its wounds.

Until congress recognizes their role in creating our current economic mess we are doomed to repeat it again and again. Just one more thought - Senator McCain and Senator Obama are part of problems in the senate. If they fail in their presidential bid, they will be right back to do more damage. What do you think either can do as president or senator under the current political bottleneck of partisan politics.

The congressional approval rating is in single digits. It’s no wonder why.

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