Chris Dodd On Hank Paulson: The Rescue Plan Would "Turn $700 Billion Over Virtually To One Individual"

Senator Chris Dodd, Chairman of the Senate Banking Committee, was on CBS's The Early Show to talk about the $700 billion rescue plan for Wall Street. Dodd made it clear that this shouldn't be a blank check for bankers and the Treasury. Below is an excerpt of the interview:

Secondly, we want accountability, Harry. Chris Dodd On Hank Paulson: Rescue Plan Would "Turn $700 Billion Over Virtually To One Individual" Republicans and Democrats, will have a hard time accepting. We can do that, though.

And thirdly, we want to make sure that homeowners--because the core of this problem is still the foreclosure crisis. And until we deal with the cause of this, this problem would persist. And the last thing any of us want is to be back here again in a month trying to come up with some new plan because this one didn't work. So taxpayers, accountability, homeowners; give this
secretary the authority...

Comments

[paradox5]

Is this a monarchy? Were the kings and Queens as well as the nobles have there feast and fortune, as they formulate there rule for there own profit. while the people scrape to survive and the children are raped of a future.
Who would have ever thought we would come so far to end up back where we were.
I thought I had rights. The right to vote a say in were the money should go what laws should be passed...
I feel such a loss for what we have become.
A simple peasant.

[schatsie]

Mark TWain, A Connecticut Yankee in King Arthurs Court - that book was about the robber barons and not about Monty Python....

The ending is not pretty.

[juliette23]

Now I know why these folks like gated communities so much. The mob will be showing up with torches and pitchforks any moment now, hopefully. At least the tar and feathers. Like what should have happened to Ken Lay before he disappeared in Aspen. Though I hear Dubai is quite nce.

[dgscol]

John Madden said "Paulson would drive me crazy.". On plays like 4th and twenty or twenty-five, he would talk his team into a running play. STUPID.

[Finchy13]

Everyone out there -

Please - Email Senator Chris Dodd -

and demand oversight on this money - we as Americans deserve to be in the loop and be informed as to where OUR money is going - because bottom-line, it will come out of our pockets, our children's pockets and our grandchildren's pockets.

And if your time allows, Email everyone on Sen. Dodd's Banking and Economic Committee.....

This is unconscionable - (From Washington Post article 9/22/08) Read this from the WP article - read it at least 2-3 times......see what it really says.
------------------------------------------------------------
The administration's proposal would give the Treasury secretary sweeping authority to purchase assets from any financial institution, whether headquartered in the United States or abroad, over the next two years. It would place no limit on when the assets could be sold. And it would allow the Treasury secretary to spend up to $700 billion without oversight or review by other federal agencies or the courts.
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And NO CEOs of the companies being bailed out by this $700B - SHOULD BE ALLOWED TO PROFIT IN ANY WAY FROM THIS MONEY. They have already ripped off the American public - should we allow them to do it again, and again, etc.

[BernieBernie]

Hello People,

Please, I beg of you too contact your State representatives and pressure them to vote No on this fraudulent proposal. This is nothing more that fear tactic by the Bush administration to coverup the corruption in Washington and on Wall street. The money is not intended to be used for the mortgage crisis. The intent is to bailout mismanagement of Corporate banking executives failure to follows Federal Laws that governs our deposits and investments. The monies should and could be used to payback individuals who made earnest deposits and investments with their money.The crooks should be prison for the crime they have committed against our people. If this bill is passed. We will still be confronted with more problems in the near future. I urge you to contact your representatives to vote No. People this is the biggest coverup in American History! Don't Be Stupid, It's time for us to act Now!

[onegandolf1]

No, as long as those thirty-some words are in the bill, it's a no-go.

I say that we should try a band-aide for two months -type of solution. There's no way we should accept that language !!!

Plus, I wouldn't trust any member of this administration to take out my garbage, let alone make a non-reviewable decision of this magnitude.

These guys can't walk and chew gum.

[vietveter]

Virtually ?

no

ACTUALLY !

[Senzasord]

And so Bush implores us one again to "Trust Me." He has proven over and over again that he is incompetent, untrustworthy, and clearly never has the best interests of America foremost.

What is he so afraid of that he wants to preclude any oversight or review of this program? Simply that they are trying to loot the U.S. treasury and have it all end up in the pockets of those self same greedy rich bastards that have been ruining the country ever since Ronald Reagan fired the opening salvo in the war on the average American.

No oversight; no deal. Let the CEO's make up the difference out of their own pockets. They are the ones who are guilty. They don't deserve a cent.

[one4obama]

"What is he so afraid of that he wants to preclude any oversight or review of this program?"

Well, for starters, he is trying to do this thing in a manner that he and his cronies will still make out like a bandit - on the backs of us taxpayers. And if there were to be a review, then he would be found out.

[Pendragon2008]

These guys need to be prosecuted to the full extent of the law. What they are suggesting is literally criminal, almost definitely classifiable as treason and sedition.

[genseric13]

The Dems would rather lose an economy then lose an election. I noticed the Dems grimacing about having to make a deal on friday. I thought, this is too good to be true, the Dems are really going to do the right thing for the Country? and of course, now it's monday and they are stalling, driving the stock market into the toilet. More people poorer today. Thanks Dems. let's see how stupid the American people are.

[SENCvoter]

My goodness. In my view, the Repubs already lost the economy. Now they want to suck the American taxpayers dry with $700 billion bailout that is not "reviewable." It seems to me Bush doesn't want this to be his last legacy, so therefore fast track. Democrats are right in stalling because we need the details. You, my friend, sound delusional.

[Pendragon2008]

Honestly, we need to put aside party politics for this one - I'm sure that we're going to find complicit parties on either side of the aisle.

What matters at the moment is this behavior being reined in NOW, before it does any more damage.

It's far past time to push through the already submitted articles of impeachment against Bush and Cheney, and start jailing incompetent and corrupt CEO's for fraud. If America wants to win back the confidence and support of the world, they can do this instead of spending a cent towards foreign banks.

[research]

GOP = liars and Cheats.

And this 700B$ bailout and Bush power grab is just more of the same.

[AnotherMike]

It's a wonder you can even turn on a computer.

Finger-pointing, ignorant people have 120 days left to get their shots in while in power. Have fun.

Yes, we'll fix your stupid mess. Again.

[vietveter]

genseric13,

You and yours have lost touch with reality.

You want to fault the ones that want some

ACCOUNTABILITY to the solution

Not the ones that created the problem.

You should run for office.

[one4obama]

On an issues that is as important as this, it is totally irresponsible to make a quick judgment call.

It is better to lay out different plans and find one that benefits all, not just the financial institutions.

But, then you are a staunch support of old "shoot from the hip" McCain.

[Opus007]

700 Billion- wow that is a lot of money. Will McCain and Lieberman's dream of invading Iran slip away?

[Pendragon2008]

I don't think its even sunk in yet that Bush is proving he wasn't a Republican at all, and that he really has never had the best interests of America at heart. This screws Republican and Democrat alike - and that 1% of the wealthiest best be buying up gold or changing their savings to foreign currencies, or they'll be left burning dollars for heat like the rest of us.

Guess the legacy of Prescott Bush has come home.

[hannitysux]

Don't let Mr. Burns have it!!!

[OhioJan]

We got a lot of work to do here, Nation, let's git 'er started!!!!!


Contact List:

Contact Pelosi: http://speaker.house.gov/contact/
Contact Reid: http://reid.senate.gov/contact/index.cfm
Contact Obama: http://my.barackobama.com/page/s/contact2

Find Your Senator
http://www.senate.gov/general/contact_information/senators_cfm.cfm

Find your Congress Critter
http://forms.house.gov/wyr/welcome.shtml


THEN, when you're done with those folks, SIGN THE PETITIONS!!!:


http://www.democrats.com/stop-paulsons-plunder

http://act.credoaction.com/campaign/no_blank_check/?r_by=912-1591685-lTuvLDx&rc=paste

We need to do what WE can - NOW - to prevent any more of the shrub's crooked-cronyism to further destroy our Country!!!!!

[hannitysux]

Excellent! I already wrote Pelosi. Post this again in a while so it doesn't get lost.

[esquire07]

The Unitary Executive knows whats best for you.

Heil Decider !!! Heil Decider !!! Deil Decider !!!

I predict another False Flag 9/11 style attack by Dick Cheney and Cabal to add the icing on the cake before the so call "elections."

Its amazing watchng the United States of America dismantled and destroyed from within. What a good movie it will make.

[Pendragon2008]

No, this "crisis' IS the next 9/11 attack; and this fund/debt clearing house/money laundering system is the perpetual WMD that can be held over the American public's heads.

Let's put the lessons we've learned in Afghanistan and Iraq to good use, and push through a regime change NOW; if we hold Bush accountable, it will restore the reputation of America in the eyes of the world, and go some way towards repairing the damage Bush has done in the last 8 years.

I hope that when all is said and done, this brings about true change in America, one that ensures politicians are never placed on a pedestal ever again.

And we need to take a good look at who Bush is working with/for. It's very obvious that he is doing this to pay off financiers and banks - who runs them? Where is the money going?

[bobdob]

God bless Chris Dodd. I'm an Obama supporter, but Dodd was originally my choice. Chris Dodd knows what he's talking about, and he's not afraid to tell the truth. And he's not afraid to fight for what's right, even if it may be a lost cause.

I absolutely oppose a corporate bailout. Instead, I believe the government should use the money to help PRIMARY mortgage holders keep their residences. In return, those homeowners should agree to a complete freeze on their credit for a minimum of seven years. Think of it as partial bankruptcy. In order for this to work, all of the consumer's debt would need to be consolidated and included in the refinancing, and all of their sources of credit would need to be closed.

No new mortgages should be offered under this bailout plan.

I will vote against anyone who gives the Bush Administration a 700 billion dollar check without oversight or a clear plan for success. This new proposal is the economic version of the invasion of Iraq. There is NO PLAN.

[Forest]

Most Americans can not afford to have each family member turn over close to $3,000. per person to Bush, to the mortgage bankers, the culpable CEO's or the borrowers who finessed on the truth. What kind of rationale would ask us to support gluttony and gambling?

[Whinger]

Would you trust George and Hank with your $700 billion dollars without strings?

How many billions has George and his supporters squandered to date?