Senate Banking Committee Balks At Bailout

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Finally Congress, specifically the Senate Banking Committee, is bringing more than a rubber stamp to a meeting with Fed Chairman Bernanke or Treasury Secretary Paulson. After watching Senate Banking Committee Chairman, Senator Dodd on This Week, Sunday, I was certainly surprised by his resistance today.

Senate Banking Committee Hearing Held Today

Both Ben Bernanke and Hank Paulson attended a hearing today and urged, as usual, the members to “act fast”, to avert a financial catastrophe. These two are broken records as it appears their full time jobs now are pushing Congress to give more tax payer money to those least deserving.

And folks don’t forget not only is too much money being given to these two men…too much power is being transferred as well. With the money, goes the power. Need I remind you, neither the Fed Chairman nor the Treasury Secretary were elected by the people…and one isn’t even a Federal employee.

I really doubt that the Senate will not give them everything they ask for…eventually. It is just this time around the Senators…expecially Senator Dodd…will attempt to grandstand for the cameras. Senator Dodd desperately needs to rehabilitate his declining image as one of those “friends of Fannie” whose hands are the most dirty in this whole saga.

Senator Dodd had the audacity to say today during the hearing,

“It (the bailout) would do nothing in my view to let a single family save a home. It would do nothing to stop a CEO from dumping billion dollars of toxic assets on the back of American taxpayers.”

Like he gives a flying fig about saving homes or the American taxpayers…Senator, Please!

I’ve have written about Senator Dodd, as Chairman of the Senate Banking Committee, being a lobbyist’s best friend and Fannie Mae and Countrywide had plenty of them to cozy up to. You can read about that here and here. Dodd got sweet heart deals out of Countrywide and were called “Friends of Mozilo, the disgraced former CEO of Countrywide.

For all the blustering, you watch…Paulson and Bernanke will get exactly what they want.

As powerful as Dodd and the Senate Banking Committe is, they are no match for the Dynamic Duo of Paulson and Bernanke.

Sad, but true…

Good Luck!