Tuesday, October 21, 2008
Everybody Else Did It - WSJ.com
Certain names just keep coming up...
In an opinion column about the financial meltdown, Wall Street Journal discusses Sen. Christopher Dodd:
"The late Senator Russell Long used to say that the core truth of tax policy was 'Don't tax you, don't tax me, tax the fellow behind the tree.' Substitute political blame for the financial meltdown for taxes, and you will understand what Senator Chris Dodd is attempting today with his Banking Committee hearing on the causes of the panic.
In February 2004, while Republican colleagues warned of the systemic risks posed by Fannie Mae and Freddie Mac, Mr. Dodd pronounced the mortgage market 'one of the great success stories of all time.' A year later, the Connecticut Democrat voted against a reform that would have limited the size of Fan and Fred's mortgage portfolios. Now that Fan and Fred have collapsed at a cost to taxpayers that could run to $200 billion or more, Mr. Dodd is also under fire for accepting sweetheart loans from Countrywide Financial, the subprime mortgage factory."
