- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
Dodd: Financial Crisis Was 'Avoidable'
Email
ShareSeptember 19, 2008 8:10 AM
ABC News' Nitya Venkataraman: As the country's leaders promised bipartisan efforts to stabilize the financial crisis, Banking Committee Chair Sen. Chris Dodd, D-Conn., stressed that both parties would work together to find a solution but emphasized that the "total meltdown of the financial market" was "avoidable."
"This was avoidable. This did not have to happen. Where were the cops on the beat? Where were the regulators? When these loans were being made they did nothing." Dodd said, appearing on Good Morning America with ranking committee member, Republican Sen. Richard Shelby.
Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke briefed congressional leaders Thursday night on the plan, one that would likely require congressional legislation, that would allow the government to rescue troubled banks by purchasing their bad assets.
Congressional leaders said Thursday they expected to act quickly on the proposed plan, prior to taking a pre-election recess.
Shelby stressed the need for more information. "Is this their super-plan?" he asked. "We want to see the details…this is not a done deal yet, but we know there's a crisis, there's stress in the financial markets."
"Every week we’re being told this is it," Dodd added. "Richard and I wonder when it’s going to end."
In the interview with ABC News' Diane Sawyer, Shelby also repeatedly expressed grave concern over what the final cost would be to the taxpayer.
"We don't know how much this is going to cost," Shelby said, citing estimates ranging from half a trillion to a trillion dollars. "That's going to visit the taxpayer. Sooner or later it's either going to be a debt charged to all of us to our children."
September 19, 2008 in Vote 2008: Democrats, Vote 2008: Republicans, Washington, White House | Permalink | User Comments (111)
You can follow this conversation by subscribing to the comment feed for this post.
Dodd is on the take. He's taken more money under the table than just about anyone one the Hill.
Posted by: LongT | Sep 19, 2008 8:23:59 AM
Put-up or shut-up you anonymous scum bag. Everyone on the hill debates sincerely. Terence David Carroll ( vote TERRY D.C. )
Posted by: Terence D. Carroll | Sep 19, 2008 8:29:52 AM
Obama is right up there with this clown in being on the take (follow the money)....... NoBama 08!
Posted by: AmericaRocks | Sep 19, 2008 8:30:14 AM
I have a suggestion for the Feds. Lets bail out the many homeowners that are struggling to pay their bills and let the ones that have already foreclosed stand. Let the banks take the hit and salvage the rest.
Posted by: william | Sep 19, 2008 8:30:26 AM
Yes it could have been avoided if they had acted on John McCain's proposed fix back in 2005
Posted by: disillusioned2008 | Sep 19, 2008 8:31:18 AM
Dodd has taken more money from Fannie and Freddie than any other senator in congress. Guess who is a close second to Dodd, you guessed it OBAMA. This is all absoutly disgusting.
Posted by: billy bob | Sep 19, 2008 8:36:14 AM
Nitya Venkataraman (manachatchi yoda vaalu)
why don't you write about
Obama took $185,000 in 3 years
Todd took $198,000 in 7 years
from Fannie/freddie
you joined the Liberal tank of MSNBC/NBC/CNN/CBS and all Liberal media
Shame on you
Posted by: adam | Sep 19, 2008 8:38:21 AM
If you support Obama than you support Dodd. Great choice you have made.
Posted by: billy bob | Sep 19, 2008 8:39:02 AM
Nitya Venkataraman
why don't you write about
Obama took $185,000 in 3 years
Todd took $198,000 in 7 years
from Fannie/freddie
you joined the Liberal tank of MSNBC/NBC/CNN/CBS and all Liberal media
Shame on you
Posted by: adam | Sep 19, 2008 8:39:57 AM
A lot of things are avoidable, especially in Washington, if....if our politicians where truly there to represent us, instead of themselves, lining their pockets, going along strict party lines. Unfortunately they are there for their own glory and not for the glory of our country or her people...and that is very very sad.
Posted by: samhiguchi | Sep 19, 2008 8:40:40 AM
As a taxpayer I am mad as hell this morning!
Why the hell should I bailout a bunch of big s---ts who couldnt run a bank or insurance company?!?!?!?!?!??!
Hell, I will strike a good bargain - pay me just a $1 Million a year to go run a bank into the ground instead of the 10-100 Million some of these fat cats are/were getting paid!
Anyone DUMB enough to vote Republican this fall needs a brain scan!
Posted by: Mark | Sep 19, 2008 8:40:50 AM
Dodd is a joke! If McCain's suggestion had been taken in 2005 this would all have been avoided!!! Vote McCain/Palin Please, please if you want a sane government!!!!
Posted by: M. Smith | Sep 19, 2008 8:41:18 AM
Adam, if that was McCain and another Republican senator on the take this would be headline news in bold print.
Posted by: billy bob | Sep 19, 2008 8:41:55 AM
Next should be an investigation into what regulators looked the other way and why. The media should bring the pressure for this.
Posted by: Ron | Sep 19, 2008 8:42:36 AM
It's not right that people that wanted to live beyond their means are getting a bail out. It's not to hard to figure out what you bring in to what you can pay out. I feel sorry for none of them. Predators? Call the mortgage companies what you will but call the buyers what they are...IDIOTS!!!
Posted by: rockthebleachers | Sep 19, 2008 8:42:38 AM
Mark, read my previous comments. Dodd and Obama are on the take with fannie and freddie, more than any other senator. You are blaming the wrong people, wake up.
Posted by: billy bob | Sep 19, 2008 8:43:49 AM
Personally, I’ve just one request for all of you in the media. Explain just exactly why it is that we as the average citizen should accept one single word of the cadre of experts that you parade across the screen. Since they are exactly the individuals that created this economic mess in the first place. And just to be clear, that includes the members of Congress (i.e. both the Senate & House of Representatives), Secretary of the Treasury, Chairman of the Federal Reserve, Securities and Exchange Commission Chairman, Economists, & the supposed financial wizards of Wall Street.
Posted by: SteveC | Sep 19, 2008 8:44:51 AM
Hey...that's great. Just wanted I needed to see to start my day off...
Dodd's picture with his scumbag friend.
Posted by: roger king | Sep 19, 2008 8:46:56 AM
Mark
When McCain brought a bill to reform Fannie/Freddie & wall street in 2006 Democrats blocked it.
When Bush tried to reform Finincial Institutions in 2003 Demacrats blocked.
Obama took $185,000 in 3 years
Todd took $198,000 in 7 years
Clinton took $135,000 in 6 years
What planet are you in
Posted by: adam | Sep 19, 2008 8:49:45 AM
No tough questions and follow ups to Dodd from ABC? Like "Doesn't it take hubris to sit there and blameothers when you Senator Dodd Chair the Banking Committee, obtained a sweatheart mortgage and is the lagest recipient of political donations?
Posted by: geevill | Sep 19, 2008 8:50:24 AM
Post a comment
