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What's Chris Dodd's game?


Earlier in the week, Chris Dodd annoyed some financial reformers by bemoaning the Volcker reforms as destabilizing to the delicate bipartisan consensus he was trying to work out with Sen. Richard Shelby. But by yesterday, Dodd was singing a more populist tune and blaming the political difficulties on the banks, not the new ideas. "The refusal of large financial firms to work constructively with Congress on this effort borders on insulting to the American people, who have lost so much in this crisis,” Dodd said, assailing the "army of lobbyists whose only mission is to kill the common-sense financial reforms the public demands.”

The question about financial reform continues to be whether Democrats water it down to nothing to pass it with the help of a GOP minority that has begun raking in huge contributions from the banks and which has no interest in handing the Democrats a major victory against Wall Street or whether they accept the structural politics of the issue and use it as a political wedge in the hope that they can build pressure which will force Republican support. Early in the week, Dodd still looked caught on the first strategy. Yesterday, he was sounding more on board with the second.

Photo credit: Joshua Roberts/Bloomberg.

By Ezra Klein  |  February 5, 2010; 7:42 AM ET
Categories:  Financial Regulation  
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Meanwhile Shelby has put a blanket hold on Obama's nominees (i.e., on ALL of them). While he won't say why, it's likely that he is po'ed because two of his biggest pork projects for Alabama have not come through. I wonder if cranky old McCain will rail against pork today...

As for Dodd, that's one Dem whom I'll be glad to see lose his seat. He's bought and paid for by the financial services industry.

Posted by: Gatsby10 | February 5, 2010 8:31 AM | Report abuse

Dodd is looking for a lobbying job.

Posted by: obrier2 | February 5, 2010 9:17 AM | Report abuse

Dodd is a progressive imposter.

Democrats earlier passed a credit card bill to fight back against insane credit card practices, but they watered it down to be useless. It didn't reduce the interest payments of a single American.

They also tried to pass a ridiculous bill to tax banker bonuses, but it never got enacted once the public furor died down.

Heath care is the same story.

These Dems have betreyed us all.

They are incompetent and on the take.

They had a historic chance to change the country, they had a mandate to pass meaningful health care reform, to re-regulate the out-of-control financial markets, to limit credit card interest rates, to stop those silly wars, and instead they have done nothing but posture and prove they are slaves to corporate lobbyists.

Posted by: Lomillialor | February 5, 2010 9:44 AM | Report abuse

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