What short straw did Akron/Youngstown area Congressman Tim Ryan draw in doing TV duty defending Connecticut Senator Chris Dodd's handpicked language allowing the AIG bonuses?
Ryan was front and center on Fox Business Channel talking about the AIG bonuses which have sparked such widespread outrage, from the White House to your house.
He says Senator Christopher Dodd (D-CT) is in a position to fix the problem as head of the Senate Banking Committee. Fox's Stuart Varney is quick to point out the very loophole that lawyers say not only allows the bonuses to be paid but stymied plans to stop them came from Dodd -- who ranked #1 in the AIG political contribution hit parade.
The Fox Business Report is likely to get plenty of web hits today thanks to feature posting on the Drudge Report as well -- fodder for the Republicans, who we should point out were also asleep at the switch when President Bush and then-Treasury Secretary Paulson were busy handing out billions in bailout money last fall.
Plenty of finger-pointing and blame all around, yet amid all the positioning, posturing and promoting (including Barney Frank saying he found all of this "disgusting", despite also writing all of these bailout bills) there's still damn little real accountability.
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There is never accountability. Just blaming the other side. Any honest observer should be able to admit that both political parties share the blame in this whole mess.
ReplyDeleteThe current financial avalanche started as a small snowball with the Community Reinvestment Act of 1977 under then President, Jimmy Carter. It grew to a blizzard with the amendments passed during Bill Clinton's Presidency, largely due to the Democrats, especially under the tutilage of Barney Frank and Christopher Dodd, aided by threats of lawsuits against banks from the likes of ACORN and other "community activist" groups, more recently supported by Barack Obama.
ReplyDeleteWhile the Republicans weren't responsible for the initiation or refinement of this terrible law, they made no attempt to alter it, either. The unintended consequences of the Community Reinvestment Act of 1977 will likely be part of our lives for the next few years, and neither Barney Frank nor Chris Dodd have yet to take any responsibility whatsoever for the mess we're in. Neither, in general, does the Democrat Party, which partnered in this disaster.
Breaking News: Dodd Says loophole that protects AIG Bonuses added per request of the Obama administration. The video is about a fifth of the way down.
ReplyDeletehttp://www.butasforme.com/2009/03/17/obamas-stimulus-bill-explicitly-grants-aig-the-legal-right-to-hand-out-bonuses/
Obama should take full and direct responsibility for this mess.