Thursday, September 25, 2008

My Q&A with Sen. Dodd's Banking Committee

In my continued efforts to stop the rescue plan for Main Street bailout for Wall Street, I called Dodd's DC office today. His phones were still busy.

So I called his Hartford office and got thru. I voiced my concern:

We all have bills to pay. And in my efforts to pay off my credit card debt, I cancelled my cable TV about four months ago. And I’ve done a number of other things to try to reduce my expenses, such as reducing my cell phone plan from virtually unlimited calling ($50/mo) to 50 peak minutes ($20/mo).

My questions:

Of the people facing foreclosure, how many still have cable TV? How many have cell phones with unlimited calling? How many could afford a 1,000 sq ft house on a quarter acre with a fixed rate prime, but bought 1,800 sq ft on a half acre with a variable rate subprime?

I’m comfortable helping those in need. But of the millions facing foreclosure, how many are living within their means?

My guess is some are truly in need, living on the margins and just scraping by… so happy to have moved from renting to owning a small home that they can call their own. But I’m also guessing that some people have been living (and continue to live) beyond their means.

His Hartford office suggested I call the Banking Committee office in DC.

So I did and reached a staffer. His name was Hartley. I repeated my thoughts.

He was very gracious, but also honest. He couldn't answer my question and suggested I email it to the Banking Committee. So I will.

On a side note though, I asked him if he was from CT. (I was figuring as Chair, Dodd gets to dole out lots of Banking Committee jobs.) He said he's a Nutmegger. So I asked him if he was related to one of my favorite state Senators - Joan "I represent the voters, not Don Williams" Hartley. He said it was him mom. I loved it. Joan Hartley was the Dem Senator who began shining the light on Gaffey and his lobbyist girlfriend.

Back to my point though... I need to go email the Banking Committee to ask them if, under the auspices of Congress' populist rhetoric of "supporting the taxpayer," my tax dollars are about to go support someone who is living in a mansion and driving a Porsche.

Tim White


Anonymous said...

Did Dodd's staffer tell you he wants to fund community activists with the proceeds when these assets are sold ahead of paying back the Treasury?

They all think we are a bunch of marks

tim white said...

Sounds like just another reason why I oppose this bailout.

I have virtually no trust in the "powerbrokers" inside the Beltway.

And according to the NYT, Paulson got down on one knee last night... begging Nancy Pelosi for support.

Support for this? No way.

I would oppose it if it was $1trillion going Ron Paul's Campaign for Liberty not-for-profit.

Off the top of my head, for the first time in many years ... I'm actually really glad about what House Rs are doing. The NYTimes gave Bachus and Boehner credit for scuttling this monstrous bill.

Anonymous said...

Guess who are the top two recipients of Freddie Mae & Freddie Mac campaign contributions?

(1) Chris Dodd, and
(2) Barack Obama.

McCain may have a former FM executive among his 200+ advisors, but money speaks louder than words.

Actually, Obama has been in the tank with sleazy real estate lenders and developers ever since he was a state senator:

Anonymous said...

Sorry that last link didn't copy. Just google "Grim proving ground for Obama's housing policy" for this story by the (liberal, pro-Obama) Boston Globe on Obama's long shameless history of taking contributions from sleazy developers and lenders.

Anonymous said...

10 minutes which will tell you everything you need to know about the mortgage meltdown