Chris Dodd, the People’s Senator

Posted by Ray on September 18, 2009 under Main | Be the First to Comment

Ok, he is only the people’s senator when reelection is close and he is in political trouble. I have relatives in Connecticut and I often ask them why they vote this guy in and they tell me it is because he answers the phone when they call. Well, that is great, but frankly this guy has taken millions from the institutions he is supposed to be regulating and has known about their abusive practices for years and did nothing, nothing, to stop it.

However, now that the election season is starting he is going to introduce a bill to curb abusive overdraft charges, but he can’t even do that right. I will say that it is a step in the right direction, but he is missing the real crime of what banks do. You see, it is not the amount of the fee, even though it is way too excessive, it is how the bank puts the transactions through that is the issue. As I discussed before, banks run transactions from the largest to the smallest, which maximizes fees, and the banks say it is to make sure big bills get paid first, but they clear all of the transaction so any excuse they give is a lie, period. Mr. Dodd mentions it, but I did not see any information that he wants to stop it.

Mr. Dodd simply wants the consumer to have the ability to opt out of the “overdraft” program, again that is a great start, but misses the mark. How about banks that charged their poorest customers those outrageous overdraft charges be made to repay those people, now that is punitive. Darn, I forgot, its reelection time so he is hitting banks up for contributions so he won’t get too tough on them. Instead he will pay people lip service that after 26 YEARS in the senate he is finally doing something to benefit them instead of himself and his campaign supporters.

Let’s face it, he will sit on this, if it even comes out of committee at all, until just before the 2010 election so he can use it to get votes. This guy is a crook or simply the dumbest person in politics, which is a very tough award to win I might add, because he didn’t realize that the VIP treatment from Countrywide was a term meaning he is getting a special deal, even though the terms and rates were far superior than the competition. Let us also not forget that he pressured AIG employees to give to his campaign in 2006 as he was going to be in charge of regulating the firm, guess what he got huge cash that year. I forgot how AIG ended, of yeah we bailed them out. Then there is Freddie and Fannie, do we really need to know anymore to figure out this guy is in politics for himself, not for the people.

So, Mr. Dodd, if you are reading this then get this bill out of the committee and put some teeth in it to make the banks finally pay for killing the little guy. Don’t do the lip service like all politicians do and make these banks pay up. After all, who made out the most over the last year? The banks. They got bonuses last year, when they least deserved them, and this year they are getting record bonuses when we bailed them out and, on top of that, they raped us for some $38B in bogus overdraft fees. The banks are ruling the world and we are letting them get away with it as long as we reelect assholes like Chris Dodd, Spector, Schumer, Rockefeller, Barney Frank and every other piece of shit that has spent more than 10 years in office.

Sorry for the language, but come on people, get your damn act together and vote these assholes out already!

Support and vote for Peter Schiff, go to his website HERE