I don't get it, and neither does John Cole.
Instead of reading the Dodd proposal and saying "this is a good idea" or "this sucks hard," we will be treated to a few days of "well, it was better than what Paulson suggested." Which, no doubt, will be true, because what Paulson asked for was completely ridiculous- "Give me a trillion dollars and then piss off."
He's completely right.
Imagine Dodd's proposal was the FIRST proposal.
What would we be saying?
"Dodd's in bed with the banking industry, fuck his proposal."
Yet because it's only slightly less odorous than Paulson's plan, we're all excited about Democrats "fighting back"? Democrats and Congress slap backs, high-five and fall behind a shitty plan?
This is not fighting back, this is slapping some MINOR requirements onto an out-of-control industry who will undoubtedly ignore them anyway.
$700 billion free and clear is wrong, but somehow $700 billion with vague requirements that will be ignored is find and dandy.
Dodd's plan is like a pile of shit in a half-sealed plastic bag; it may not stink as badly as the shit out in the open, but I wouldn't thank anyone who handed it to me.
This "plan" has either been rushed and is foolhardy, or has been in the works for months which means they KNEW that these fiscal problems would happen and did nothing.
Paulson asked for the world.
I say the Democrats ask for the world right back.
Draft up a plan that seizes the assets of everyone responsible for this bullshit, everyone from Greenspan to Gramm, and use that money to fix this problem.
Don't be fooled by Dodd's plan. It's Paulson's pile of shit with a wig on it.