Sen. Dodd, just leave the Senate now, and don't let the door hit you on the ass on your way out. You are caving way too much on the financial regulation reforms. Just who are you working for anyway? You sure as hell aren't working for the American people. You should be ashamed!
Sen. Dodd is caving to Sen. Corker on the payday loans supervision by the consumer protection agency. Yes, you read it right. He's caving on it. Why you ask?? One word. Wait for it.........bipartisanship. Right now that is one word that all of us are tired of hearing. I am beginning to hate that word. When I read this article in the NY Times this morning, my blood began to boil.
Opening paragraph:
Senator Bob Corker, the Tennessee Republican who is playing a crucial role in bipartisan negotiations over financial regulation, pressed to remove a provision from draft legislation that would have empowered federal authorities to crack down on payday lenders, people involved in the talks said. The industry is politically influential in his home state and a significant contributor to his campaigns, records show.
From that point on the article gets worse. Let me warn you now, your blood will boil too. I guarantee it.
Corker pressed Dodd to scale back the power that the new consumer protection agency would have over such companies. Under the proposal agreed to by Dodd and Corker, the new consumer agency could write rules for nonbank financial companies like these unscrupulous payday lenders. The new agency would have to petition a body of regulators for authority over these payday lenders and other nonbank financial companies, thereby leaving the new agency toothless.
Sen. Dodd, WTF??? You know how these payday companies work. They charge exorbitant fees for low-income consumers for small loans that these people need to get by. Come on Sen. Dodd! So is this it? You're going to go out with a whimper? If this was my last year as a Senator I would go out with a bang! Damn the torpedoes and full speed ahead!!
Let's take a look at this word bipartisanship. This word used to convey good things, once upon a time. I guess the 8 years of the Bush administration really killed it. The Republicans were not interested in that word or what it meant for 8 long years. Now after one year of the Dems in charge ( and I use that term very loosely), we have tried to interest the Republicans in returning to that world of bipartisanship. But alas, the Party of No isn't interested. Unless, it seems, if it is to their benefit and no one else's. Screw the American people!! They're just getting in the way, who needs 'em. After all, it IS the United States of Corporate America, right??
I'd like to thank the NY Times writer for this really good article, Sewell Chan. Thank you.