The Washington D.C. game of finger-pointing, blame-shifting, and buck-passing rolls on. Robert Reich in Thursday’s Salon:
“Senator Chris Dodd, the chairman of the Senate Banking Committee, scolded Wall Street representatives at a hearing Thursday for sending “an army of lobbyists whose only mission is to kill the common-sense financial reforms” needed by the public. “The fact is,” Dodd said, “I am frustrated, and so are the American people.” He charged that Wall Street’s intransigence was the reason for Congress’s failure to pass any bill to regulate the Street.
Dodd left out the most telling detail, of course. Wall Street is where the campaign money is. Dodd of all people knows that. He’s been on the receiving end of lots of it over the years.
…In other words, it isn’t Congress’s fault. It isn’t the Senate Banking Committee’s fault. It certainly isn’t Dodd’s fault. The reason more than a year has passed since the biggest bailout in the history of the world and nothing has been done to prevent a repeat performance…is what, exactly, Senator? Because the Street has sent an army of lobbyists to Capitol Hill?
Call me old-fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.
A little over $6 million, that’s all. Which leads to the REAL reason for the lack of Congressional action:
“Congress isn’t doing a thing about Wall Street because it’s in the pocket of Wall Street. Dodd’s outburst at the Street is like the alcoholic who screams at a bartender “how dare you give me another drink when all I’ve done is pleaded with you for one!”