Senator Chris Dodd has orchestrated a personal stimulus plan for the people of Connecticut. It’s beautiful in it’s simplicity. Senator Dodd has orchestrated a situation where he needs to buy his re-election despite the power of the incumbancy. To do this he’ll be bringing money from his corporate friends into the state to be spent for his re-election. He started off with a bang, getting a million bucks while only tapping 5 real connecticut residents.
Being a democrat, the peoples party, this does require careful balancing. But this is where Dodd’s experience become indispensable. Senator Dodd helped pass the “Helping Families Save Their Homes Act”. with a name like that, what’s not to love. But since so much of his money comes from the financial institutions the committee he chairs oversees he had to be sure theose insitutions wouldn’t be too upset.
Banking lobbyists were able to remove a key provision of the bill, as the NY Times said the provision removed was a change in bankruptcy law that:
would have given judges the power to lower the amount owed on a home loan.
The article also pointed out…
In the end, the banks’ startling success in defeating the provision… caught even their lobbyists by surprise. Not only did they defeat the cramdown provision, but the banks walked away with billions in new bailout money.
Those financial insititions got billions in bailout money. In return Senator Dodd can expect a bump in contributions since he’s a proven friend. Senator Dodd can then spend that money on his re-election camapaign which will bolster the connecticut economy. The there’s the added bonus of being able to claim support of a bill called “Helping Families Save Their Homes Act”. People will soon forget that bankruptcy judges lost a key provision to help families save their primary residence.
It’s a provision that exists to help people save summer homes and luxery yachts. Again, this is classic Dodd. People with summer homes and luxery yachts contribute to campaigns. Even if they can’t help with their primary residence they get some help. People with just one home that are going bankrupt probably stopped their campaign contributions long ago.
There’s still work to be done, but the Dodd stimulus plan is in motion.
Dodd’s Stimulus Plan
Senator Chris Dodd has orchestrated a personal stimulus plan for the people of Connecticut. It’s beautiful in it’s simplicity. Senator Dodd has orchestrated a situation where he needs to buy his re-election despite the power of the incumbancy. To do this he’ll be bringing money from his corporate friends into the state to be spent for his re-election. He started off with a bang, getting a million bucks while only tapping 5 real connecticut residents.
Being a democrat, the peoples party, this does require careful balancing. But this is where Dodd’s experience become indispensable. Senator Dodd helped pass the “Helping Families Save Their Homes Act”. with a name like that, what’s not to love. But since so much of his money comes from the financial institutions the committee he chairs oversees he had to be sure theose insitutions wouldn’t be too upset.
Banking lobbyists were able to remove a key provision of the bill, as the NY Times said the provision removed was a change in bankruptcy law that:
The article also pointed out…
In the end, the banks’ startling success in defeating the provision… caught even their lobbyists by surprise. Not only did they defeat the cramdown provision, but the banks walked away with billions in new bailout money.
Those financial insititions got billions in bailout money. In return Senator Dodd can expect a bump in contributions since he’s a proven friend. Senator Dodd can then spend that money on his re-election camapaign which will bolster the connecticut economy. The there’s the added bonus of being able to claim support of a bill called “Helping Families Save Their Homes Act”. People will soon forget that bankruptcy judges lost a key provision to help families save their primary residence.
It’s a provision that exists to help people save summer homes and luxery yachts. Again, this is classic Dodd. People with summer homes and luxery yachts contribute to campaigns. Even if they can’t help with their primary residence they get some help. People with just one home that are going bankrupt probably stopped their campaign contributions long ago.
There’s still work to be done, but the Dodd stimulus plan is in motion.