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  • More Signs Washington Has Too Much Power

    Politico reports today:

    It was a perfectly reasonable question, and on the surface it seemed like a perfectly reasonable answer. But when Senate Banking Committee Chairman Chris Dodd went on Bloomberg TV Friday and mused about the possibility of bank nationalization, panicked investors sent the Dow plummeting a hundred points in the next hour.

    Whoops.

    Dodd’s casual remark and the not-so-casual consequences it caused were among the most vivid examples of a new Washington phenomenon. The city’s sudden status as the de facto world financial capital means that briefings and interviews that once would have passed with a yawn can create instant terror on Wall Street and Main Street alike.

    Treasury Secretary Timothy Geithner laid an egg earlier this month when his public rollout of a bank-rescue plan was deemed too vague by the markets, and the Dow Jones Industrial Average slid a harrowing 382 points.

    Last summer, Sen. Charles Schumer (D-N.Y.) faced criticism that his high-profile criticism of IndyMac’s precarious financial condition caused a run on that bank, which failed days later.

    Another garrulous politician, Vice President Joe Biden, did not help the cause of consumer confidence when he told lawmakers, in a remark that got out, that there was probably a 30 percent chance the Obama administration would fail.

    Posted in Economics [slideshow_deploy]

    6 Responses to More Signs Washington Has Too Much Power

    1. Monica, North Caroli says:

      Geez well this is less than encouraging. Whats even more daunting is that we have only been at this for 30 days.

    2. Nik, OH says:

      Absolutely agree that DC has too much power and too many slow-thinking congress people. Dodd, one of the people who contributed to our current economic situation, speaks before thinking most of the time. He, Barney Frank, Chris Cox, any others associated with Fannie and Freddie should be investigated and prosecuted. At the very least, they showed complete incompetence in discharging the duties of their offices. If I performed this way in my job, I'd be on the street.

    3. ra,ohio says:

      Hey folks, they're not done yet.

      Pelosi et.al are fixing to ram through a 410 Billion bill here shortly, loaded with earmarks.

      We have 2 years people, and it looks like it will be down the tubes by then.

      What scares me is the fact that these people are like David Copperfield the magician. They direct your attention from what they are actually doing, and then bam, we're screwed.

      What happened to the transparency THE BIG O promoted throughout his campaign ????

    4. David C Jensen says:

      As I see the problem is that we keep electing the same people in every election. These are the nare-do-well or sometimes well meaning folks that think they they know what we need. They are for the most part the failed lawyers, real estate agents, teachers, engineers, or clergy just to name a few professions who feel that through their life's travails and misery that they know better than the "unwashed masses" what we need. We as a country of for the most part hard working people need to find a way to meet without the "politicians" and to express our ideas and thoughts without the pressure of the political imposition of an election. The American people although very diverse in views seem to hide until the election. We deserve to have facts instead of the "expletive deleted" information we receive on the web, tv, and bird cage liners(sorry) news papers. The current mess was caused by US! Not the government. Why you ask? Because we dont EVER pay attention. We go OK its Clinton/Bush/Obama's fault.

      No its our fault!!!! We keep electing these perhaps well meaning or totally corrupt individuals to represent us in DC. This place of horror seems to collect the "States representatives" and totally corrupt them!! If I had the ability to win the lottery every day I cant even imagine the horrific ethic challanges I would have!!! Nothing these folk do is "Transparent" just look at their tax returns. The newest additions were obviously corrupt from the beginning but somehow over 50 % of us didnt care. Well now we have a stock market that crindges at every word the President says. We have a group of folk that he is appointing to powerful office that are outright crooks! What do we do???? Maybe we should actually look at who we are voting for. Not because Laura, Rush, or Sean told us to but because we care about our country and LOVE IT!!! Obama seems like a typical "Chicago" politcian but he may really be the beginning of the worst economic period of the last 200 years. Unfortunatly over 50% of the population elected him. He seems to have no idea what he is doing or what is going on. But the media, uneducated minorities, illegal residents, and the collage age youth LOVE1 him. They have no idea that he is only interested in being elected for "4 more years" They have NO IDEA! It seems like the "tea Party" may be a good idea! But it may takes more than the the usual "Folk" running for office and not buying into this #@!% to save our "Democracy". God Bless America!

    5. Ozzy6900, CT says:

      I had to laugh the other night when I saw the local news here in CT. The media is making it clear that our "beloathed" Senator Dudd (Dodd) is worried that he may loose his seat in the Senate. Of course, the media is behind Senator Dudd's actions all the way and to prove it, they had to down play the Republican hopefuls that will try to unseat the lifetime representative of CT.

      It's a nice thought, but let's face it, Senator Dodd only messed up the economy, the Democrats of CT will send him back to Washington yet again! After all, up here in the Northeast, lawbreakers get to become representatives. Look at Senator Kennedy of Massachusetts (D). He was responsible for the death of a young lady while he was DWI and trying to negotiate a bridge in Chappaquiddick, MA. Never convicted and voted back into his Senate seat year after year!

      And remember, folks, these people stand in judgment of others!

    6. Pingback: A Sign That Government Is Too Powerful « 36 Chambers - The Legendary Journeys: Execution to the max!

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