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Will Dodd and Conrad Attend Financial Literacy Brunch?
Earlier today, we posted schedules for some 370 events at the Democratic and Republican nominating conventions, many of which are sponsored by private interests. The RNC list is here, the DNC list is here. On page 7 of the latter document, there’s an event called the “FSR Financial Literacy Brunch,” sponsored by 21 companies, including Bank of America, which authored much of the recent bank bailout bill, according to media reports. Bank of America also took over distressed subprime lender Countrywide Financial, which gave preferential mortgage deals to, among others, Sen. Christopher Dodd, D-Conn., and Sen. Kent Conrad, D-N.D.
Maybe the two should attend the event, Dodd to learn where he can look up the interest rate and Conrad for a primer on how to read a mortgage document.
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Perhaps no comments because this a YAWN…
11:07 am on Aug 8, 2008to GOP=Hypocrite: Sadly, it’s been treated as a yawn, and now I feel a little guilty for trivializing it in this post.
Congress lets Bank of America design its industry’s own bailout, we know two members of the Senate have gotten preferential mortgages (how many other members of Congress get preferential deals from banks they oversee? –we have no idea, because they don’t have to disclose any of that information on their financial disclosure forms); and there hasn’t been much of a concerted effort by the press to report on the likely consequences of this bailout bill or identify who will benefit (my guess is the banks) and who will pay those benefits (most likely taxpayers).
It is a yawn, sadly, because this kind of thing has been typical of how Congress has operated for years–and both parties seem content with it.
Lobbyists for special interests write the bills, incumbents, who are dependent on their campaign contributions, pass them. The only time there’s serious debate is when a few special interests line up against one another, and then members milk the issue for years and years before finally crafting some monstrosity Christmas tree of a bill that takes into account everyone’s interest but the consumers.
Yeah. Yawn…
12:26 pm on Aug 8, 2008[...] ALLISON: Will Sens. Dodd and Conrad attend the financial literacy lunch? “Maybe the two should attend the event, Dodd to learn where he can look up the interest rate and [...]
12:38 pm on Aug 8, 2008