Banks' Favorite Dem Set To Chair Banking Committee

[laughingliberal]

If Senator Tim Johnson ascends to the chairmanship of the Senate Banking Committee, the biggest winners will be Wall Street, pay-day lenders and credit card companies. The biggest losers: widows and orphans.

No, really.

In late 2006, the South Dakotan spoke out against an effort by his fellow Democrats to cap the interest rates that members of the military pay for short-term loans. "This time it's military. Who's to say it isn't going to be widows and orphans or other sympathetic groups in the future?" he griped in an interview with the American Banker.

That's the man who's next in line to lead the Banking Committee if the current chair, Sen. Chris Dodd (D-Conn.), as expected, vacates the position to take the Health, Education, Labor and Pensions Committee chair left empty by the death of Ted Kennedy.

http://www.huffingtonpost.com/2009/09/01/banks-favorite-dem-set-to_n_273237.html

Damn it! We dodged this bullet once. Hope they can stop this.

[ShortnFiery]

1. No! That is insanity. Our political leaders don't even PRETEND to favor people over corporations

any more. :(

[laughingliberal]

2. Yes, this is one of the scariest things. The masks have come off and it is full speed ahead. nt

[glitch]

6. Only if you believe your lying eyes and remove your fingers from your ears.

Otherwise it's time to amp up the volume and CHEER!

[leftstreet]

3. Remind me, what was the point of defeating Republicans?

This guy is slime PLUS he happily whores for a state with ridiculous cc laws. Look for all banks to relocate headquarters and everyone will be paying 30%+ interest.

[rwheeler31]

4. This will not happen quit getting your

panties in a bunch.

[Mojambo]

5. Why won't it happen? n/t

[Jane Austin]

12. Because Tom Harkin is the chairman of the Health committee -

not Dodd.

It was a bad prediction.

Don't know why the OP is posting it now. It's months old.

[laughingliberal]

20. Tom Harkin is chairman of Health cause Dodd declined it after Ted Kennedy's death

Had he taken it Johnson was in line for the chairmanship of the banking committee. Dodd is retiring now again putting Johnson next in line for chairmanship of the banking committee. That is why Huffington Post reposted the information on Johnson today.

[Mojambo]

24. What does Harkin and the health committee have to do with this?

As I understand it, when Dodd retires Johnson gets first crack at Banking.

So what, other than Johnson inexplicably turning down Banking, leads you to declare that this "will not happen?"

[Jane Austin]

25. What, in fact, leads you to declare that I said that this "will not happer"?

You must be responding to something farther up the thread.

[Mojambo]

26. I was indeed. nh/t

[laughingliberal]

13. I don't really think my panties are really your concern and I am certain you are in no position to

judge the condition of my lingerie. Keeping this guy from taking over the committee was the reason Dodd turned down the chairmanship of the HELP committee when Teddy died.

[rwheeler31]

16. Wow are you behind the times. What are you talking about?

[laughingliberal]

17. Believe I was addressing a poster advising people not to get their panties in a bunch

which is a fairly insulting and belittling remark. As for the rest Dodd's retirement, once again, puts Johnson in line for the chairmanship of the banking committee. This was a concern when Ted Kennedy died and Dodd had the option of taking over the HELP committee which could have resulted in Johnson taking over the Senate banking committee then.

[Nikki Stone1]

7. South Dakota is the center of the credit card industry: they have no usury laws to speak of

They were repealed to bring credit card companies to the state.

[Selatius]

8. South Dakota, Nevada, and Delaware are the absolute worst offenders as far as usury go.

They have no caps or very high, impractical ones on in-state companies charging interest rates. This is why so many big credit card companies and credit card divisions have headquarters in these states. The Supreme Court ruled a good bit ago that the interest rate a company charges is only the jurisdiction of the state in which they are located, not the state in which they do business.

[Nikki Stone1]

10. Delaware is a major center for banks & MBNA; SD for credit cards;

and Nevada?

[Jane Austin]

9. Why are you recommending something that's four months old?

Dodd chose the Banking committee over the Health committee a month or more ago, and Tom Harkin is the Chairman of the Health committee.

I don't know what will happen when Dodd leaves the Senate, but for now Dodd is the Banking chairman, and all this post and its recs do is stir and empty pot.

[Nikki Stone1]

11. It looks a pre-emptive strike against this potential Dodd replacement

But the article is from September.

[laughingliberal]

15. Huffington Post put it up as a repost today on the heels of the Dodd announcement

He's still the guy next in line. We dodged the bullet in September when Dodd turned down the chairmanship of the HELP committee after Teddy's death.

[Nikki Stone1]

18. I see. So it was Huffington's pre-emptive strike.

Got it.

[laughingliberal]

19. Well, I'm concerned about the possibility of this guy taking over the banking committee and I was

worried about it in September when Teddy died and Dodd considered moving over to HELP.

[Nikki Stone1]

21. No, I get it now.

A little explanation in the OP would have helped, but I get it now.

[laughingliberal]

22. Sorry. The story at Huff Po had an update before the part I posted but I focused on the information

about Johnson. Doh! Should have thought people would not automatically make the connection.

[Nikki Stone1]

23. I'm not a Huff Po reader, so I didn't quite know what to make of it.

But now it's all explained. :)

[laughingliberal]

14. It was reposted on Huffington Post today as Dodd is retiring and this guy is next in line

I remember when Teddy died and Dodd had the opportunity to take over the HELP committee. He declined because there was some trepidation about letting this guy take over the banking committee. Perhaps we might like to see the train before it hits us? Maybe we could find a way to derail it before it runs us over. Or let's just play like it's not happening and be real surprised when it does. We could say things like, "No one could have predicted...."