SEN. DODD, speaking on a video clip: First the legislation will end too big to fail bailouts.
JON STEWART, commenting: Wait, we hadn't done that already?
SEN. DODD: This legislation will create an early warning system.
JON STEWART: We don't have an early warning system? It's taken you idiots two years during the worst financial collapse since the Great Depression to compile a list of regulations we should have put into place the next day? Well, better late than never, I guess. At least now we can have the legislation that would stop the next crisis from occurring.
SEN. DODD: This legislation will not stop the next crisis from coming.
Senator Dodd for years was a big recipient of Wall Street money. He was very close to the banksters. What about that banking committee of his? Can we rely on them to do the right thing?
One thing that tells us what we need to know about Senator Dodd is that in 1991, when the government was creating new legislation to make it easier for the Federal Deposit Insurance Corporation to "unwind' failed banks (i.e. take them over, reorganize them, and then sell them), there was an amendment that Senator Dodd introduced that was attached to this legislation that expanded the cast of institutions that could call on the Federal Reserve's emergency backstop powers if they were ever to get into trouble.
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