U.S. Sen. Chris “Countrywide” Dodd’s ACORN loopholes in the financial-crisis bill being pushed by the same Democrats whose inaction and irresponsibility created the crisis, are worse than first feared:
I have read Dodd’s proposed statute and in some respects, it is far worse than has been reported. Senator Dodd has placed a loophole in the bill that is explicitly designed to siphon off tens or hundreds of billions of dollars to the Housing Trust Fund and the Capital Magnet Fund even if there are no net profits in the $700 billion venture.
Glenn Reynolds comments:
You know, it would be easier for me to believe this was a crisis, if the people in charge were acting like it was a crisis, instead of just an opportunity for graft. Then again, to some of these people, everything is just an opportunity for graft.
UPDATE: The John Locke Foundation’s VP and Resident Scholar Roy Cordato emails similar suspicions that the crisis is not as bad as it’s being portrayed:
Just to ease the mind of everyone who has been hearing on the news all week that there is a huge credit crunch and that no one is loaning money. I used my credit card today, no problem, and I received 2 offers for new credit cards in the mail. I also heard at least one ad on TV for home mortgage loans. So breath a sigh of relief. Now can someone let Congress know.
