Senator Sponsoring Mortgage Bailout Bill Doesn't Know Interest Rates

Posted by John Carney, Jun 18, 2008, 4:58pm

Chris Dodd, the Democratic chairman of the Senate banking committee, admitted yesterday that he received a home loan as part of the program for friends and family of Countrywide chief executive Angelo Mozilo.

Dodd, who has sponsored a mortgage bailout bill that creates $300 billion in new taxpayer liabilities and allows mortgage lenders such as Countrywide to fob off their worst performing loans onto the Federal Housing Administration, insisted he had not been told that he would receive favorable loan terms.

But in the course of this confession, Dodd embarrassed himself by admitting that despite being the chairman of the banking committee, he doesn't know what mortgage interests are. "I don't know what the rates are today," he said.

Video after the jump.

(via The Next Right)

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Tags: Christopher Dodd, Countrywide

Comments

Posted by Clown Capital , Jun 18, 2008 5:24PM

I pose that dealbreaker take a general opinion poll. Who's smarter than a 5th grader? Politicians or CEO's?

Posted by guest, Jun 18, 2008 5:50PM

You know, I think Dodd should be consulting a lawyer before talking about what he knew and didn't know when he took that Countrywide Loan. I have a feeling that a Senate ethics investigation is on the way.

Posted by guest, Jun 18, 2008 7:30PM

pronounce it Moe-Zill-EEE-OOOO --know mispronounce the name so it seems like you don't know his tan a$$

Posted by guest, Jun 19, 2008 12:24AM

He's chairman of the senate finance committee, and he doesn't know what rates are today?

America has become a country of idiots, governed by crooked buffoons.

Posted by BlackSwan06, Jun 19, 2008 12:32AM

Dude, his staffers are paid peanuts to open his mail, answer his phones, and whisper sweet rate information in his ears.

So, more than likely, some 22 year old policy wonk got his fourth point of contact ripped open for not making sure that li'l tidbit arrived on his desk in time to save him from public humiliation. And his Chief of Staff got reamed too...

Country of idiots, governed by crooked buffoons, who are in turn "handled" by 22-year-olds cranking out talking points based on Lexis/Nexis and Google searches.

Believe it.

Posted by guest, Jun 19, 2008 12:57AM

The Chair of the Senate Finance Committee, who's proposing legislation and opining on the mortgage mess, should be briefed on current mortgage rates and have the good sense to memorize them. Dodd's not a stupid man.

Posted by guest, Jun 19, 2008 10:33AM

12:32 has it spot on. Everyone on the hill (staffers) treat their job like its a joke. The people I know up there don't do anything. The problem is that they get paid a joke 30k a year. And all the interns don't get paid jack. The senators and congressman don't know their head from their ass and are handled by their 22 year old staffers all day trying not to sound stupid.

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