"Dodd: Financial crisis is not a ‘natural disaster like the Gustav hurricane.’"
Today in an interview with NPR, Senate Banking Committee chairman Chris Dodd (D-CT) sharply criticized the Bush administration for demanding $700 billion with no accountability, noting that no accountability largely led to this financial crisis in the first place:
I spent quite a bit of time last night with my colleague from Alabama, Sen. Shelby, who is the ranking Republican on the banking committee. I ran into Mel Martinez of Florida, the Republican senator from that start. I’ve talked to others here. This isn’t just Democrats. This isn’t a natural disaster like the Gustav hurricane. This is a man-made, avoidable, preventable problem — and a lack of oversight and accountability was one of the problems.
Dodd’s comments were a swipe against President Bush, who last week cited the financial crisis in the same breath as terrorist attacks and natural disasters.
Krugman has more on Dodd’s alternative to the Bush administration’s financial bailout plan.