Weren't these two jokers part of the gang to blame for getting us into the housing mess in the first place? If memory serves, both men (who sat on banking/finance committees way back in the Clinton Administration days) pushed hard on opening up first home buying opportunities for those who never could afford to own before. They were quite successful because they forced Fannie Mae to significantly lessen its mortgage standards for who would be deemed credit worthy to buy a home. Their laws created opportunities for banks everywhere to drop any and all ethics they had left. The result was something called subprime mortgages. You can read about the rest in any good history book.
What's my point (you might be asking)?
I'll tell you. Our political system stinks. And, one big reason why is because guys like Dodd and Frank have become professional career politicians. Because of this, they can (and have) entrench themselves into committees that have absolute power. Incredibly, this allows them to remain in charge after they facilitated creating the biggest economic disaster in 80 years.
How are these jokers still in leadership roles charged with changing banking regulations now? It's just amazing. They continue to feast on power because our system allows it. And, that's just wrong.
I have a solution. And, I’ve said it (and written it) before. We, the people, should create a new law that prohibits any American from serving more than two terms in office. That would pertain to any public office.
Wasn't this the true concept that our founding fathers had over 200 years ago? Back then, Americans served their fellow man by taking public office for a brief period in their life. This ‘sacrifice’ away from their careers and/or livelihoods was deemed very important because it helped preserve (our ever so delicate) Constitution and these public servants created new laws that were needed to establish rule and order.
I know we live in a different world now. But, think about it. If politicians could only serve two terms, then they probably wouldn't need to spend all their time shoring up power and votes (i.e. always worrying about the next election). And just maybe, our system could simply focus on passing laws that a new breed of politicians actually think will do well for their fellow citizens versus what will keep them in office.
I think this new political system could also bring more ‘fresh blood’ and innovative thinking into our stale, corrupt pockets of government, as well.
Sure, I’ve thought about the negatives with my concept. We'd clearly lose lots of institutional knowledge on important issues within key committees (Military and Armed forces are two highly specialized ones that come to mind). Still, I'd rather end this current system (and live with that sacrifice) when it allows two hatchet men like Dodd and Frank to remain in complete power, bumbling around the same issues that that they helped screw up more than a decade ago.