Dodd playing a leading role in “the issue of the century”.

The smoke-clearing phase of the political season is underway, and seemingly all eyes are on the continuing spectacle of Joe Lieberman’s excellent political adventure.

But at the center of our fiscal and economic universe is the financial meltdown and ensuing proposals for keeping our listing economy from completely capsizing. Our senior Senator has settled one question – he is not interested in picking up the Foreign Relations gavel from Vice President elect Joe Biden, the most sought after assignment in the upper house for those who seek the oval office. With any chance of becoming President or Secretary of State off the table, the global financial system at – let’s all hope and pray – an inflection point, and the world economy at a turning point, Dodd finds himself at the center of the universe:

… Dodd said President Bush should nominate Obama’s choice for the new treasury secretary now, before the president-elect takes office in January, to get a head start on resolving the nation’s credit crisis and help ease the wild swings on Wall Street. Obama has not yet picked anyone for the position. …

Dodd noted that the nominee could be approved in Congress’ upcoming lame-duck session and could be working side by side with Treasury Secretary Henry Paulson for more than two months before Obama’s inauguration on Jan. 20.

“I think it would send a very important signal at home and internationally,” Dodd said, “given the global impact of this economic problem, that going from one administration, one party to the next, there’s a transition.” …

“This is the issue of the century,” Dodd said of the banking and credit crisis. “If we don’t get this right, everything else is at risk. The national security of the country is affected by it.”

So, any remaining thoughts that Dodd might be departing early for a cabinet or diplomatic assignment can be safely laid to rest.

With Connecticut’s economy so closely involved with the financial industry, and the impact of lost revenue from lower Fairfield County contributing to a fiscal crisis in Hartford, we need Dodd right where he is, looking out for Connecticut’s interests in this crucial sector of our economy.

Looking to 2010, when Dodd’s seat is on the ballot, this may also change the calculus for him. If he was leaning toward vacating the seat, perhaps now he stays put. We’ll have to watch what he does in terms of fund raising and the below the radar groundwork for his campaign over the next six months.

Source: Christopher Keating, The Hartford Courant