With each day Senator Chris Dodd’s hold on the Senate seat he has held for almost 30 years grows more tenuous. As the Chair of the Senate Banking committee he deserves a share of of the blame for the economic mess we are in now, and on top of that there are the recent scandals in which he has been involved.

It was  six moths ago it was disclosed that the Chairman of the Senate Banking Committee Received TWO VIP Loans from Sub-Prime Lender Countrywide Inc. The Loans were at favorable interest rates. 

Last month we learned of a new “funky” friendship in the life of the Connecticut Senator. At the end of a the Clinton presidency secured a presidential pardon for Edward R. Downe, convicted of tax and securities fraud eight years before. No one mentioned at the time that Downe and Dodd were partners in a real estate deal, or that a different partner of Downe’s William “Bucky” Kessinger, had was involved in another land deal with Dodd.  Of course Dodd hadn’t revealed that at the time. I guess he didn’t have to, since the true ownership wasn’t on the deed.

This week may have been the straw the broke the camels back as he first denied and then admitted to the fact that he placed the clause in the stimulus bill allowing the AIG bonuses. Today Rick Green, Columnist for the Hartford Courant, called on Dodd to announce that he will not run for a sixth term:

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Dodd Needs To Say He Won’t Run In 2010

Rick Green
March 20, 2009

If Sen. Chris Dodd truly cares about President Obama’s reform agenda, Connecticut and his party, he will gracefully step back and not run for re-election next year.

That might be the only way to save this seat for a Democrat and snatch the red meat out of the right wing’s mouth. Right now, in Dodd’s hands, this Senate seat is radioactive.

The reason why the senator should not run can be summed up by looking at yesterday’s devastating headline in The Courant: Dodd’s Flip-Flop.

On Thursday, Dodd offered more clarification, telling reporters in a conference call that he was “completely unaware” that a change in the federal economic stimulus legislation would result in million-dollar bonuses for AIG executives.

“It wasn’t my idea, my proposal, my suggestion. That came from the administration,” Dodd said. “If I didn’t say it as clearly yesterday, then I’m sorry.”

Why is there always so much confusion when we ask Sen. Dodd to explain?

This is the real issue that is not going to go away. Unless he decides not to run, we are going to hear about this constantly for the next 18 months. Already, it is turning Rob Simmons — who struggled to win the 2nd District for years until he finally lost to Joe Courtney — into a formidable opponent. Is there any more reason that Democrats need a fresh candidate?

More to the point, there would not be a dead heat poll if Rob Simmons were facing Attorney General Richard Blumenthal or U.S. Rep. Chris Murphy.

Even if Obama eventually turns the economy around, Chris Dodd is branded with words that immediately evoke groans from constituents.

Countrywide, Friends of Angelo, AIG, Irish cottage. An entire campaign for office could be built around just those seven words.

One political insider told me that Dodd is chronically “off his game” and seems unable to get it back. But another said that despite the “white-hot anger” erupting across the state, November of 2010 remains a long way off.

There is no coming back from this manure storm, even a year and a half before election.

I want to believe the words of William Cibes, the savvy political observer, politician and former top state official, who told me that Dodd should steer through this hurricane.

“He seems to be a victim of a concerted effort to discredit him, probably orchestrated by the Republican National Committee and probably aided and abetted by certain media outlets,” said Cibes. “He has done a great job for Connecticut and is a great representative for our interests in Washington.”

I do miss the Sen. Dodd who stood up for housing, children, Indian tribes, the homeless and families. But you can’t run for re-election on what you were.

What I don’t want is what is piling up, ever deeper. I don’t want the Dodd who announces his run for president on Imus and who “moves” to Iowa. A senator running for re-election doesn’t waffle on alleged sweetheart mortgage loan deals. This political veteran now can’t seem to get out of the way of controversy.

Interestingly, Dodd said Thursday that he understands the ramifications of how the country views what is happening as Washington attempts to pull the economy out of recession.

“If you don’t maintain the credibility of the American people,” he said, “if there is not confidence that what we are doing here is in their best interests, then it will be almost impossible for us to come out of this mess.”

Therein lies Sen. Dodd’s problem. Lately, we are often left with the feeling that we aren’t getting the full story, whether it’s the Countrywide fiasco, the financial deals with his Irish cottage and again this week with the AIG bonuses.

“I’m determined to do everything I can to try and get this right, to get back on our feet again, to restore people’s confidence and trust,” Dodd told Connecticut reporters Thursday.

He has a year and a half to give the Senate his best effort to restore some of that confidence. Then he should give another Democrat a shot at the job.