Barney Frank is an Idiot and Shouldn't Speak About the Fed Ever Again

Listen, I really wanted to give this post a serious title, I swear. But WTF. Shut up already, Barney, for the love of all that is sacred and holy in this Godforsaken world. Please!

Rep. Frank eyes Fed audit, emergency lending curbs (via Reuters):

In congressional testimony on July 22, he signaled a willingness to work toward a middle ground. "We are quite willing to work with Congress to try to figure out exactly where the line should be," he said.

Frank said the House legislation would pave the way for an audit to look into what the central bank "buys and sells," but he said the data would be released after a period of several months to avoid impacting financial markets.

Bernanke is widely expected to win needed Senate backing for a new term as Fed chairman, but the central bank's aggressive efforts to stem the financial crisis have stirred controversy that is likely to color his re-nomination hearing.

His current term expires on January 31, 2010.

Blah blah blah blah blah. Reuters must be hard up for some content eh? Apparently so am I if I bothered to share this. Whatever.


Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


OldSouth said...

Rep. Frank is the definition of shamelessness, in so many ways. I LOVE the graphic, by the way. I made myself watch his town hall meeting on C-Span last week, and it was quite a performance.

BTW, I took a quickie tour of a couple of those Louisville neighborhoods we discussed in days past--at least a couple I felt could be toured safely.

I remembered all the rants I had heard about 'red-lining' in years past, how the evil bankers refused to lend into places like these.

Well, they did. And it left them worse off than before.

In the name of simple decency, I'm not certain what the solution is for places like this, but I know that what Mr. Frank and company did in encouraging the massive expansion of Fannie/Freddie into these neighborhoods did not help.

I'd love to hear your thoughts, and thanks for your good work.

Anonymous said...

the uncomfortable truth is that they gave people what they wanted - forced easy access to cheap credit so that they could speculate with a commodity (shelter) and the people were generally happy with that until the market ran out of greater fools we do live in a democratic republic afterall. there were very few people back when these policies were being developed that were saying "you people are out of your fucking minds" (guess which side of the fence yours truly fell on). I'm not that fucking smart and could tell this was going to end badly. Markets don't often give us what we expect but they always give us what we deserve, sometimes good and hard - to use a Bill Bonner phrase.

this album cover always comes to mind when I read about Frank, Dodd, etc., backtracking given present circumstances