Just occasionally, we feel as if we might be a little too harsh with Barney Frank. He has, after all, been something of a singular lightning rod for many of the more adverse consequences of the housing boom. Without question he has taken a disproportionate share of the heat generated by increasing scrutiny of Government Sponsored Entities like Fannie and Freddie. True, he was involved directly in crafting provisions of the Troubled Asset Relief Program. Indeed, as he chairs the House Committee on Financial Services, he is uniquely exposed to all things "credit crisis" and most things "bailout." Yes, his loose alliance with figures like, say, Maxine Waters, tends to draw sporadic sniper fire from the trenches (well, and sustained grazing fire from the MG42 nests). And, obviously, some of the more publicly scrutinized aspects of his personal life have aligned social conservatives against the Congressman. The combined effect of these disparate circumstances gives us pause in those moments when we begin to form our critiques of the Distinguished Gentleman from Massachusetts. Then we come to our senses.
Grayson Post-Mortem On Last Night's Historic Fed Transparency Victory And The Revelation Of Barney Frank's HypocrisySubmitted by Tyler Durden on 11/20/2009 12:08 -0400
After the historic defeat of Fed anti-transparency amendments, and the most recent disclosure that despite all his posturing Barney Frank is, as expected, deep in the pockets of the Wall Street and Fed kleptocracy, here are some post-mortem observations from Grayson, Spitzer and Ratigan.
Barney Frank's possible role in the mortgage meltdown . . .
In a May interview with Jane Hamsher and Marcy Wheeler of Firedoglake, The Chairman of the Senate Committee on Banking, Housing and Urban Affairs, Chris Dodd notes that information about who the bank recipients of Fed loans is "concerning", and that he would make such a request of the Federal Reserve. "I'll ask" is his summation of the questioning about why nobody besides the Fed is allowed to know where taxpayer capital goes to.
Dear bankers of The Clearinghouse Association: it may be time to send in a few more ultimatums.
"[Bernanke] has acted to provide needed liquidity to the economy and has demonstrated that he is fully ready to reverse course when economic conditions dictate. President Obama’s decision to reappoint him now is one more example of his providing leadership the country, and the world, needs as well as addressing the economic situation he inherited. By nominating Chairman Bernanke he is giving an example of the right kind of bipartisanship." - Barney Frank
Our activist friends over at Judicial Watch are just getting started. Recently, they filed a lawsuit against the US Treasury to "obtain records related to evaluation procedures used by the government to determine which financial institutions received funds from TARP. The focus of the inquiry is a potentially iniquitous $12 million cash injection provided to Boston-based OneUnited Bank, at the urging of Barney Frank.
The Committee on Agriculture set to nuke CDS trading, compliments of GE reincarnator Barney Frank
Barney Frank puts on his indignation hat on after realizing that the President has decided he doesn't need congressional approval on funding international financial institutions including the IMF and the World Bank. Here is the ensuing response when Barney realizes that for all his posturing, he is a third (and quite overinflated at that) wheel: "During the previous administration, all of us were critical of the President’s assertion that he could pick and choose which aspects of congressional statutes he was required to enforce. We were therefore chagrined to see you appear to express a similar attitude." Most odd is why the President wants unopposed decision making with regard to these organizations: is Larry Summers smelling a massive, upcoming global bail out that the American people are not allowed to be heard on?
Other things, maybe, but not words. Barney Frank tells CNBC to sit on it, after Mark Haines, who by his own admission "can not remember what happened yesterday," calls him out for his repeated auditioning for the role of Populist Compensation Queen, er, Czar.
Fast Forward to 5:50 in the clip below: Hell hath no fury like a... Barney Frank... scorned.
Everyone's favorite populist Robin Hood (in tights) for the common (Wall Street) man, chimes in on Geithner's latest initiative to allow much more governmental (SEC) intervention in pay determination. Also amusing is how Frank throws Geithner under the bus. There seems to be a pretty concerted political push against TTT now: the Summers camp must not be happy. Regardless, Frank is boldly spearheading an initiative for full socialization of exec comp - 5 year plenary sessions to be introduced to discuss the effectiveness of these shortly.
Let's recall what the magical bonus number was that caused Barney Frank to almost get a lynch mob armed and ready to march on Wall Street: $165 million in retention bonuses.
In yet another piece of revisionist brilliance, the pillar of intellectual fortitude formerly known as Barney Frank has passed legislation that will.... lower credit card interest rates.
Yes, ladies and gentlemen, this horrific deja vu is truly a massive glitch in the administration's matrix. Let's recap:
1) ZIRP (that's Zero Interest Rate Policy for you lucky souls who do not know this acronym)... yes, not even Greenspan sunk so low
2) Promotion of rampant TALFage, aka securitization
This one is looney tunes prime time material. Populist champion for the people, Barney Frank who earlier started war on mark-to-market and republicans, has added a new front to his offensive: Moody's rating agency.
Earlier Barney started war on Mark To Market. Now he is expanding to two fronts, crossing the Volga river deep into republican territory. Just want to pointed out that the whole two-front thing did not work out too well for Germany.