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Beans and Franks ...
Barney Frank, and democrats on the
House Financial Services Committee were 95% responsible for the
sub-prime mess that killed our, and the world's economy. When
you're democrat (not running against Obama) and get skewered by SNL,
it's a sign that your sin is egregious, and too obvious to hide.
Frank, members of the Congressional Black Caucus, and Sen. Dodd escaped
censure by their colleagues (duh), but did learn from their
mistakes. Right?
Wrong, donkey ass breath ....
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Anyone
trying to understand why the credit mess keeps getting messier needs
only to have sat through Wednesday's hearing of the House Financial
Services Committee. The eight bank CEOs were mere props. The
stars were the politicians, who managed to demand more loans for
consumers while simultaneously giving lenders new cause to wonder if
they'll ever be repaid. This gathering of the esteemed Committee on Doubt and Uncertainty occurred as markets desperately need less of both.
Chairman Barney Frank's hearing was intended to flay the CEOs for not
lending enough. It fell flat as political theater because banks have
actually increased their lending in recent months. The people who
aren't lending more are investors in nonbank financing such as
asset-backed securities. [WSJ cont]
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What was that stuff Putin used to turn that Yushchenko guy
blue? We need some of that, except more. Hey, in the good way.
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