As Thom Lambert (via Larry Ribstein) makes clear, the Massachusetts Democrat either doesn’t understand the nature of the bank program, or does understand it and has chosen to demagogue the issue anyway (cross-posted from Point of Law).
Barney Frank and the healthy TARP banks
by Walter Olson on March 13, 2009
{ 5 trackbacks }
{ 3 comments }
Too obvious a pun:
Well, Mr. Frank…..your ignorance is par for the course.
Oh, I don’t think Rep. Frank (D-MA) is anything short of being smart as a whip. That letter was purely for show. I believe his constituents suffer from battered voter syndrome which explains why they stick with him after all the **** he’s pulled.
I think Mr. Frank is reponding to the emotional pressures from his constiuents. The public in general has no idea how financial institutions work beyond there personal interations with them Almost all value of many institutions has gone away, yet we hear that there have been bailouts of the insttutions.
Mr. Frank seems to understand the roll of letting financial actors avoid good sense regulation, and the folly of not having reserve requirements for credit default insuance. I like the guy. What actually made matters so bad was having George W. Bush run up budget deficits when the nation needed to save. He mortgaged more future than he should have to foreign economies.
Comments on this entry are closed.