September 28, 2008

No Bailout...

For those so inclined, you can sign a petition against the bailout here:

Barney Frank is on C-Span this morning, blaming Republicans, blaming Greenspan, blaming CEO's and private institutions, blaming everyone but his own blameless, sinless self... even though he's in charge of the House Finance Committee that should have been overseeing the institutions (Freddie and Fannie) that caused this whole thing.

Read about it in the Boston Globe

Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he'll find one suspect in the nearest mirror.

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