Barney is Frankly out of his mind..
And so are 223 other Democrats who voted to pass HR4173, the “Wall Street Reform and Consumer Protection Act” which has been read front to back by Bloomberg’s David Reilly. Reilly has discovered “nuggets” for the Wall street bankers (somehow the word “nugget” and Barney Frank do seem to coalesce quite nicely) are quite rewarding in this Frank sponsored, 1200+ page sugar cookie. Reilly notes:
Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:
– For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.
– Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
– Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well.
OK.. whatta bargain.. No accountability, no congress, therefore no responsibility BY congress to their constituents.. Its a win win win.. riiiight.
All the talk by leftists used to be on how the rich Republicans are taking advantage of the poor and so on.. I should note.. not a SINGLE republican voted Aye on this giveaway to the rich fat cat bankers. It belongs solely to the Democrats, who rather than represent their constituencies seem to prefer playing with matches and pouring gasoline on themselves..
..and the country.