Barney Frank now says he wants criminal charges laid against “the people who caused the country’s financial meltdown.”

I’m guessing that Barney gets his shaves in a barber shop… he certainly doesn’t look much at the man in the mirror. From CNBC…

Earlier in the day, Frank, who is chairman of the U.S. House Financial Services Committee, told reporters that he plans to move legislation this month on mortgage origination, predatory lending and credit cards.

Vowing to turn his focus from stabilizing the financial system to reshaping it, Frank said he will hold hearings to examine creating “a strongly empowered systemic risk regulator.”

Once upon a time, I seem to recall Barney telling us that Fannie Mae and Freddie Mac were “fundamentally sound.”  Now he’s out there telling us “happy endings are still possible despite economic mess.”

At the risk of playing with a loaded double entendre, I think Barney is a little too hung up on fairy tales…

Now, Barney isn’t exactly the most conventional market watcher.  A year ago, Barney was out there doing his regulatory dance, much in the same fashion a South Pacific cannibal, capering around the big black pot, saying:

“I am not talking about the holders of the loans taking a haircut,” the Massachusetts Democrat said. “I am talking about them having lobotomies.””

The obvious question — if the Cambridge head-hunter gets his way, either in his original model  or in the currently proposed judicial model, who in their right mind is going to want to write mortgage loans?  Be it a swing of Barney’s axe or the rap of a judge’s gavel, who would want to work in this market, if your investment disappears, not due to poor research or bad timing, but out of some misguided notion of the purpose of government?

8 replies
  1. gillie28
    gillie28 says:

    The other obvious question:  Is Barney going to see that himself and Christopher Dodd are on the top of the prosecuter's list?????  hahahahahahahaha, rofl

  2. Dimsdale
    Dimsdale says:

    Chutzpah?  I call it a case of "The lady doth protest too much, methinks" in order to a) look like he is at the forefront of the "fix" (no pun intended), and b) draw attention away from his complicity in the demise of the economy.

    You said "Cambridge head hunter."   Beavis would be proud….  😉

    Fade to humming the parody song "Banking Queen"……

  3. sqkingsley
    sqkingsley says:

    It seems to me ACORN had much to do with the lending standards being downgraded to high risk buyers (the victims of America).  Being held accountable?  We're sending them over $4 bil in our dollars.  How do you like that?  They should all be prosecuted – stating with BF himself, and ending with the Great One BHO – for fraud and treason.

  4. myconstitution2
    myconstitution2 says:

    Phill Gramm caused 62 Trillion dollars to appear out of thin air by deregulation.

    so maybe he’s to blame???

    so 62 Trillion in credit default swaps had nothing to do with this???

    62 trillion is 4 times the GDP of the entire country for a year!

    and about 6 times the combined amount of EVERY MORTGAGE IN AMERICA!

    so….what do you think is more important???

    • Dimsdale
      Dimsdale says:

      By all means, go after Gramm.  Go after all of them.  They are like babies with hand grenades.

      Maybe Congress should adopt medical guidelines, as in "do no harm."

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