Caught this video on Youtube. Bill O'Reilly goes off on Barney Frank. Even those I am not a fan of Bill-O, I have to admit that he has a point on this one.
Basically, not only has Barney Frank been deceitful, but so have many other members of congress and many execs at the financial companies. Policies enacted several years ago that allowed lending and awarding of mortgages to people that simply didn't deserve them have contributed significantly to this financial crisis. The "bailout package" that was just passed on Friday is not going to work. It's not going to stop the recession, it's not going to bring jobs back, it's not going to improve the plunging stock market. It's laden with good pork (temporary fix of AMT, tax subsidies for alternative energy) and bad pork (tax exemption for wooden areas, wool research, auto racing tracks, rum from Puerto Rico and Virgin Islands). This package is going to increase our debt and tax burden for decades to come. The country is headed for hard times ahead.
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I love it when Coca and I are in complete agreement. I am sure he will now tease out where he and I disagree, but there's a lot more in common here. I am infuriated by Frank on this point, and I have no heart for the corporate types that followed the pied piper straight to ruin. I think the Community Reinvestment Act and the Fed's tinkering also play roles, but Frank's refusal to own up to a single iota of blame is maddening.
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