Famously known as the demon barber of Fleet Street, Sweeney Todd slit the throats of unsuspecting customers before dumping them through a trap door into his basement. His partner in crime used the meat to make pies to sell at a sidewalk shop. Though these were fictional characters we may have a more destructive duo around today.
Barney Dodd (Barney Frank and Chris Dodd) have not been accused of slashing anybodies throat or selling human meat pies (though Frank had some other human organs being sold from his appartment by a previous gay lover) yet they may have caused more world-wide destruction because of their involvement in the recent financial crisis. Many believe that under the protection of Dodd and Frank, Fanny and Freddie took unsustainable and unreasonable risks causing the financial meltdown. The Democrats, news-media, and lame Republicans failed to out the legislators for the damage they had done.
“”Remember, Barney Frank was one of the guys right at the center of the financial crisis. I think he had a lot of the blame of this lays at his foot. He said roll the dice on Fanny and Freddie. So the point is I think that these Democrats are trying to redirect the populist storm against members of Congress like Chris Dodd and Barney Frank towards executives. So, I’m not so sure he didn’t want that to pass as a way of deflecting criticism.” (Steve Moore – Wall Street Journal)
Instead of being investigated, drummed out of office and prosecuted, Dodd and Frank actually have the unmitigated gall to write a financial reform bill that is currently going through Congress. You may try to make the argument that since they were knee deep in creating the crisis they may know what is best to fix it. WRONG.
These guys got away with what should have been considered a crime and now they are going back for more money, more power, more everything. This goes beyond the ridiculous to a Twilight Zone kind of scenario. Don’t take my word for it here are some highlights from a recent Wall Street Journal Article;
“The bill all but guarantees bailouts as far as the eye can see, while failing to address real problems like Fan and Fred and our outdated bankruptcy code.”
“the 2,319-page Dodd-Frank financial reform bill is certainly a threat to future economic growth.”
“instead of trying to make implementation of existing government regulations more effective, the bill vastly increases the power of government in ways that are unrelated to the recent crisis and may even encourage future crises.”
“Effectively the bill institutionalizes the harmful bailout process by giving the government more discretionary power to intervene.”
“It also gives complete discretion to the Fed and the Treasury to determine ‘the policies and procedures governing emergency lending.”
“By far the most significant error of omission in the bill is the failure to reform Fannie Mae and Freddie Mac, the government sponsored enterprises that encouraged the origination of risky mortgages in the first place by purchasing them with the support of many in Congress.”[especially Barney Frank and Chris Dodd]
Perhaps the words of Chris Dodd describing the bill are enough reassurance for us all regarding the bill;
““It’s a great moment. I’m proud to have been here. No one will know until this is actually in place how it works. But we believe we’ve done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done.” [emphasis added]
Some alternate titles for this piece:
- The Foxes Watching the Hen House
- Dumb and Dumber (not a description of Frank n’ Dodd, but the taxpayers/voters who keep them in office)
- Willing Suspension of Disbelief (I think Hillary may have copyrighted that phrase)
- The Gang That Couldn’t Legislate Straight
- Banking Queen and the Country Wide King
Some rational person needs to explain to me why Barney Frank and Chris Dodd are not sitting in some jail right now!