Good riddance to bad rubbish

Barney Frank’s decision not to seek another term in Congress came not a moment too soon and perhaps 20 years too late. Frank is one of those lawmakers whose effect will continue to be felt for decades to come, as much of the legislation he authored and/or championed did little or nothing good.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which purportedly will keep another financial crisis from happening while protecting unassuming consumers, will do no such thing, as it is a mere smokescreen that adds multiple layers of useless regulations to financial institutions and continues to encourage irresponsible mortgage lending practices. The chances that there won’t be a need for another bank bail out resulting from this legislation are nil. Dodd’s love affair with Fannie and Freddie is legendary, as he became the apologist-in-chief for all the sleaze and excesses these government sponsored entities were guilty of. Frank fought tooth and nail to keep both from closer Congressional oversight and managed to help stave it off for years. But then, Fannie and Freddie were extremely generous to their congressional sponsors, so it’s no surprise that Frank would be protective of his patrons.

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What galls me most is that Frank is one of those lawmakers who is perfectly content with the privatization of profits and the socialization of losses. Both the Troubled Asset Relief Program (TARP) and the bailout of American automakers GM and Chrysler are glaring examples of crony capitalism, which Frank ardently supported. TARP bailed out the so-called ‘fat-cat’ Wall Street bankers, while the GM/Chrysler bailout saved the unions. Both programs funded on the taxpayers’ dime. Ellen Ratner, Washington Bureau Chief for Talk News Radio, wrote a disgusting paean to Frank on Fox News, claiming the greatest pearl of wisdom he ever imparted to her was to “raise money for these guys and you will have their ear.” I guess that just about encapsulates The Barney Frank School of Democracy: it goes to the highest bidder. As a 16-term Congressman, Frank is the poster boy for term limits, showing that even those politicians who start off with the best intentions, as he did nearly 40 years ago, can be bought and sold. While there is little evidence that Frank was on the take, there is also little doubt that Frank was looking out for his pals, when Congress attempted to make Fannie and Freddie accountable. In the end it took a taxpayer liability in the trillions of dollars to achieve this, with Frank kicking and screaming all the way. Frank’s reason for deciding to call it quits is that the redistricting in Massachusetts has made it more difficult to run. It’s a moot point, but I suggest Frank would rather not face the electorate again because he knows that he would take a sound thrashing, given his arrogant and damaging record. Either way, news that Frank is packing it in is good news. Now if only Nancy Pelosi, Henry Waxman and Dennis Kucinich decide to roll up their road show, the United States might have a chance at survival, but given the quality of the Inside the Beltway Brain Trust, that’s a long shot.