Our Financial Mess

I read the other day where Rep. Barney Frank wants to prosecute those involved in the financial mess. I wonder if he is going to voluntarily surrender himself to Federal Prison where he and his fellow Democrats belong.

Sometime around 2003 the Bush Administration asked congress to look into regulating the Fannie Mae and Freddie Mac, but Rep. Frank was adamant about the banking industry not needing regulation. Sam Dealey in US News and World Report had a great article about how Barney Frank was a major part of the problem. (http://www.usnews.com/blogs/sam-dealey/2008/9/10/barney-franks-fannie-and-freddie-muddle.html).

Barney Frank and his colleague, Chris Dodd, both got sweetheart deals from Countrywide, let's not forget that.

How can they get away with this? They cause a problem, or at the very least fail to do anything about it, then blame it on other people and keep their jobs. No wonder people get tired of American politics.

I also heard the other day that some small banks were told by the Feds to give questionable loans to individuals who were high risks. When the banks balked at such a practice the Feds fined them. It has long been a tenet of the Democratic party to give housing to low income groups. Since the housing projects didn't work the Democrats thought they could try home ownership. This might have worked if the markets had stayed hot. These high risk, low income borrowers could have flipped the houses for a tidy profit. But when the market collapsed, we come to where we are today. Why not let the market work?

I pay my bills. I pay my mortgage. There is no help out there to let me lower my payments. But my tax dollars are going to people who probably should not have bought a house in the first place. Am I bitter? Yeah, a little bit. The government is borrowing from my future and my kids future to get their ass out this mess. Let the bastards default. Let the banks fail. And let the people responsible in congress, the finance and banking committees, let them lose their jobs over it. D.