U.S. Rep Barney Frank (RAT-MA) vows more financial policing (THIS IS NOT A JOKE!)

Yahoo ^ | 10/06/08 | Svea Herbst-Bayliss & Scott Malone

[Libloather]

U.S. Rep Frank vows more financial policing
By Svea Herbst-Bayliss and Scott Malone
Reuters - 1 hour 22 mins ago

NEWTON, Massachusetts (Reuters) - Blaming lax regulation for what turn into the worst U.S. financial crisis since the Great Depression, U.S. Rep. Barney Frank vowed on Monday to police banks and hedge funds more actively to avoid future financial meltdowns.

Frank, the powerful chairman of the House Financial Services Committee who has been credited with largely shaping the $700 billion (401 billion pound) bailout plan, also said he expects the cost of to be much less.

Frank said next year's agenda will include capping runaway executive compensation, imposing restrictions on certain financial instruments and regulating certain areas of the market that are current not restricted.

"It was the lack of regulation that led to this crisis ... We have to step in and impose regulations that will not allow this to happen again," Frank, a Massachusetts Democrat, said at a news conference in Newton, Massachusetts.

He promised to hold hearings on hedge funds, the loosely regulated portfolios that have been blamed for accelerating the financial crisis after investing heavily in both mortgage-backed securities and the insurance contracts that investment banks tried to write on them.

But Frank said he had no plans to regulate hedge funds as entities, but concentrate instead on regulating the activities or markets they have been active in.

**SNIP**

While Frank expects to push for greater regulation next year, he also said he is worried that political realities could make it difficult to impose the needed regulations.

"I am worried about a conservative effort to defeat what we hope to do next year, to restrict the excessive risk-taking that these institutions, hedge funds, investment banks, have taken," Frank said.

[Libloather]

Oh, my. This is the 9-11/Gorelick deal all over again.

[ari-freedom]

as if sarbox wasn’t bad enough to the economy.

[Islander7]

Hey Barney, it is too late to put the fire out when the house has already burned.

[dashing doofus]

OJ roamed free for years after committing the murders. Barney Fwank’s time will come. His record of complicity is as stark and obvious as OJ’s guilt in the murders.

[Shermy]

It’s funny. The Democrats have grabbed the mantle of reformers, the Republicans still mind-numbed for “free market solutions” when there is no such thing except the phantom “self-regulation” which is and always was a joke except to stupid ideologues.

Democrats have been the party of loose monitoring and regulations on the financial sector. But from the moment Bush signed the bill they grabbed the “we’ll fix it soon” talking point. Will it help them now? Don’t know.

[tbpiper]

U.S. Rep. Barney Frank vowed on Monday to police banks and hedge funds more actively to avoid future financial meltdowns.

Yes, and O.J. is still looking for the real killer.

[tropical]

This man is infuriating!!!

[illiac]

Someone needs to “police” Bwarney.....his constituents? Probably not....Congress?....probably not....

[Revel]

The Republicans could own this issue, just based on Barney Q. Franks and the democrats obstruction in trying to regulate the GSE’s. And yet the Republicans just stand there like deer in the headlights and watch the democrats not only blame them, but then take credit for how they are going to fix things. Stupid Republicans. It just blows my mind.

[econjack]

Frank, the powerful chairman of the House Financial Services Committee who has been credited with largely shaping the $700 billion (401 billion pound) bailout plan, also said he expects the cost of to be much less.

Try as I may, I can't remember the last time Congress spent less than expected on anything. I think old Barney is trying to save face after he got roasted by O'Reilly last week. Oh...and Barney: If you're reading this, you're a disgrace.

[dashing doofus]

Remember “Where’s Waldo?”

Where’s Barney?

http://justsaynodeal.com/acorn.html

[ZeitgeistSurfer]

Can we start a movement to eject Massachusetts from the United States? Then we can build a big border fence around it. And Bwarney would never be given a visa to visit us.

[Sopater]

Political Grandstanding...

[MissouriConservative]

“Hey Barney, it is too late to put the fire out when the house has already burned.”

Not quite. Letting Barney Fife here police the banks and hedge funds is like letting the arsonist take care of gas and matches. Barney is largely responsible for this mess...now he wants to “police” it?

[Shermy]

Republicans have two thematic problems.

One, they have no credibility as the party of fiscal responsibility. That’s gone. Bush, the Six Trillion Dollar Man destroyed that and Congress went wild to support his tax cuts without spending cuts.

Two, their free market-self-regulation fantasies inhibit them from taking the lead on making and enforcing laws to protect us.

Bush cannot take the mantle of reform of investment banks and hedge funds because his leading advisor, Paulson, is hardly the person to advocate and devise sensible laws to protect us when he was one to exploit the lack of laws and enforcement.

[Jackson Brown]

Boston Herald poll —

Who gets the blame for the financial Crisis —

20% - George Bush

53% - Barney Frank

3% - Barack Obama

1% - John McCain

10% - Bill Clinton

13% - Alan Greenspan

[Candor7]

This is what happens when you allow a man who thinks he is a woman into a position of power. He continually tries to prove that he has a right to exist by ingratiuating himself with others, by giving away millions of tax payer dollars to his " fwends!"

Then he Wies about it.

Wilw You be Bahney's Fwen?

[ByteMercenary]

Your comment hits close to the real reason ... Barney Fag has filled his rice bowl and is now working to close the spigot and cover his tracks.

[Brilliant]

After he steals the company blind, he wants more oversight.

[ckilmer]

From the National Review

Open this link to see a brilliant diagram of all of ACORN's work, and the Senators and presidential candidates who make it happen. Dodd, Frank, Schumer, and of course Barack Obama are stuck in the swamp of self-dealing, corruption, and politicial machinations, all masquerading as social justice and cheap real estate for the poor, at quite large taxpayer expense. This is a savvy Democrat web site. Follow the link for a really astonishing set of Democratic web sites which compete with each other in their exposition of Obama's perfidies, corruptions, and non-messianic attributes. Remember — former libs are much better at political knife fighting than those whose first instincts are, and remain, conservative.