Posted on 07/18/2010 3:03:50 PM PDT by SeekAndFind
Via The Right Scoop, Barney Frank offers Charlie Rose both a blizzard of buffalo dung and the hair of the dog in attempting to defend the Democrats’ economic policies. Frank tells Rose that the recovery was going great until the European crisis this spring — but notably avoids mentioning the nature of that crisis, which was skyrocketing debt. He also claims that private-sector employment has been growing, but that banks aren’t lending, which is choking off the recovery. Frank blames this on over-eager regulators, which he sees as a big problem that can only be solved by a massive purchase of bank stocks by the Treasury:
Let’s take a look at Frank’s claim that private-sector employment has been growing. Instead of me creating my own chart, we’ll just let the BLS do it for us this time for 2007-present, showing the gross number of private-sector jobs each month:
There has been a minimal bounce in private-sector employment since its nadir of 2009Q4, amounting to a total increase of 593,000 in seven months. That’s not enough to keep up with population growth even without the context of the steep decline of over 8 million jobs since the peak of summer 2007. The private sector has lost 3.2 million private-secctor jobs since Barack Obama’s inauguration.
That’s hardly the worst part of the above clip. Frank wants the government to start buying big enough stakes in smaller banks to force them to carry out more social engineering in the lending markets. Somehow, I doubt that the American people believe that the problem with regulators is that they’re too tough on banks — not after watching the collapse of the lending markets due to profligate and irrational risk-taking. Furthermore, Frank’s suggestion amounts to corporatism at best, which is when governments dictate corporate decisions rather than private shareholders. And again, the American public has seen what happens when Frank’s policies of social engineering outweigh rational lending practices, backed with guarantees from the federal government.
Finally, Frank follows Harry “This war is lost!” Reid in accusing Republicans of rooting for failure by opposing the very policies that nearly crashed the global economic system two years ago. Frank is, of course, incorrect. Republicans are rooting for an end to failure, which we believe will be coming in the November midterms when Frank loses his chairmanship and Nancy Pelosi goes back to being a backbencher. The majority of Americans are also rooting for the end of Frank’s failed interventionist policies, too.
Update: The nation has lost 3.2 million private-sector jobs since January 2009. My original paragraph didn’t make that quite specific enough.
We need out Big Brother to arrest Barney Frank, Chris Dodd, Chuck Schumer, and their fellow cronies.
Amen!!
Welcome to Marx-o-nomics.
If Frank, Schumer and Dodd are NOT indicted by a grand jury,
America will be gone by 2012.
The agenda of the current party in power appears to be “ALL GOVERNMENT, ALL THE TIME”! WE are almost TOTALLY to NOWHERE and still debating “Big Government”.
Everyone “bagged” into Obamacare is now “bagged within a bag” into the Bureau of Consumer Financial Protection, entirely within the Federal Reserve. The “protection” aspect probably will turn out be protected from outside or personal influences or desires, as free citizens (supposedly) to spend our money and experience the rewards of our labor as we wish for ourselves and our families. I mean that we will be “protected” from deviating from a new course of dedicating all possible results of our labor to paying back in its entirety, through labor, our average citizen indebtedness of over $600,000 per person including that dumped on us via assumption of the Fannie and Freddie, AIG, and any and all debts the Congress wants to dump on us in the future. We appear to be a bagged labor force, in a sort of “protective financial custody”, a type of modern, previously unexperienced “debtors prison”..Think about it.
We Americans have always worked until the welfare state became prominent...now we will be refocussed without recourse, apparently.
more Govt
FRIGGING IDIOT more Govt is proving to the problem, these Govt people , I mean how do they survive in life , ?
How?
I mean they rely on people they do not know, who do not really care, and couldn’t give a crap about them really and yet they look up to Govt as if they are a messiah.
Honestly they must be mentally backwards and cannot think for themselves
oh we’ll see how these far left love Govt act when they get to find out the Govt will be tracking their fat and weight.
I would love to see these types open a letter from the Govt telling them they have to go to a gym and go on a Govt apporoved diet.
They wanted Govt let THEM HAVE IT
Bawney needs to be careful where he puts his fwank.
If Republicans didn’t root for rich bankers to stop loaning to poor people then socialism would work great.
The Fag is insane.
Yeah, and bigger government is the answer to all of our ills. I can't wait for the bread and soup lines to appear- or like Moscow, bread and vodka lines.
Any country running deficits like we have this last year clearly demonstates that the 'needs of the many' outweigh the 'ability of the few' to produce the required necessities.
Inflation, as a result, will make 'official' the scarcity of goods by forcing people to choose between cat food or no dinner at all.
A great plan: go after the profit-makers and other producers who put things on the shelf while paying taxes to support lazy lardbuckets, eventually putting them out of business where, they are no longer able to pay taxes to support a lazy anything.
The 'Dodd-Frank Wall Street Reform and Consumer Protection Act' does nothing to address the root cause of our current financial disaster.
The Act is another step in the direction of more government and union domination of all that we do. Nothing in the Act controls Fannie Mae and Freddie Mac--they remain a multibillion dollar drain on the US Treasury--or the financial disasters their corruption and poor management have created.
This DC dog and pony show is getting boring. The Obama administration has done nothing to investigate and prosecute those who were engaged in illegal activities during the bubble years. This picture of Frank and Dodd congratulating everyone on the 'reform' is f'in unbelievable! The two biggest culprits in the original damage to the economy. Why are these men not in jail?
We're in deep, deep economic trouble. And these liberals are going to friggin' sing and dance along, all the way, as they dance off a cliff.
Without a doubt! Criminal prosecutions would be a welcome intervention.
In short; the government has made itself the Company Store and, by force of law and the guns that back it up, we owe our souls to it.
“In short; the government has made itself the Company Store and, by force of law and the guns that back it up, we owe our souls to it.”
It will feel like it is our souls, but it won’t be.
They will wish to take everything we have, including our lives, but my soul is in the Lord’s hands where NO ONE can take it away.
TN Ernie Ford sang of the past, Sixteen Tons, as you mention is relevant. Ford did not see the future, or,... did he?
Your mention of the company store is quite realistic.
It’s just a reference to an old song. However, if every aspect of your life from income, career, the way you raise your family, the food you eat, the possessions you own and the church you worship in including what they are allowed to teach is controlled by the government you will find it hard to maintain your spiritual views or pass them on to your children. You will be pressed at every turn to disavow your beliefs or violate them. If you don’t believe that then you have missed a wealth of historical examples of what such control does to people.
Then it was just the company you worked for that cornered you into an indentured servitude. There was a possibility of escape. Now it’s the entire Federal government and they are intent on allowing no one to get away.
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