I watched this interview of Barney Frank getting lit up by you know who, I wonder if he is all to blame for this economy mess. Frank should just resign for giving bad info on Fannie Mae. Your thoughts?
Barney Frank is a joke, but that has been the case for years. Bernanke and Paulson are more to blame going back to the summer of '07, when the Fed started to cut rates in an attempt to keep the market artificially high. If they had just let the natural market forces take place, some pain would have occurred, the Dow probably would have slipped from it's high down to the 11,000-11,500 area where it would have stabilized and probably stayed in a range for a while. Now, in the process of averting a mild recession, they have have accomplished their goal. A mild recession would be a day at the beach right now. Hell, a couple more of these nifty ideas from Washington and a mild depression will seem pleasant. 3 words for everyone to remember: National Bank Holiday. It's been done before. And, the really sad thing, the credit card bubble hasn't popped yet. Wait for the bloodbath when that happens.
IMO, it's fair to say that most all politicians on that level are out of touch. And in many ways it's not their fault. In order to perform at that level, much of what passes for our everyday lives fades into the background and is taken care of for them.