Barney Frank Walks Off Live CNBC Interview

The guy continues to be an embarrassment to the people of Massachusetts…

Barney’s Little Bailout

In case you had little confidence in the federal bailouts being used appropriate, well, you should have even less confidence now–and you can thank Rep. Barney Frank.

Troubled OneUnited Bank in Boston didn’t look much like a candidate for aid from the Treasury Department’s bank bailout fund last fall.

The Treasury had said it would give money only to healthy banks, to jump-start lending. But OneUnited had seen most of its capital evaporate. Moreover, it was under attack from its regulators for allegations of poor lending practices and executive-pay abuses, including owning a Porsche for its executives’ use.

Nonetheless, in December OneUnited got a $12 million injection from the Treasury’s Troubled Asset Relief Program, or TARP. One apparent factor: the intercession of Rep. Barney Frank, the powerful head of the House Financial Services Committee.

Mr. Frank, by his own account, wrote into the TARP bill a provision specifically aimed at helping this particular home-state bank. And later, he acknowledges, he spoke to regulators urging that OneUnited be considered for a cash injection.

Of course, we expect our elected officials to help bring federal money in Massachusetts–no surprises there. However, when it comes to the $700 billion bailout that has a bit of PR problem, how should that $12 million been best apportioned to help solve the economic crisis: giving it to a bank that meets the requirements of the TARP program, or Barney Frank’s earmark injection of funds to a failing Massachusetts bank that gave out bum loans and exorbitant executive bonuses?

Barney Frank was part of the problem with Freddie Mac and Fannie Mae, and now has failed at being part of the solution for the bailout.

Out-of-District Money Flooding Congressional Campaign Coffers

Congressmen from Massachusetts are getting most of their campaign money from outside their districts, and in some cases, outside Massachusetts, according to MAPLight.org.

The Bay State’s congressional delegation hauled in nearly $11 million in campaign cash between 2005 and 2007, 81 percent of which came from donors living outside their districts, a new study reveals.

Rep. Barney Frank (D-Newton) took in the most campaign cash of the Massachusetts delegation – $2.4 million – 91 percent of which came from outside his district and 73 percent of which came from out-of-state, according to campaign watchdog MAPLight.org.

Frank spokesman Peter Kovar said Frank’s chairmanship of the House financial services committee and involvement in gay rights and other “high-profile” national issues explains the high percentage of out-of-district donations.

Rep. Ed Markey (D-Malden) topped the Bay State list with 93 percent of his $1.1 million coming from out of his district. Markey ranked 45th of 421 House lawmakers in the study.

Nationally, House members raised $700 million, 79 percent of which came from outside members’ districts.

The study tracked donations of $200 or more.

“Instead of a voting democracy, we have a dollar democracy – may the biggest-spending special interest win,” said MAPLight executive director Daniel Newman.

Other Bay State lawmakers’ donations included:

Rep. Richard Neal (D-Springfield), $1.1 million, 90 percent out-of-district, 22 percent from Massachusetts;

Rep. Michael Capuano (D-Somerville), $1.2 million, 85 percent from outside his district, 45 percent from Massachusetts;

Rep. James McGovern (D-Worcester), $1 million, 82 percent out-of-district, 47 percent in-state;

Rep. Bill Delahunt (D-Quincy), $802,000, 81 percent out-of-district, 52 percent in-state;

Rep. James Olver (D-Amherst), $971,000, 79 percent out-of-district, 45 percent in-state;

Rep. Stephen Lynch (D-S. Boston), $1.45 million, 73 percent out-of-district, 62 percent in-state;

Rep. John Tierney (D-Salem), $769,000, 58 percent out-of-district, 57 percent in-state.

A Frank Discussion on Racism

Racism. Racism. Racism.

Much like the children and teenagers in YouTube videos chanting for and pledging their allegiance to Obama, Democrats are trying to label any criticism levied by Republicans regarding the current economic crisis, and Barack Obama in general, as veiled racism.

Yawn… same old tricks again. Let’s be fair, it is page one of the Democrat’s playbook, and Rep. Barney Frank, who is blaming anyone and anything but himself for the Fannie Mae/Freddie Mac hoopla, is now trying to say that Republican criticism of the subprime mortgage fallout is an attack on the poor, and of course, those poor people are being targeted because of racism.

Frank told a mortgage foreclosure symposium in Boston today that Republicans are appealing to their base by blaming the economic crisis on efforts to expand affordable housing.

He said “the fact that some of the poor people are black doesn’t hurt” the GOP critics with their political base.

But the chairman of the House Financial Services Committee says the Community Reinvestment Act has helped expand affordable housing to low- and moderate-income buyers.

He says the larger subprime mortgage mess is instead responsible for the vast majority of foreclosures and the financial problems on Wall Street.

Again, classic page one tactic.

Barney Frank is an idiot. Is this the best he can do? Blame it on Republicans being racist? How about we blame the folks who doled out subprime loans to those same poor people simply because of their race. Oh yes, that is most certainly what was going on… giving out mortgages to poor people, minorities especially, who couldn’t afford, nor should be considered for mortgages. It was Affirmative Action at its worst (worse than it is by definition).

As a conservative and registered Republican, my criticism of this economic crisis is of the rich people who gave out the subprime mortgages when they knew it was bad, and the poor people who let themselves be convinced they could afford a mortgage. I don’t give a hoot what race you are, but I do take issue with blatant stupidity. When things go awry, you need to criticize, and hiding criticism because you might insult or offend a minority is equally racist.

Barney Frank is an idiot. (Does my calling him an idiot make me anti-gay?) The commission-happy mortgage brokers (of any race) are idiots. The poor people (of any race) who took on subprime loans are idiots. All the politicians (of either party) who ignored the crisis, and pushed it along anyways are idiots. The Senators and Representatives (of either party) who voted ‘yes’ on the bailout are idiots.

I hate stupidity, and I won’t censor my labeling of something stupid. Stupidity is colorblind.

Nice try Barney, but instead of levying baseless charges of racism, take some responsibility and let’s worry about keeping this from happening again, so people like me who don’t have a mortgage with my name on it, but have a small share in thousands of mortgages for properties I’ll never get to see, don’t have to bailout another $700 billion worth of subprime mortgages.

O’Reilly Rips Barney Frank A New One

Just watched Barney Frank on The O’Reilly Factor a moment ago… they got into a very bitter argument and Bill O’Reilly ripped Barney Frank a new one…  Hopefully it’ll be on YouTube soon…

UPDATE: Video: