The Devil LispsPardon the oblique homophobia that might be incorrectly read into my title. Knob gobbling or rug munching has nothing to do with why I am so pissed. I am a bit perturbed that his appetites have actually protected him from any critical scrutiny of his political follies.
What has this bungler done this time to earn my ire?
The Case for a Housing Rescue
By Barney Frank
Washington PostSunday, March 9, 2008; Page B07
Problems that began in the U.S. mortgage markets
Idiot. They only manifested in the mortgage markets first.
have led to the most serious international economic crisis since the late 1990s.
You know before Bush. Classic politcal positioning and time shifting.
Huge losses and concern about credit quality have spread far beyond the housing sector. America faces the prospect of a sharp recession, made all the likelier by the probable default of several million additional mortgages in the coming year and the resulting displacement of millions of families.
Families. Gee is anyone here thinking Barney Frank is a likely flag bearer for the traditionally Republican right conservative religious topic?
To avert a recession,
Hubris writ large.
or at least diminish its severity, Congress and President Bush recently collaborated to pass an economic stimulus package, and the Federal Reserve has lowered interest rates. But the unusual nature of the problems means that these measures, while necessary, are not sufficient. Determining what must be added to the policy mix requires understanding how this economic crisis is different from all others. The deterioration of credit and underwriting standards that went unchecked by regulators has weakened many financial institutions and made all of them reluctant to provide the flow of credit that is necessary to fuel economic growth.
Is he saying he will resign in disgrace having failed in his job? Not.
The negative consequence of this cascade of foreclosures has turned out to be more damaging than predicted.
Of course, individuals whose homes are foreclosed suffer the most,
Huh? Do Casey's victims think this? Even Casey no longer thinks this and he's stupider than Barney.
and in some cases it is a suffering to which their own irresponsibility contributed. If they were the only ones being hurt, the arguments for simply letting things take their course without intervention would be stronger.
This is a subtle point, worthy of a repeat elected politico. He cannot say it because it isn't true but Frank makes it clear by implication that people not involved are being hurt.
But there are concentric circles of victims...
Yadda, yadda. You can read the reast and fill in my obvious replies.
The writer, a Democrat from Massachusetts, is chairman of the House Financial Services Committee.
Got that? The parent killer is an orphan and doesn't understand why.