Barney Frank: "financial reform" means an even bigger bailout for Wall Street next time they screw up

I am not making this up.


-- For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.

-- Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.


Negocios Loucos said...

Normally folks make fun of the South as, well, being slow intellectually. I have to say my vote is for that little strip of land that goes from Brookline, Massachusetts down to New Bedford: congressional District 4 That has to be the DUMBEST population not in the country but in the world.

That or the horrifying ugly truth is, the elections are fixed, deal with it.

Jr Deputy Accountant said...

this is wonderful news! Why? Because it means that we've all been right this entire time and these idiots have their heads shoved so far up their own asses that we'll never get out of this thing.

That's a bittersweet victory, of course, because being right also means we're screwed.


Dean said...

I'm not sure where the legislation stands right now but one of Barney's big ideas to shield the taxpayers from footing anymore bailouts would be for the bailouts to be financed by... the other (presumably) healthy institutions.


Anonymous said...

Barney Fag should hang.

Happy Super Tuesday!