Posted by
King David Caul on Tuesday, September 30, 2008 6:29:23 AM
Speaker Nancy Pelosi appeared before cameras for a somber response to the failed house bid to enact the $700 billion bailout. Pelosi lamented the failure of others to perceive what she considers wise and simple. Then she proceeded to stroke the ego and credibility of Barney Frank (congressman from Massachusetts and chairman of the House Financial Services Committee).
Pelosi:
"...I wanted to acknowledge, especially the work of our Chairman, Barney Frank. He has great knowledge of these subjects, a great intellect to deal with the challenges and I think never has that intellect and knowledge been more helpful to the American people."
Within the short duration of her response and the grave tone of her words, this effort to praise this man was distinct and purposeful. Which is odd, because though she seems so confident in her wisdom and clarity of purpose, and so sure of her friend's glorious contributions; Frank has a curious little history with the whole realm...
In but one such instance, five years ago, the white house warned in increasing tones the growing danger of the GSE (freddie/fannie) situation, and argued hard for a regulatory committee to assess and control dangers, but FRANK fought and killed the effort. He proclaimed all to be scrum-diddlee-umptious!
Frank:
"...I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. ...I do not think at this point there is a problem with a threat to the Treasury."
"...Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation."
Apparently, Barney Frank had not yet decided to share with us, at that time, his "great intellect to deal with the challenges".
To give CREDIT to Frank for guidance through this mess is astonishing. What world are you living in, Pelosi?