Thursday, June 24, 2010

Fannie Frank: Bottoms up for the bankers

June 24, 2010 (LPAC)—The "Lincoln" provision—to require banks to shed their derivatives departments or lose Federal insurance and protection—in the financial bill now in the Congressional conference committee, is not Glass-Steagall. But it is enough of a step in that direction to occasion frenzied scheming over the last 36 hours, on how to squash it — scheming with 'Bailout Barney' Frank at the center.
When the House voted on Nov. 4, 1999 on the final bill (S. 900) as embodied in the Conference Report, Barney repeated his support for the provisions repealing Glass-Steagall. Calling it "half a bill" for what it did not do, Barney lavishly praised what the bill DID do. "It does a very good job of creating the conditions in which the capitalist institutions can flourish, and that is a good thing," Frank gushed. "We want capital to move freely. We give [gave?] the financial institutions everything they have asked for."

Frank is a banker's prostitute, a raving, pathological liar and a traitor. If he is re-elected, the vote would have to be rigged, or the voters certifiably insane. I would be ashamed to be a member of the same House.