Friday, March 27, 2009

Barney Frank says silly things

Barney Frank doesn't just sound silly. He says silly things, too. Well, less silly and more scary.

Yesterday during a meeting of the House Financial Services Committee, Barney Frank said the following:

"The goal of public policy is to come up with rules that set a fair playing field, that constrain abuses, that protect legitimate and responsible entities from irresponsible competition. The job of Franklin Roosevelt and his colleagues during the 30's was to set rules that allowed us to get the benefit of the finance capitalism of the stock market, but curtailed some of the abuses. Our job is to craft rules, as did Theodore Roosevelt and Woodrow Wilson and Franklin Roosevelt that allow the society to get the benefit of these wonderful, value-added financial innovations while curtailing some of the abuses."
Maybe Mr. Frank believes we've forgotten history, and we don't know that FDR's policies weren't just ineffective, but lengthened the great depression.* Also, FDR actually jailed people who refused to comply with the demands of the Office of Price Controls. In April 1934, Jacob Maged of Jersey City, NJ was jailed for 3 months and fined - for charging 35¢ to press a man's suit instead of the 40¢ mandated by the Government. Woodrow Wilson was just plain scary in his violations of civil rights, as previous posts have indicated. Pres. Wilson is generally credited with having helped create the Federal Reserve, formed in 1913 which promised that we would never again have a depression because of the Fed's regulating powers.

Well, that worked out well. Just ask anyone who lived through the 1930's how effective Fed controls were.

It is frightening to think that Frank is serious about this.** He apparently is, though, as he's said it before.

*Yes, I've posted this link before. I don't think it can be posted enough.

**Actually, it's frightening to think this addled, irresponsible man is in office at all, and that he's evaded any implication in the current financial crisis that his policies helped to create.

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