Barney Frank took tons of money from the banks and from Freddy and Fanny, and for years did nothing to reign them in, just like lots of Republicans who did exactly the same thing.
What Frank did differently after the financial collapse of 2008 is find a way to get long over due sanity into previously unregulated banking products, just as derivatives. Sure, the reforms came way late, were watered down by lobbyists, and bought off members of Congress, but he managed to do what the GOP had failed to do for years.
I am not saying the guy is totally clean or blameless, just better than the guys who fought banking reform, and who are talking as if demanding honesty from banks is somehow holding the economy back, rather than being what brought it down to ruin in 2008.
He still caused the crisis by not fixing Freddy and Fanny when brought to his attention and he denied all reports that the shit was to hit the fan soon (on video no less).
Yeah, that is true enough of Barney Frank, but how does that get the other members of Congress, in both Houses and in both Parties who did the same, off the hook?
For Frank it is a good news/bad news thing. The bad news is that he did exactly what you said he did. The good news is that, admittedly too little and way too late, he did something about it.
What is really shocking about all of this is that almost everyone in the GOP now despises the banking reform, mild as it is, and says it goes too far, that Congress shouldn't have the power to regulate at all, and so on. It sounds to me as if the GOP won't be satisfied repealing Frank's reform, they want a totally unregulated economy, no limits on pollution, on banking practices, on safety, on anything. Apparently they weren't satisfied with the crash of 2008, they want the next one to be a whole lot worse.
We have advised Barney and some other pols to get out while the gettin's good, before the government corruption trials go full steam ahead. Though a pol gets a high financial return for the millions spent on the campaign to get a job that pays a few thousand, there is more money to be made these days from lobbying jobs. Retiring now will be a win win for him? and others.
thebaron
a prison should be next job for all the corruption he was involved with.