According to Barney Frank, it was those who were taking risk who caused our current financial crisis…and they should be prosecuted.
“What are your plans to prosecute those people whose irresponsible and, in some cases, criminal actions helped bring about this crisis?” said Frank, a Massachusetts Democrat…”We have got to empower some entities that don’t now have it to restrain risk-taking that is irresponsible,” Frank said, adding that the Federal Reserve is in the “best capacity” to serve this role.
Ace of Spades reminds us that Barney has conveniently forgotten his very own words regarding forcing banks to lend to those who cannot afford loans:
“House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .”
It seems that the real gamble was laid down by the very voters of Massachusetts who keep voting for this A$$hat, and by Barney Frank’s new criteria of “risk-taking” as a crime, should be prosecuted.
