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Barney Frank On The 1st Day Of Congress

From the first day of the new Democrat-controlled Congress, January 04, 2007:

“My name is Barney Frank. I’m from Massachusetts. I’ll be the chairman of the committee on financial services, which has a fairly broad jurisdiction over banking, insurance, but also housing. In general I want to make clear to people — and I have been doing a lot of arguing about this and some legislating — that we can’t continue to have economic growth that is concentrated in the hands of a few.

In America we are becoming more and more unequal. Some inequality is necessary for a capitalistic system. But we have gone way beyond that. And the average working American person — and we’re talking 80% of the population — has seen an erosion of his or her economic position, rather than advance.

Specifically, I hope to deal in part with the housing crisis part of it. The committee that I’ll be chairing has jurisdiction over housing. And we hope very much to do an increase in the housing stock, so that housing becomes affordable both for low income people but also for people in the moderate income range

And then in the corporate world, I’m supportive. I want our financial institutions to do their job and make money in a responsible way. But I do believe it is time for us to rein in these outrageous corporate CEO settlements in the hundreds of millions of dollars.

They reach a point where it’s not simply envy that makes us upset about them. When Lee Raymond retires from Exxon-Mobile and makes $400,000,000 and then that company stiffs its pension fund, you’re talking about things that have real economic consequences.

You cannot pay a handful of people so many billions of dollars and not have it impinge upon what is available for other people. We’ll be addressing that.”

Well, Mr. Frank told us what he was going to do, didn’t he?

(Though we are still wondering about how Exxon “stiffed” its pension fund.)

This article was posted by Steve on Thursday, September 25th, 2008. Comments are currently closed.

8 Responses to “Barney Frank On The 1st Day Of Congress”

  1. gipper says:

    Shhh! Be vewy quiet! I’m hunting capitawism.

  2. wardmama4 says:

    What is wrong in Massachusetts? Is there something in the water there to make everyone deaf, dumb and blind to utter deprave stupidity?

    Yes, the 110th Congress – the most ethical, un-corrupt and hardest working ever in American history. Too bad it’s approval rating is at 9% and given this newest decision – might actually go even lower. Yepper, best ever. Certainly got it right on the history making though – Ms Pelosi lead this Congress right into the gutter. Nov 4th will be very, very interesting.

  3. bill says:

    wardmama4 — Actually you wonder why people nationwide can’t figure it out … It all came to pass in 2007, and now it’s time to pay the piper. Meanwhile Barney Frank and Chris Dodd sit there and say “who me”.

  4. Lurkin_no_mo says:

    Good one, Gipper. LMAO. However, I think Elmer is probably a conservative since he’s a hunter and 2d Amendment advocate.

  5. artboyusa says:

    “What is wrong in Massachusetts?”…nothing really, wm. Its a nice place with a lot going for it and I feel lucky that I grew up there. If you’re from MA you don’t really notice that the spell of liberal enchantment which has been cast upon the place because its all you know. Personally, I feel that the greatest intellectual acomplishment of my life, maybe the only one, is to have broken with that spell and set my mind free. That said, I don’t think I’d be such a conservative now if I hadn’t been such a lib for so long – the better you know libs, the greater your eventual revulsion, I suppose. I bet a lot of people here have been on a similar mental journey.

  6. Exeter says:

    artboy – “I bet a lot of people here have been on a similar mental journey.”

    I hear you – living in a sodden morass of liberalism is a daily exercise for your Conservative convictions. However, I’m a paleo-con, not a neo-con. So, out here in the People’s Democratic Republic of Minnesota, I’ve been swimming against the tide all my life. It gave me smug satisfaction at age 30, to see my friends jumping the fence and telling me, “you were right”. Damn right I was. Unfortunately, the wasteland of idiots in Minneapolis and Duluth will always keep my state blue, no matter how the rest of Minnesota goes.

  7. Reality Bytes says:

    Is it me or does Barney Frank talk like his mouth is full.

  8. ChipsShot says:

    Find out why and how Barney Frank is one of the top creators of this cluster we’re in right now;

    Plausible deniability? by Dr. John Lott 9/22/08

    FOX Video Clips

    Whose Policies Led To The Credit Crisis? by Ed Morrissey

    FOX Video Clips

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