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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on May 15, 2009, 05:12:29 PM
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Barney Frank Bailing Himself and CA Out
by Optimistic Patriot
Remember Barney Frank? He said Fannie Mae and Freddie Mac were solid right before they collapsed. He’s back with a new scheme to prop up the municipal bond markets that amongst other things would:
* Create a liquidity facility through the Federal Reserve to purchase municipal bonds, much like what the Federal Reserve does with mortgage-backed and federal government bonds.
* Form a temporary federal government program to reinsure municipal bond insurers…
* Provide additional regulation for financial advisors to municipalities….
What could possibly go wrong? It’s not like California is on the verge of bankruptcy or anything. How thoughtful of Representative Frank to put the other 49 states on the hook for the financial train wreck taking place in CA. He’s just a swell guy helping us perform our civic duty:
House Financial Services Committee Chairman Barney Frank (D-Mass.) is leading the effort and has long touted his investments in municipal bonds that finance public projects as a civic duty.
Civic duty or conflict of interest? I’m the sure the Heinz-Kerrys appreciate this bailout for ultra rich liberals who use municipals to avoid taxes instead of cheating on them like Turbo Tax Tim Geithner.