(Note: “Bottom” is slang for a submissive gay man.)
In an earlier Fellowship post, “Barney the Hypocrite,” a lefty wrote an article exposing Congressman Barney Frank (D-Mass), chairman of the House Financial Service Committee, as a toady to Wall Street. Here’s yet more evidence.
The following is culled from David Reilly’s article for Bloomberg.com, on H.R. 4173, “Bankers Get $4 Trillion Gift From Barney Frank”:
…Hunkering down by the fire, I snuggled up with H.R. 4173, the financial-reform legislation passed earlier this month by the House of Representatives. …I quickly discovered why members of Congress rarely read legislation like this. At 1,279 pages, the “Wall Street Reform and Consumer Protection Act” is a real slog….
The reading was especially painful since this reform sausage is stuffed with more gristle than meat. At least, that is, if you are a taxpayer hoping the bailout train is coming to a halt. If you’re a banker…they should cheer for its passage by the full Congress in the New Year: There are huge giveaways insuring the government will again rescue banks and Wall Street if the need arises….
- It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule….
- The bill also allows the government, in a crisis, to back financial firms’ debts. Bondholders can sleep easy — there are more bailouts to come….
- The bill also allows regulators to “prohibit any incentive-based payment arrangement.” In other words, banker bonuses are still in play…. Since Congress isn’t cutting jobs, why not add a few more. The bill calls for more than a dozen agencies to create a position called “Director of Minority and Women Inclusion.” People in these new posts will be presidential appointees. I thought too-big-to-fail banks were the pressing issue. Turns out it’s diversity, and patronage.
To read the whole article, CLICK HERE.