Ain't His Money
In a perfect world, Representative Barney Frank (D-Mass) would not be able to throw his weight around the financial markets, but an imperfect world is the only one we know. So, therefore, I have to listen to Barney Frank’s ignorant blubbering almost every day on CNBC, which insists on interviewing him despite his complete lack of any knowledge concerning markets or economics.
After insisting that Fannie Mae and Freddie Mac – two government run entities – were excellent investments less than three weeks before they both collapsed into insolvency, Mr. Frank, a long time recipient of huge “donations” from both agencies, lately has been browbeating them to lower, yes LOWER, their credit standards.
Just yesterday, Fannie Mae reported a steep increase in the percentage of home mortgages 90+ days overdue. Doubtless, Mr. Frank, who has always displayed a bone deep imperviousness to reality, will keep insisting that credit standards be lowered further still. After all, it ain’t his money on the line.
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Thomas L. Knapp - 7/1/2009
Well, yes, his investments did well because of actions taken by government -- most of his portfolio is municipal bonds, only a small portion of it in stocks.
That doesn't change anything: Knowledge of how government will affect the market is knowledge of the market.
Frank may be a corrupt statist, but that doesn't mean he's an idiot.
Keith Halderman - 6/30/2009
Do you think any of his investments did well because actions taken by the federal government?
Thomas L. Knapp - 6/30/2009
Frank pulled down a $42k gain on his $896k portfolio last year.
Not bad in a bad year, especially for someone wit a complete lack of knowledge concerning markets. Guess he's just lucky that way.