Barney Frank, Czar of His Domain

He’s got the kind of clout that only money can buy. That’s why he was able to shield mortgage giants Fannie Mae and Freddie Mac during his tenure as Chair of the House Banking Committee.

Being a House banking member has always had its rewards. While still a junior member on the House Banking Committee in 1991 he secured a big-time job at Fannie Mae for his then-husband. Or was it his wife? OK, let’s not go there.

But Frank has definitely moved on to bigger things. His new husband is a surfer. Oops. I just went there.

He’s also now the author of a banking reform bill known as “Dodd-Frank,” which has the distinction of being some of the most costly legislation ever written.

How costly? We just don’t know yet. But besides the $3 billion that the legislation will cost to implement a story in the Atlantic, hardly a right-wing mouthpiece, estimates that the costs could approach $1 trillion.

Oh, and it also failed to address the “too-big-to-fail” syndrome that put the country’s real estate market in the mess it finds itself in… which was the point of Dodd-Frank to start with.

Gotta love the Democrats when they pass laws that don’t even attempt to solve the problems the laws were intended to address in the first place.

Because Frank has written an outrage letter asking that the Federal Reserve hold up the merger of Capital One and ING.

Capitol One was the high bidder in the forced sale of ING’s banking division. The sale of the division was a condition of a European bailout of ING’s parent company.

Capital One outbid rival GE to secure the coveted ING retail banking business that Capital One says will help reduce the amount of risk they have because it adds more direct banking and less credit risk. But still any suitor had to be willing to take on the additional mortgage risk in the ING portfolio, which apparently, Capital One was willing to do this while the other suitors, reportedly, were not.

Frank and his liberal friends have a powerful reason to be outraged by the deal: GE donated $3.2 million to Democrats during the 2008 and 2010 election cycles, far more than they donated to the GOP.

“In a letter sent on Wednesday to Ben Bernanke, the chairman of the Federal Reserve, Mr. Frank, Democrat of Massachusetts, called on the Fed to hold public hearings to examine the possible deal’s impact on consumers and the economy,” writes the NYT’s Deal Book. “Mr. Frank also asked that the Fed grant the public at least two additional months to weigh in on the acquisition. The comment period is otherwise scheduled to end on Thursday.”

“This proposed purchase would create the fifth-largest bank in the United States,” said Mr. Frank, according to the Times article. “For this reason alone, care should be taken to thoroughly examine the impact of this purchase with respect to the consolidation of banking assets, the provision of credit by the resulting bank and compliance with the Community Reinvestment Act.”

The Times also cites a consumer advocate who opposes the deal: “We already have four too-big-to-fail banks, why make a fifth?” said John Taylor, president of the National Community Reinvestment Coalition.

Why indeed? I thought at $3 billion to implement, Dodd-Frank was supposed to solve the too-big-to-fail problem.

At the same time Democrats are calling for the merger of Fannie Mae and Freddie Mac to marry the king and queen of too-big-to-fail into one uber-mortgage failure sponsored by the government and managed by Congress.

Democrats have powerful reasons for doing that deal, just as they have for holding up the merger of Capital One-ING. Fannie Mae gave Democrats over $1 million in contributions in the 2006-2008 election cycles.

Barney Frank, Czar of His Domain

Genesis 13:13

Now the men of Sodom were wicked and were sinning greatly against the LORD.

Genesis 18:20-21
20. Then the LORD said, "The outcry against Sodom and Gomorrah is so great and their sin so grievous
21. that I will go down and see if what they have done is as bad as the outcry that has reached me. If not, I will know."

Genesis 19:4-7
4. Before they had gone to bed, all the men from every part of the city of Sodom--both young and old--surrounded the house.
5. They called to Lot, "Where are the men who came to you tonight? Bring them out to us so that we can have sex with them."
6. Lot went outside to meet them and shut the door behind him
7. and said, "No, my friends. Don't do this wicked thing.

Psalms 12:8 The wicked freely strut about when what is vile is honored among men.

Ain't this just FABULOUS?? More?

Isaiah 3:9 The look on their faces testifies against them; they parade their sin like Sodom; they do not hide it. Woe to them! They have brought disaster upon themselves.

2 Peter 2:13b Their idea of pleasure is to carouse in broad daylight. They are blots and blemishes, reveling in their pleasures while they feast with you.

Ezekiel 16:49-50
49. "`Now this was the sin of your sister Sodom: She and her daughters were arrogant, overfed and unconcerned; they did not help the poor and needy.
50. They were haughty and did detestable things before me. Therefore I did away with them as you have seen.

2 Peter 2

1. But there were also false prophets among the people, just as there will be false teachers among you. They will secretly introduce destructive heresies, even denying the sovereign Lord who bought them--bringing swift destruction on themselves.
2. Many will follow their shameful ways and will bring the way of truth into disrepute.
3. In their greed these teachers will exploit you with stories they have made up. Their condemnation has long been hanging over them, and their destruction has not been sleeping.
4. For if God did not spare angels when they sinned, but sent them to hell, putting them into gloomy dungeons to be held for judgment;
5. if he did not spare the ancient world when he brought the flood on its ungodly people, but protected Noah, a preacher of righteousness, and seven others;
6. if he condemned the cities of Sodom and Gomorrah by burning them to ashes, and made them an example of what is going to happen to the ungodly;
7. and if he rescued Lot, a righteous man, who was distressed by the filthy lives of lawless men
8. (for that righteous man, living among them day after day, was tormented in his righteous soul by the lawless deeds he saw and heard)--
9. if this is so, then the Lord knows how to rescue godly men from trials and to hold the unrighteous for the day of judgment, while continuing their punishment.
10. This is especially true of those who follow the corrupt desire of the sinful nature and despise authority. Bold and arrogant, these men are not afraid to slander celestial beings;
11. yet even angels, although they are stronger and more powerful, do not bring slanderous accusations against such beings in the presence of the Lord.
12. But these men blaspheme in matters they do not understand. They are like brute beasts, creatures of instinct, born only to be caught and destroyed, and like beasts they too will perish.
13. They will be paid back with harm for the harm they have done. Their idea of pleasure is to carouse in broad daylight. They are blots and blemishes, reveling in their pleasures while they feast with you.

But there IS hope!!!

1 Corinthians 6:9-11

9. Do you not know that the wicked will not inherit the kingdom of God? Do not be deceived:
Neither the sexually immoral nor idolaters nor adulterers nor male prostitutes nor homosexual offenders
10. nor thieves nor the greedy nor drunkards nor slanderers nor swindlers will inherit the kingdom of God.
11. And that is what some of you were. But you were washed, you were sanctified, you were justified in the name of the Lord Jesus Christ and by the Spirit of our God.

If you could NOT change, you would be in most pitiful shape...

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