Frank: What we need is a lot more government intervention

posted at 10:02 am on July 17, 2010 by Ed Morrissey

Via The Right Scoop, Barney Frank offers Charlie Rose both a blizzard of buffalo dung and the hair of the dog in attempting to defend the Democrats’ economic policies.  Frank tells Rose that the recovery was going great until the European crisis this spring — but notably avoids mentioning the nature of that crisis, which was skyrocketing debt.  He also claims that private-sector employment has been growing, but that banks aren’t lending, which is choking off the recovery.  Frank blames this on over-eager regulators, which he sees as a big problem that can only be solved by a massive purchase of bank stocks by the Treasury:

Let’s take a look at Frank’s claim that private-sector employment has been growing.  Instead of me creating my own chart, we’ll just let the BLS do it for us this time for 2007-present, showing the gross number of private-sector jobs each month:

There has been a minimal bounce in private-sector employment since its nadir of 2009Q4, amounting to a total increase of 593,000 in seven months.  That’s not enough to keep up with population growth even without the context of the steep decline of over 8 million jobs since the peak of summer 2007.  The private sector has lost 3.2 million private-secctor jobs since Barack Obama’s inauguration.

That’s hardly the worst part of the above clip.  Frank wants the government to start buying big enough stakes in smaller banks to force them to carry out more social engineering in the lending markets.  Somehow, I doubt that the American people believe that the problem with regulators is that they’re too tough on banks — not after watching the collapse of the lending markets due to profligate and irrational risk-taking.  Furthermore, Frank’s suggestion amounts to corporatism at best, which is when governments dictate corporate decisions rather than private shareholders.  And again, the American public has seen what happens when Frank’s policies of social engineering outweigh rational lending practices, backed with guarantees from the federal government.

Finally, Frank follows Harry “This war is lost!” Reid in accusing Republicans of rooting for failure by opposing the very policies that nearly crashed the global economic system two years ago.  Frank is, of course, incorrect.  Republicans are rooting for an end to failure, which we believe will be coming in the November midterms when Frank loses his chairmanship and Nancy Pelosi goes back to being a backbencher.  The majority of Americans are also rooting for the end of Frank’s failed interventionist policies, too.

Update: The nation has lost 3.2 million private-sector jobs since January 2009.  My original paragraph didn’t make that quite specific enough.


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Comments

Comment pages: 1 2

In fact, the freakin’ guy is as smart as they come.

turfmann on July 17, 2010 at 11:07 AM

Never seen so much as a hint of evidence of Bawney being “as smart as they come”.

EXCEPT — second thought here — you are estimating smartness among “they” with “they” being very stupid, weird, absurdly nasty people. From among a lot of the worst, I suppose Bawney may reach some dismal level, but it’s the overall you’re comparing him to that’s the issue.

In general society, I’ve never seen any evidence that Frank is “smart” at all. Not even.

Lourdes on July 19, 2010 at 5:14 AM

He’s a powerful debater and knows his stuff.

And all of these smarmy personal attacks on him or his private life are appalling.

Attacks his crazy ideas, not him.

SteveMG on July 17, 2010 at 11:24 AM

“Powerful debater”? Not at.all.

He yells at others, he doesn’t debate ANYthing, he simply degenerates into some sort of ranting lunatic while screaming (dozens of times every minute), “let me finish, can I talk now, let me talk, I let you talk, now let me talk, let me finish, let me…”

He’s a ranting jerk. Barney Frank doesn’t “debate,” he barnstorms, denigrates and over-speaks until others eventually either go away just to get a moment’s peace or they fall into silence because he’s so disgusting and irrational.

Lourdes on July 19, 2010 at 5:18 AM

STOP THE BIGOTED REMARKS

Apparently some people think we’ll defeat socialists, in part, by attacking who they sleep with. Or what they look like.

That doesn’t make sense to me but I work a different side of the street.

SteveMG on July 17, 2010 at 12:21 PM

Oh, for pity’s sake. You two should stop it.

Name something credible that can be argued about Frank. There’s nothing there, he’s an irrational, badly behaved fool. He says and does whatever because that’s what Frank does and that is made possible by people such as yourselves ridiculing anyone who notices he’s irrational (and quite offensive) as being “bigot”s (which they are not – your own bias shows when you call people that).

Frank is the bigot. In reality, Barney Frank is the bigot. He’s bigoted about just about every stereotype except his own.

You should not even try to defend Frank’s “personal qualities” because he’s an ugly, ugly person. If he’s sleeping with crickets and bicycles, who cares, he’s an ugly person with a head full of foaming idea-disease.

Lourdes on July 19, 2010 at 5:26 AM

Just because you disagree with Barney Frank, as I do, doesn’t make him an idiot.

In fact, the freakin’ guy is as smart as they come.
Indeed. He’s a powerful dedisgusting, perverted master bater and knows his stuffhow to peddle bullshit.
fify – no charge!

Sweet_Thang on July 19, 2010 at 12:01 PM

Comment pages: 1 2