Scott Ott

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Barney Frank bill would revoke bailouts, reward competence

By: Scott Ott
Examiner Columnist
March 16, 2009

News fairly unbalanced. We report. You decipher.

Just a day after Rep. Barney Frank excoriated federal bailout recipient AIG for "rewarding incompetence" by paying out $165 million in bonuses to its executives in a year when the insurance giant nearly collapsed, the Massachusetts Democrat introduced a bill rescinding all bailouts for failing firms or for homeowners in foreclosure.
 
"When I said AIG bonuses reward incompetence, it suddenly occurred to me that these bailouts do the same thing," said Rep. Frank. "Instead of giving hundreds of billions to the likes of AIG and to people who bought too much house, we're going to invest in companies and individuals who have managed their money well. From now on, we are going to reward competence."
 
Rep. Frank said his plan has two simple steps:
 
* Immediately recover the bailout money already disbursed.
* Loan it to companies and individuals who have played by the rules, invested prudently, and didn't spend beyond their means.
 
"We want that money back," said Rep. Frank. "If I have to personally auction off every Lear Jet, Herman Miller chair, and Cuban cigar in the offices of every firm that got a federal bailout, we're getting that cash back and then put it in the care of people who know how to handle money."
 
The lawmaker also said he plans to "go after whoever was supposed to be keeping an eye on Fannie Mae and Freddie Mac, but who ignored history and economics in a vain attempt to implement their Utopian ideology about home ownership for everyone regardless of income."
 
"It's unconscionable that most of our economy has collapsed, and yet nobody but Bernie Madoff has been led away in handcuffs," said Rep. Frank. "I want to see perp walks. Let's name them and shame them."
 
Examiner columnist Scott Ott is editor in chief of ScrappleFace.com, the family-friendly news satire site, and anchor of ScrappleFace Network News (SNN), seen on YouTube.
 



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Reader Comments

All comments on this page are subject to our Terms of Use and do not necessarily reflect the views of the Examiner or its staff. Comment box is limited to 250 words.

boberin

Mar 17, 2009

What a concept! If only...

 

Mark

Mar 17, 2009

Congressman Frank's insincerity is unbelievable as he is one of main culprits behind the Fannie Mae and Freddie Mac collapse...Reminds me of the little girl running around saying her brother "did it" when she was the one caught with her hand in the cookie jar...

 

John DeBrular

Mar 17, 2009

It's about time - lets hear more along this line. I thought that B. Franks was one of the creators of this problem now he wants to be the one that saves us.

 

smitty1e

Mar 17, 2009

Such an outcome would give us cause to thank Mass. for sending competent leadership to DC. But the question remains unexplored: what was the basis for federal meddling in the first place?

 

Hawkeye

Mar 17, 2009

Another great article as usual Scott. I want to see perp walks too.

 

Bamm Bamm

Mar 17, 2009

I am dying laughing - great article and I guess most of your commenters get their news from the Daily Show and believe that "news" as well.

 

tdp

Mar 17, 2009

Come on people! Are you actually so gullable to believe this article? It's called satire! Barney Frank is one of the useful idiots to blame for all this mess. Do you really think he'd grow some brains and try to actually solve it? Ha, Ha, Ha.

 

Gary

Mar 17, 2009

The tragic irony of this story is that the AIG "Bonus" controversy happened because of the Obama Administration's "rush to failure" in demanding fast-track passage of the Bailout Bill without giving the Congress and the public even a day to review it. Had the Administration had the confidence and wisdom to give the Bill time for a proper vetting, gaping loopholes like this would probably have been caught; if not, at least responsibility for missing them would have gone beyond Obama and a few close advisers. It is becoming clearer by the day that the voters placed too much confidence in "on the job training" and electied an incompetent Chief Executive.

 

DeeDee

Mar 17, 2009

And when that happens, I recommend that you never leave the house without a sturdy umbrella. All those flying pigs will produce a lot of falling manure! "News fairly unbalanced. We report. You decipher.'

 

Greg

Mar 17, 2009

Gary: "The tragic irony of this story is that the AIG "Bonus" controversy happened because of the Obama Administration's "rush to failure" in demanding fast-track passage of the Bailout Bill without giving the Congress and the public even a day to review it. **************************** I thought this was passed during the Bush administation? Am I wrong?

 

RAM

Mar 17, 2009

I agree, Barney needs to take the "perp walk" after being photographed and finger printed. The problem is, *as Dennis Miller said), I think Barney would like being someone's b1t@# in jail! WE TAXPAYERS want our tax dollars back that Obama and his henchmen have stolen. And how about the automatic raises that ALL politicians get each and every tear? Isn't that also rewarding incompetence? Of course it is!

 

Larry Miller

Mar 17, 2009

"It's unconscionable that most of our economy has collapsed, and yet nobody but Bernie Madoff has been led away in handcuffs," said Rep. Frank. "I want to see perp walks. Let's name them and shame them." I AGREE BARNEY, let me start by naming YOU. You and Chris Dodd should be shackled and run out of Congress, tossed in jail with the key thrown away. What a firs-class hypocrite.

 

Uolengineer

Mar 17, 2009

This is like the "pot calling the kettle black"...This idiot would let anyone touch Freddie or Fannie for nearly 10 years.....

 

grinreaper

Mar 17, 2009

I think it would be appropriae for good old barney to be forced to to the perpetrated walk

 

miked42b

Mar 18, 2009

Who is oging to take out the incompetents in the congress, people like Frank, Dodd, Reid, Pelosi et al. These birdbrains think they are our heroes when thye are the biggest boffoons in this country!

 

James

Mar 19, 2009

Don't blame me! I voted against him last year.

 


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