barney frank

A Modest Proposal to Improve Federal Reserve Bank Governance

Recent losses at JP Morgan, and Jamie Dimon’s position on the board of the New York Federal Reserve Bank, have renewed debates as to who should be eligible to sit on the boards of the twelve regional Federal Reserve Banks. In yesterday’s on-line New York Times, Simon Johnson raises additional, and important, questions as to the appropriateness of Dimon’s presence on the NY Fed’s board.

I’ve Never Seen an Unbroken Window Create Jobs

Such is, literally, the wisdom of retiring Rep. Barney Frank (D-MA), who (according to ThinkProgress) said:

I’ve never seen a tax cut put out a fire. I’ve never seen a tax cut build a bridge.

That is the equivalent of saying, “I’ve never seen an unbroken window create jobs, so let’s break this one.”

Frank either never read his Bastiat, or didn’t understand what he read.

Barney Frank: Cut Military Spending by Following Cato Plan

U.S. Representative Barney Frank (D-Massachusetts) believes that cutting the military means rethinking the purpose of our military. He argues that the far-flung adventures that have killed thousands of American soldiers and consumed trillions of dollars simply haven’t been justified by U.S. defense needs. He also takes issue with President Obama exempting military spending from his so-called “spending freeze” proposed earlier this year. He spoke at the Cato Institute November 19, 2010.

Let’s Regulate Barney Frank’s Pay

“Rep. Barney Frank, chairman of the House Financial Services Committee, said Tuesday that he will hold a hearing this fall to examine whether regulators are being tough enough in curbing pay practices at Wall Street firms that can lead to excessively risky practices,” writes Zachary Goldfarb in the Washington Post.

Congress Begins Conference on Financial Regulation

Today begins the televised political theatre that Barney Frank has been waiting months for:  the first public meeting of the House and Senate conferees on the two financial regulation bills.  While there are a handful of important differences between the House and Senate bills, these differences are overshadowed by what the bills have in common.  The most important, and tragic, commonality is that both bills ignore the real causes of the financial crisis and focus on convenient political targets.

Fannie, Freddie, Peter, and Barney

Last week, after Rep. Barney Frank (D-MA) said that holders of Fannie Mae and Freddie Mac’s debt shouldn’t be expected to be treated the same as holders of U.S. government debt, the U.S. Treasury took the “unusual” step of reiterating its commitment to back Fannie and Freddie’s debt.

If ever there was case against allowing a few hundred men and women to micromanage the economy, this is it.

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