Tuesday, March 31, 2009

Let Me Be Frank, Barney!

Have you noticed that those who shout the loudest have the most to hide? Yep, Mr. Frank, I talking about you! You headed the committee which passed a bill giving Treasury Secretary Geitner broad control over salaries at bailout companies. Fortunately, good sense prevailed and it died.

Now you've taken it a step further with the "Pay for Performance Act of 2009" where you intend to penalize all employees of bailout companies by tying their pay to performance for as long us the bailout money remains unpaid. Retroactively yet!

Okay folks. It's time for another Dogwalk solution. No more automatic pay raises for Congress. Let's insist on a "pay for performance" scale for them. After all, it is tax payer money! Let's let the whole country rate each and every one of them, not just the people in their districts or states who might be swayed by pork.

How would Barney fare? Let's look at the mortgage mess which actually began back in the Carter administration when mortgage lenders were being accused of being racist. Pressured to make loans to minorities and those with bad credit, lenders began loosening their standards under threat of punishment by regulators. Government chartered mortgage lenders, Freddie Mac and Fannie Mae, encouraged this "sub prime" lending then bought up the questionable mortgages.

We all know what happened. The bubble burst but all the while Frank insisted Freddie and Fannie faced no financial crisis. Right. Also, all the while, he blamed the private sector for having gotten us into the mess. With a lot of arm twisting by the government.

Barney Frank is the Chairman of the House Financial Services Committee. A one time partner of Frank's was an executive at Fannie who helped develop many of the lending programs. During that time Frank blocked tough regulations on banking companies.

Okay. Frank has been in the House since 1981. He's had his fingers in a lot of pies and a go round with the House Ethics Committee over a sex scandal. Idaho's Larry Craig, not unfamiliar with such, led an attempt to have him expelled or censured over that episode. It failed but the House did vote 408 to 18 to reprimand him. Of course, as it goes in Washington, he won re-election several times over.

In the 28 years he's been in Congress I'm sure he has been on the right side of some issues. His constituents would probably give him a 10 on a scale of 10, but what would the public as a whole give him? If we can't have term limits why not hit them where it really hurts? In the pocketbook. I'm not a constituent, you see, and my rating would definitely be "sub prime"!


Word Tosser said...

"pay for performance" scale for Congress" I love it... if only we had the power to have it be so..

Margie's Musings said...

It would be wonderful! Possibly much of the congress would not get any pay raises for years.

Anonymous said...

Barney Frank is from MA which explains much. In that state, once in (if you're a Democrat) it is for life. ie: The mayor of Boston (a notorious alcoholic) only left office because Bill Clinton appointed him Ambassador to the Vatican. He became such an embarrassment in that post, that when his term ended, he was finished in politics. He was replaced by the asst. mayor who holds office to this day. Locally, Barney never met a camera he didn't like. During his sex scandal, he called people bigots and anti-gay. Barney is of the "rules are for others, not me" gang. CU