An email from Congressman Frank

[JAlli41]

Thats right I am in barney Frank's district up here in Mass. I guess I sent him an e-mail a week or so ago about some piece of RP legislation that would have abolished the Federal Reserve. Ive emailed him many times for many different reasons, this is the first time I've ever received a response. I figured I should post it somewhere seeing as he is the one pushing for the bailout so hard. Unfortunately I cannot find or remember the original email I sent, so it must have been a mass email type thing. Either way here is his response.

Dear Mr. XXXXXX:

Thank you for taking the time to share your views with me on the
Federal Reserve. I strongly believe that Congress has a legitimate
role to play in monetary policy, and I emphasized this when the
Federal Reserve Chairman appeared before the Financial Services
Committee, which I chair. But I do not favor abolishing the
Federal Reserve. On balance, I believe the Federal Reserve in
recent years has done a reasonable job in pursuing the monetary
policy mandate that was established by Congress, which is the
pursuit of maximum employment in the economy and stable prices.
I have been very critical of the previous Federal Reserve
chairman's failure to pursue the Federal Reserve's other
Congressionally-mandated responsibilities in the area of banking
regulation. I believe the Federal Reserve's failure to pursue
sensible regulation of mortgages under Chairman Greenspan is the
most important cause of the crisis in credit markets that we are
facing today. Fortunately, the current chairman, Ben Bernanke,
has made clear his willingness to depart from Chairman Greenspan
in the area of regulation in favor of more aggressive regulatory
oversight and enforcement.



BARNEY FRANK

BF/JN

[Otter Mii-kun]

So full of baloney, especially this last sentence:

Fortunately, the current chairman, Ben Bernanke,
has made clear his willingness to depart from Chairman Greenspan
in the area of regulation in favor of more aggressive regulatory
oversight and enforcement. Pile of horsepoop! Bernanke is doing much the same things Greenspan did!
And I'm not seeing one ounce of extra regulatory oversight and enforcement! What the hell is he talking about?

Barney Frank has Wall Street shoved so far up his ass it's not even funny!

[HOLLYWOOD]

I BELIEVE...

I BELIEVE...

I BELIEVE...

that's right just believe Barney Frank, because you are NOT an ECONOMIST, you are a pandering greed whore.

Birds of a feather...

[fr33domfightr]

Some years ago the Euro was about equal to the US dollar, now it's about 1.5 dollars to the Euro. How can that possibly be responsible?!?!? Low interest rates also allowed the bubble in the housing market, how is that responsible?!?!

The hidden aspect is, the EURO floats as well. So actually, our only good reference is the price of gold. Our dollar is Monopoly money!!



FF

[TastyWheat]

I believe the Federal Reserve in
recent years has done a reasonable job in pursuing the monetary
policy mandate that was established by Congress, which is the
pursuit of maximum employment in the economy and stable prices.
How the hell is that a mandate? It's not a mandate, it's a guideline. If you were that fast and loose with the Fannie and Freddie mandates we wouldn't be in this mess. You don't care what they say in their meetings? You don't care about M3? You don't care if they can extend credit at will when it takes two weeks and two bills to pass a rescue plan? No one can be that trusting of an unregulated banking cartel.