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Subject: Barney Frank

Barney Frank (born March 31, 1940) is the United States House Representative for Massachusetts’s 4th congressional district since 1981. He is a member of the Democratic Party. In 1982, he won his first full term, and he has been re-elected ever since by wide margins. In 1987, he became the second openly gay member of the House of Representatives, and he has become one of the most prominent LGBT politicians in the United States.
Frank became the chairman of the House Financial Services Committee in 2007 after the Democratic Party won a majority in the House. The committee oversees the entire financial services industry, which includes the securities, insurance, banking, and housing industries.
Frank is known for his quick wit and self-deprecating sense of humor. He is also widely considered to be one of the most powerful members of Congress. Josh Gottheimer describes Frank as “one of the brightest and most energetic defenders of civil rights issues.” (Wikipedia Jan 2010)

Phony financial reform

Dodd-Frank won’t make better markets

Financial markets can be extremely complex, with many areas that can fail and break.

Unfortunately, instead of a ‘game-changing’ confidence-inspiring reform, the Obama administration presented the United States with the Dodd-Frank Act — a legislative miscarriage that has the potential to hold back recovery and impair the position of New York as a world financial center for decades — unless repealed or drastically amended.

Faked Reform

Dodd-Frank spurs sub-prime loans

The tentacles of sub-prime lending are far reaching and grow from a bed of corrupt politics.

The immediate cause of the worldwide financial Crash of 2008 was the extensive granting of sub-prime mortgages.

The Dodd-Frank financial reform bill introduced in Title XII, “IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS”, a new, fraud-prone solution to a non-existent problem, the granting of $2,500 loans to middle and low income borrowers.

In combination with other political funds, this program could be an extremely powerful tool for voter fraud. In fact, it is difficult to imagine why else it would be inserted into the Dodd-Frank Act.

How long will it take?

Working off the US trade deficit

International trade

Foreigners hold $16.8 trillion in US financial assets as a result of selling more goods to Americans than they buy from them. Since the ‘deficit’ is all in dollars, the United States has no problem in ‘paying it off’.

One way this ‘deficit’ could ‘go away’ would be for US exporters to sell $16.8 trillion more in goods abroad than Americans import from abroad.

Another would be for foreigners to use their dollar balances to buy non-financial assets in the United States, like real estate.

Still another way, would be for Congress to engage in deficit spending to a degree that the dollar inflates and becomes worthless.

The Obama administration may be moving towards the last alternative.

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2011-08-12 16:03