Barney Frank: "No one in a democracy, unelected, should have $800 billion to spend as he sees fit."
Frank related a conversation held Tuesday with the Fed chairman in which Bernanke allegedly said "I have $800 billion" when Frank asked him if he had $85 billion available to help AIG.
"No one in a democracy, unelected, should have $800 billion to spend as he sees fit," Frank said.
And your point, Barney, would be?
As we prepare for this autumn’s election, the results are in on America’s 30-year experiment with radical economic deregulation. Income inequality has risen to levels not seen since the 1920s and the collapse of the unregulated portion of the mortgage and secondary markets threatens the health of the overall economy. ...
These two economic failures will be major issues in the forthcoming presidential election, and, importantly, there is an emerging Democratic consensus standing in sharp contrast to the laisser faire Republican approach. ...
I believe the American people will decide that we should enact policies that seek to curb growing inequality and provide some check on market excesses.
Back in January, too. Too bad Obama's Unity Pony shat all over that message, and now they have to scramble to catch up. It's not like they weren't warned.
It's the economy, stupid. Always has been.