Saturday, October 18, 2008

Confronting Barney

By Bill O'Reilly for
Thursday, October 9, 2008

One of the things lacking in the second presidential debate this week was anger. With the economy brutalizing millions of Americans, I expected both candidates to be furious that, once again, the government failed to warn us about impending disaster. Before the 9/11 attack few Americans had ever heard of al Qaeda even though Presidents Clinton and Bush certainly knew of the growing danger the group posed. Now, there's compelling evidence that the feds stonewalled the present economic chaos. So why aren't McCain and Obama livid about it?

It is not hard to understand why Americans who work hard, obey the law and believe in the capitalistic system, are sick to their stomachs when they lose investment money through no fault of their own. Corrupt Wall Street greed heads and stupid, lazy federal overseers have combined to deliver one of the most punishing blows to regular folks in U.S. history.

So, again, why aren't Obama and McCain pounding the table?

Recently, I interviewed the Chairman of the House Finance Committee Barney Frank and it was quite a shootout. According to The Wall Street Journal, Investors Business Daily and my own research, Frank presided over the collapse of Fannie Mae and Freddie Mac with a casual disdain for the American investor.

In fact, last July, Frank went on television and said this:

"Fannie and Freddie are fundamentally sound, they are not in danger of going under. They're not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward."

Sure. Less than three months later Fannie Mae and Freddie Mac collapsed and even though he was in charge, Frank says he is not at fault. Of course, he blames Republicans.

After hearing that, I let Frank have it calling him a coward for not admitting any culpability. He then called me stupid. You get the picture.

Now, I remain furious with Barney Frank. To me, he epitomizes everything that is wrong with the federal government. He was incompetent in his oversight of the federal mortgage agencies and then when they folded, causing a chain reaction financial disaster for honest investors, he blamed other people.

Unacceptable and every elected official in Washington should feel the same way. This is not some political theory here, real people are getting badly hurt, lives are being dramatically affected. Those responsible need to be held to account.

But in the land of conventional politics anyone showing anger and passion is deemed to be "out of control." You must appear calm and cool in the face of any storm. Therefore, Obama and McCain showed little emotion about the terrible economic situation.

You know sometimes cool doesn't cut it, fellas. There is a time for anger.

And that time is now.

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