Remember back in March when Congress had the brilliant idea to retroactively tax bonuses paid out by bailed out insurer American International Group (AIG)? The House voted 328 to 93 for the 90-percent tax on the $165 million in bonuses, but it later died in the Senate.
Steve Moore, a member of The Wall Street Journal's editorial board, explained on CNBC's May 13 "Street Signs" that the punitive retroactive tax was just a distraction to divert attention away from the culpability of Sen. Chris Dodd, D-Conn., and Rep. Barney Frank, D-Mass., for the current financial crisis.
"Remember, Barney Frank was one of the guys right at the center of the financial crisis," Moore said. "I think he had a lot of the blame of this lays at his foot. He said roll the dice on Fanny and Freddie. So the point is I think that these Democrats are trying to redirect the populist storm against members of Congress like Chris Dodd and Barney Frank towards executives. So, I'm not so sure he didn't want that to pass as a way of deflecting criticism."
"Street Signs" host Erin Burnett told Moore that was "a pretty incredible statement," but conceded Moore had a good point when he pointed out Barney Frank's ties to Fannie Mae and Freddie Mac.
"I mean, look at the record," Moore said. "He was coming under a lot of heat for his involvement in giving a blank check to Fannie and Freddie, which now have required $400 billion of taxpayer bailout money."
Editor at Large
Comments Policy
Barney Frank - a study in contrasting views..
May 13, 2009 - 17:26 ET by Gary HallBarney Frank - a study in contrasting views.. also commonly referred to as blantent hypocracy:
Just imagine how educated, and powerful, the American public could become, if the national news would put Rep. Frank on, play the two clips - then just look him square in the eyes and tell him to get out of town.
jus dreaming.. (;~> gary
What is sadder still, slobbering Bawney has set things up...
May 13, 2009 - 19:09 ET by R D Helm...so that it will happen all over again.
-Dave
America has gone totally insane
Disappointing
May 13, 2009 - 19:09 ET by stratmanErin Burnett playing dumb to keep her job.
What Steve Moore said was plain obvious.
I understand why the Dems have not called for a commission to study the particulars of this economic debacle. What I don't understand is why no Republican has been screaming for an investigation.
Surely there is ONE Republican clean enough to be the beacon in this storm.
strat,
May 13, 2009 - 19:12 ET by R D HelmYou mean, there are actually republicans up in Washington?
LOL-Could have fooled me.
-Dave
America has gone totally insane
Too much to ask, huh? How
May 13, 2009 - 19:35 ET by stratmanToo much to ask, huh?
How about one guy with a gigantic ego wanting to play hero?
Beuhler? Anyone?
Disappointing, strat, but a nobrainer...
May 13, 2009 - 19:28 ET by JerThe Dems and Repubs are smart enough to realize that a really thorough investigation could ignite a firestorm engulfing BOTH of their houses. Too many on each side of the aisle would be carted away in body bags.
Jer
Good
May 13, 2009 - 19:37 ET by general companyLet them burn, I want ALL the crooks gone, and jailed preferably.
My Gov. thinks I am dangerous, so be careful
"Television is a freak show" Bernie Goldberg
So True
May 13, 2009 - 19:54 ET by stratmanGroupthink is part of the problem.
Ego another.
Money involved as well.
All it takes is one blacksheep to stray from the flock to find either greener pastures (career maker) or the wolves (career ender).
Where's Zell Miller when you need him?
Being from Massachusetts, a
May 13, 2009 - 19:29 ET by capeindieBeing from Massachusetts, a State I can honestly say I just do not recognize anymore...talk about isolation...and run by the prodigy of "the one"...I am trying to do what I can to make sure Bawney Fwank is exposed for the lying hypocrite he is.
"Cape Locum Fac Vestigium"
jessieH I knew
May 13, 2009 - 19:51 ET by jessieHjessieH I knew it. Smoke & mirrors. Barney & Chris are the reasons we are in this mess. They need to be removed from office untill a review board can decide if the charges are true.
how is this guy supposed to regulate the same guy
May 13, 2009 - 21:17 ET by puredmashiehe woke up next to earlier that morning? someone please answer me that.
swing hard in case you hit it.
jessieH
May 13, 2009 - 19:53 ET by jessieHjessieH NO ONE IS ABOVE THE LAW.
How do we get the message out.
May 14, 2009 - 06:53 ET by PoolPlayerChris Dodd gets a 3% loan when the going rate was 6% is equivalent to at least a 6 figure cash kickback. MSM barely mentions it.
Barney Frank has a boyfriend who is running a prostitution business out of his house. MSM cares more about Larry Craig's foot tap in a public restroom.
These two fine gentlemen are more responsible for the current economic crisis than any other 2 people. Their job was to protect the system but they pursued policies via Fannie and Freddie to protect their positions and threw the system under the bus. MSM demonizes banks, CEO's, executives, etc.
How can we get around the MSM so that the larger public sees these people for what they are? I feel as though I'm just venting to an already informed group.
--Frustrated Player
Chris and Barney will pay-maybe not today but one day
May 14, 2009 - 07:48 ET by JIMMY1660once found out, all benfits and pension should be removed. and then prison in Leavenworth.
BHO- the one term DIMOCRAT