A Frank Friday Fuck You

I'd like to take this Friday to throw up the one-finger salute at Rep. Barney Frank (D-Moran) and Sen. Chris Dodd (D-Confused). I find, via the Wall Street Journal, both economically ignorant lowlifes are more than willing to pander to banks and idiots by helping bail out all the morons in the sub-prime meltdown. How much will it all cost you, lucky taxpayer?

In sum, Mr. Frank is volunteering U.S. taxpayers to insure $300 billion in mortgages with underwriting standards to be named later. Connecticut Senator Chris Dodd thinks $400 billion is more like it.

Are you fucking kidding me? Codicil number eleventy-billion to the Law of Unintended Consequences: if you subsidize behavior, you get more of that behavior. So let's subsidize piss-poor behavior on the part of banks and borrowers, and our problems will magically go away!

Not so much, actually. But hey, it'll get Frank and Dodd reelected! Isn't their continued leeching of the taxpayer the important thing? Even if it means creating a whole new class of taxpayer leech?

I've been sitting on this since yesterday and still can't control my rage enough to be terribly articulate about the problem. I just want to smack congresscritters on the nose with a rolled up newspaper and say "No! No! Bad, bad, economically illiterate congresscritter! No reelection for you until you pull your head out of your ass!"

I'm sure the 64 million homeowners who aren't defaulting on their mortgages appreciate knowing we're bailing out the stupid, feckless, and financially irresponsible. All those renters who didn't believe the hype and sign up for an ARM are probably real happy knowing they're going to bail out the greedy schmucks who underwrote all the shit mortgages.

Yeah, it's a good scene all the way around. I'm so glad I have elected representatives who understand the scope and nature of Congress's enumerated powers in addition to economics. Oh, wait! I don't! No wonder the mess is only going to get worse.