Tuesday, November 29, 2011

Frank giving way to rough Waters

Massachusetts Democrat Barney Frank will not seek reelection for his seat in the US House. First elected in 1980, Frank reached the pinnacle of his power in Congress when he became the Chair of the House Financial Services Committee when the Democrats regained a majority in 2006. Frank's friendly relationship with Freddie Mac and Fannie Mae (which were responsible for pumping up the housing bubble) and his partnering with Sen. Chris Dodd on the Dodd–Frank Wall Street Reform and Consumer Protection Act has caused great harm to America's financial standing.

But just as I was rejoicing in Frank's imminent departure, I learned of who will likely take his place as lead Democrat on the Financial Service Committee --- California Congresswoman Maxine Waters. Yes, that Maxine Waters, who once threatened to "tax banks out of business" as well as betrayed her true feelings regarding her socialistic tendencies.

If Republicans are smart, they'll use those two soundbites to remind people what may happen if Democrats ever regain control of the House while Waters is still around.

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