Posted by
Always To The Right on Tuesday, October 21, 2008 11:39:02 AM
Suddenly, with Barack Obama pitching almost a trillion dollars in
new spending, leading Democrats see nothing wrong with deficit
spending. Why? Because the rich will pay for it, silly! Barney Frank
explains that spending tons of money we don’t have now will be no
problem, because he knows where to get it:
I think at this point, there needs to be an immediate
increase in spending, and I think this is a time when deficit fear has
to take a second, uh, a second seat. I do think this is the time for a
very important kind of dose of [unintelligible]. Yes, I think later on,
there should be tax increases. Speaking personally, I think there are a
lot of rich people out there who we can tax at a point down the road to
recover some of this money.
Frank has a large amount of chutzpah to talk about recovering
money. Frank and his cohorts in Congress ensured that we lost the
money by blocking regulators from doing their jobs at Fannie Mae and
Freddie Mac. Frank himself kept telling us from 2001 to this year that
Fannie and Freddie were solvent and that there wouldn’t be a collapse —
and so we didn’t need to toughen oversight over their business
practices.