An IBD editorial excoriates Rep. Barney Frank and his fellow politicians, who are agitating for more control over the engines of capital in a bid to “save” them.
Frank, one of the chief architects of the housing mess that’s brought us so low, isn’t satisfied merely with pretending he and his Democratic pals aren’t to blame for all this. No, exploiting voter anger over the now-infamous AIG bonuses, he also wants to dictate to American capitalism what it can earn and what it can’t.
This is the kind of thing that normally happens in Third World countries ruled by tinhorn dictators, or in fascist states, where the democratic rule of law has collapsed. Not the U.S.
Yet, that’s where we find ourselves today, isn’t it? Democrats in Congress, who steadfastly rejected virtually all efforts to reform Fannie Mae and Freddie Mac as they went on the wildest, most irresponsible lending binge in the history of finance, now pose themselves as the saviors of fallen capitalism.
The hypocrisy is nothing short of stunning.