HR 4173 – Barney Frank Continues to Bail Out Banks – Files It Under Consumer Protection - Frank is up for Reelection in 2010

Hr 4173, a bill devised by Barney Frank, and introduced on December 2nd, 2009 referred to the Financial Services Committee (along with several other Committees by Speaker, Nancy Pelosi, is, in essence, yet another bail out of the Big banks.
Suggested reading: An article by David Reilly of Bloomberg entitled: “Bankers Get $4 Trillion Gift From Barney Frank”

Reilly pointed out several concerns, chief amongst them:

Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.

In addition, the bailout of Frank’s pet projects, Fannie Mae and Freddie Mac, resulted in yet another loss for taxpayers – an estimated $400 Billion. Article Here also at Bloomberg

Although Frank’s seat is considered “safe” (the norm for Massachusetts entrenched politicians), internal polling from one opposition campaign, showed a 30% approval rate for Frank in the 4th district. That said, even though logic dictates that Frank would not be returning to Congress in 2011, that is not always the case with Massachusetts politicians. Frank is facing opposition from Earl Sholley (website here) who ran against Frank in 2008, garnering approximately 30% of the vote. Sholley had entered the race late in 08 and has a solid campaign together going into 2010. Sholley, a conservative, is running as a Republican. Keith Messina (website here) is also running as a Republican. Messinna has never run for elected office. Frank also faces Democrat Rachel Brownwebsite here. It is evident that Frank is inspiring people in Massachusetts and his district - to run for his seat.

However, should sister Pelosi, lose her majority (looking more probable by the day), (and/or John Dennis wins in San Francisco, where Nancy does not enjoy great popularity (John Dennis for Congress) Frank would be downgraded to less lofty position (or one from which he can no longer destroy the economy). That said, retirement would be preferable, as he would no longer be eligible to get his hands on the taxpayers pocketbooks.

Obama – Poll – A Meager 24% Strongly Approve of Presidents Performance – The import of 2010 Congressional internal polls – why the GOP May be Gleeful.

Somethings Up - image reeks of science

Rasmussen’s”Daily Presidential Tracking Report” now has the Presidents overall job approval rating of 44% - or at “least 44% of the respondent “somewhat approve” of his performance. The worrisome number is the 42% who strongly disapprove, with a total “somewhat disapproving” at 55% - these are some of the lowest poll numbers to date.

Those numbers are roughly falling into line with former President George W. Bush, at a time when those who were on the campaign trail (challengers and incumbents alike), did their best to avoid the President – polls can and do paint a toxic picture (depending upon interpretation) of the state of any political challenge.

One has to assume that by the mid-year 2010, should these numbers not improve, those incumbent Democrats who are facing jubilant Conservative or Republican candidates, may not wish to include the President on the campaign Trail. Early indicators of results; Virginia and New Jersey, where the President, Vice President and anyone with high administration credentials spent a good deal of time attempting to rally the troops – with the end result of two significant losses. Special elections held at the same time were hardly blow-outs for the DNC, with margins well below what they should have been given the Democrat registration in California’s 10th. The New York 23rd was a circus, with the Republican pulling out days before the election and endorsing the Democrat over the Conservative Party candidate. That Republican still received votes, perhaps not enough to have pushed a decision in favor of the Conservative, but the results were so close, it was definitely no mandate.

In races across the country, in places known best for being firmly in Democrat hands, challengers have risen out of the Republican so-called “ashes” to take on some of the highest profile Democrats available. These Republican/Conservative challengers are coming to a "knife fight with a gun", tech savvy and ready – and yet, somehow, all seats are considered “safe” Democrat (most media).

In Massachusetts, the Special Senate Election sees Martha Coakley, the Democrat frontrunner, doing her best to frustrate the debate process – going too far as to make a tactical (depending upon point of view) error of asking to include the Libertarian Candidate. The theory being bandied about – Internal polls show Brown, the Republican, more than capable of taking that seat.

Over in the 4th Congressional District, Barney Frank has been raising funds and spending a good deal of time in his district. Frank is facing multiple challengers for his seat; both from Republicans and Democrats. One campaign sees a somewhat lackluster Republican challenger strangely optimistic – it has been rumored that even several Democrats volunteered to help in their internal polling - Apparently, Frank’s seat, besides his war chest and his visits to the 4th, is not particularly “Safe”.

Hampden’s second, where an almost invisible Richard Neal (D) faces an interesting candidate in Northampton Doctor, Jay Fleitman. Flietman is also upbeat – which is not the norm for the Massachusetts Republican. The norm has been, last minute candidates, entering late and finishing last.

Unless a miracle occurs in both Nevada and Connecticut, both Harry Reid and Chris Dodd, will be retired in 2010. Regardless of what candidate either man faces, they are being outpolled. Polls from these particular races, among others, can be found combined at Real Clear Politics where the red so far outnumbers the blue on the plus side, that it has Biblical overtones. (Speaking of which: See James Dobson Focus on the Family plan for 2010 – 2012 here You Tube Video 2007)

What of the Speaker, Ms. Pelosi? Yes, Virginia, there is trouble in San Francisco – although this race has been kept (so far) off the radar, a challenger to Nancy Pelosi, has risen from the Bay Area, one very confident, Republican, John Dennis.

2010 the year of Show me the Money

Enter the much dismissed and despised by Washington; those “Tea Party” and “9-12” groups. These particular groups are not only vocal but raising money hand or fist to support candidates based mainly on economic issues – or those who aren’t fond of increasing the federal debt and taxing the people to the third and fourth generation. Additionally, they are not trained activists, union members bussed to an event, but the rank and file voter – your neighbor, your aunt, the guy next door – who simply has had enough – which makes them a bit more formidable than one would assume. A recent article in Politico tells the story Conservatives Grab For Tea Party Cash Those conservative (some Republican, some Independent candidates - see Hoffman in the NY 23rd) are looking at additional funding – between both major parties, and the PACS (let us not forget Emily’s List and Move-on.org, the SEIU and the Federal Employees Unions who are raising money hand over fist (the unions on the backs of its employees) it is estimated that spending on political ads will rival that of 2008.

The question that must be asked, however, is how much money does it take to win or lose an election, especially if the voters have had enough?

Polls at this point, it should be noted, are used more for strategy by competing camps rather than as a voter’s guideline – those will come later in the year: for example should Reid and Dodd, still be trailing by double digits in September - then a new House may be in order. Both Pelosi and Frank, who have had remarkably easy re-election campaigns in the past, may be in for the ride of their political careers. Although, again, too early to call anything, should one see the President’s numbers remain the same through summer 2010, and the aforementioned avoiding him like the political plague, and then end up losing to Conservatives (again draw a distinction), the handwriting will be on the wall – for 2012.

Barney Frank – MSNBC The Ed Show Trancript “We Are Trying On Every Front To Increase Government in the Regulatory Area” - Frank's 2010 Opposition

A video surfaced yesterday from an MSNBC program via Real Clear Politics - in the video Ralph Nader and Barney Frank, Massachusetts 4th District U.S. Representative, have a back and forth on the regulation of derivatives. Simply put, a derivative,

“Derivatives are financial products, such as futures contracts, options, and mortgage-backed securities. Most of derivatives' value is based on the value of an underlying security, commodity, or other financial instrument.
For example, the changing value of a crude oil futures contract depends primarily on the upward or downward movement of oil prices.
An equity option's value is determined by the relationship between its strike price and the value of the underlying stock, the time until expiration, and the stock's volatility.
Certain investors, called hedgers, are interested in the underlying instrument. For example, a baking company might buy wheat futures to help estimate the cost of producing its bread in the months to come.
Other investors, called speculators, are concerned with the profit to be made by buying and selling the contract at the most opportune time. Listed derivatives are traded on organized exchanges or markets. Other derivatives are traded over-the-counter (OTC) and in private transactions.”

Nader speaks to Frank about his role in the deregulation of mortgage securities, (Fannie Mae, Freddie Mac), and goes on to blast him for his support of a bill that allows exceptions on categories of these derivatives.

This is an abridged transcript (given Rep. Frank’s “unique style of speaking”):

Nader: “In 2000 you voted for a bill that continued the deregulation of the burgeoning derivative racket and now he’s supporting a bill that has a huge loophole in terms of exempting trillions of dollars in certain categories of derivatives, and he hasn’t (interruption from Frank) he didn’t support a categorical ban on the use of derivatives”

Frank: Well first off all Ralph - (*insults)
“I had overwhelming Republican opposition to any regulation of derivatives and some democrats - we fought hard for it – we are establishing a great framework for the regulation of derivatives – we are moving forward in that ad we’ve done as much as we can politically - the fact is we had a political situation – the real irony – the right wing took control of government and ruined it they gave it a bad reputation and now that “we are trying on every front in to increase the role of government in regulatory area”, we run into this public opinion that says hey, those are the guys that screwed up Katrina so the frustration is that they are benefiting from their own (word could be) incompetence.”

“We are trying on every front to increase the role of government in the regulatory area”

One comment appeared on Real Clear Politics that sums that statement up nicely: “Power deludes and absolute power deludes absolutely.

The Bill over which Ralph and Frank were arguing:
An article explaining the bill which passed the House, from DSNews, (here) goes into some depth explaining how the bill is “watered-down”, and goes into the exceptions referred to by Nader.

Barney Frank, whose memory is on any given day, either selectively partisan, selectively self-serving, has not acknowledged at any time, that there was opposition to his continued support for continuing deregulation, he is also holding fast to partisan speak – 2010 is an election year, and Frank does face opposition in his district.

Barney Frank on the Campaign Trail (since 1972) Faces Opposition from one Conservative – Earl Sholley and one “Republican”, Keith Messina. Messina, who originally began his campaign as an Independent, has since jumped onto the “Republican” label. Messina however, is not a conservative. (Shades of the New York 23rd!)

Frank has decided to take his campaign online: In a recent series of videos, Frank answers questions on issues that were presented through the blog Reddit.com In Frank “speak” – one of the 5 videos are featured below – the balance are on YouTube here From why the Lesbian and Gay Community should not bother with protests, to why the Democrat Controlled Congress with a like minded President have not made good on their campaign promises, Frank goes into detail to “explain”.




Frank faces opposition in the 4th District from Earl Sholley, a conservative populist candidate running as a Republican. Sholley has his own campaign videos on YouTube, which appear to speak in plain language, about common sense solutions, and without partisan diatribe.



Keith Messina , a newly minted Republican candidate for the 4th Congressional district, has a video below. In a recent article from the Boston Globe, Mr. Messina “promised a fresh perspective” and went on to say that he “supports federal recognition of same-sex marriage.”



Since 1972 Barney Frank has developed a left-of-center reputation and been responsible for legislation and oversight that has not only impacted his own district, but the entire nation. The voters in the 4th district have choices - (see above), there is simply no excuse for those in the 4th to continue to impose this brand of politician on the rest of the country. Those outside the state of Massachusetts are encouraged to donate to the opposition cadidate of your choice. Research is suggested.

Barney Frank (D-MA) to Hold Massachusetts 4th District Town Hall Meeting – Dartmouth, August 18, 2009 – Rumors of Frank’s Retirement Race Through MA

Barney Frank to discuss Health Care Reform, 8-19, Dartmouth, MA - image: blog - sltrib.com

Addendum: Contrary to Anonymous Comment posters This meeting is confirmed and Open to the Public.

Barney Frank (D-MA) will hold a “Town Hall” meeting on Health Care Reform, in Dartmouth, MA on August 18th. The meeting has been moved to the Dartmouth Council on Aging, 628 Dartmouth Street, Dartmouth, taking place from 6:30 to 9:30 pm. Frank, who is a proponent of the Obama Administration’s Health Care Reform program, will be available to take questions from his constituents; it is expected to be a very well attended meeting.

Frank, who has yet to confirm his intent to run for a another term in the 4th district, is rumored to be retiring in order to concentrate on a run at the Senate. The seat in question is Kennedy’s, who will be up for re-election in 2012, and, with Kennedy Legacy a larger part of the DNC, it is more than likely that a Kennedy will attempt to run for the seat, which would push Frank into retirement. The rumors are based on a new book that is due to release in October, an over-the-top glowing review of Frank’s political career, being published by UMass University Press. A quick read of the advance copy gives one the impression that this is more “Fiction” than fact - and one can make a fairly safe prediction that this Title will not make the New York Times Best Seller List. A Massachusetts political insider suggests that Frank will use this book as a springboard for his campaign for the soon to be vacant Kennedy Senate Seat. The speculation may have come from a Boston Globe article in 2004, where Frank spoke about positioning for a Senate Seat – Kerry’s. Had Kerry won the Presidency, then Frank had intended to run for the Senate.

That said, 8 years later, the same may not apply, and Frank may not have the political clout to go up against a brand as solid as “Kennedy”, specifically when Democrats in Massachusetts refer to Frank as the “DNC’s Sarah Palin”.

Frank faces opposition in the 4th in 2010 from several candidates: Earl Sholley Republican candidate, Keith Messina (No Party Designation) and Herb Robinson, Democrat (no website). Of (those candidates who have filed with the FEC – Sholley, a populist, Conservative Republican, leads in contributions – source: FEC filing as of June 30, 2009). Should Frank indeed be retiring, it will be interesting to see who comes out of the woodwork to file before the June, 2010 Deadline (Major Party candidates). The major party and independent candidates will face a primary in September, with the general election in November, 2010.

It will, therefore, be interesting to see how Barney Frank, best known for his relationship with Freddie and Fannie, mortgages, on-line gambling, and the like, will handle this particular Town Hall meeting. One the one hand, if Frank is positioning himself for a Senate Run, (somewhat unlikely and unconfirmed), he may cut back the rhetoric and try to appear more moderate in order to attract the majority of voters in the state who are designated as unenrolled), if he intends to run, once again, for his Congressional Seat or if he indeed intends to retire, expect vintage Frank. In either event, this meeting should prove to be both enlightening and entertaining.