Watch Barney Frank Crush Scott Garrett!!!

by: Nick Lento

Tue Jul 15, 2008 at 05:24:46 PM EDT

Last night's News Hour was an exception.  

The discussion led by Ray Suarez came around to a mini debate with Barney Frank on one side and "our own" Scott Garrett on the other.

Putting aside, for the moment, any of the substance of the topic it was quite amusing to see Garrett get rhetorically/intellectually gutted by Frank.

I just loved seeing Scotty squirm and grimace and actually be reduced to  nervously twiddling his thumbs as Barney's blarney blasted him away!!!   I wish I could embed it on site but you'll have to click here and then hit "streaming video" to see for yourself.

Meanwhile, we the taxpayers will be footing the bill for the bulk of the "sub prime mortgage" bail out money that will go to keeping entities that are "too big too fail" afloat.  This "milk" has been spilt; but we need severe regulations to prevent these kinds of speculative bubbles (read rip offs and scams) from soaking us again.

The whole concept of privatizing profits and socializing losses is legalized theft....and it's always the ordinary American middle class taxpayer that gets shafted in the end.

Here's one interesting exchange,

REP. SCOTT GARRETT: Well, then I hope the chairman will join me, then, in order to get -- we realize we have a problem here right now, that if we passed in the past, with just a world-class regulator without the extraneous materials, so let's do that right...

REP. BARNEY FRANK: Once again, your history is bad, because the Senate passed the bill. We're not in it -- we're not bogged down. We're ready to pass it.

You're probably going to vote against it, because you don't like the low-income housing trust fund, because you don't want to help us build low-income housing. The fact is, is that the Senate passed the bill and it's about to go to the president's desk. We don't need to strip out low-income housing.