Brian Brady brings us news from Capitol Hill, where Barney Frank has introduced legislation aimed at preventing another subprime meltdown.
It's your standard federal intervention -- locking the barn door after the horses have run off. But because Representative Frank has never worked outside of government in his life, it's worse than the usual nonsense. As is usually the case for politicians who have no business world experience, Frank puts all of the blame on "Wall Street fatcats" and (because let's face it, they're easy targets) mortgage brokers.
It's a bill that would neither help the borrowers or mend the actual problems that caused the meltdown in the first place. (I would say that this is a case of destroying the village in order to save it, but the problem is that no one ever actually said that.)
After you're done reading Brian's article, find your Congressional contacts and place a phone call asking him or her to work on defeating HB 3915. In your call to the staffer, be sure to ask for a written reply.
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