Barney Frank Just Can't Help Himself

Don't worry, Uncle Frank is on the case. (pic via WSJ)

Barney Frank's Double Indemnity - WSJ.com: "Barney Frank's track record as a financial analyst is, shall we say, mixed. The House Financial Services Chairman said for years that a collapse of Fannie Mae and Freddie Mac would pose zero risk to taxpayers. For most people, a mistake of that magnitude would trigger introspection, if not humility. But not the sage of Massachusetts. He's cooking up another fantastic subsidy -- and like the last one, he swears taxpayers won't feel a thing. In his words, 'it would cost the federal government zero.' Uh oh.
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One Fannie Mae debacle ought to be enough for any career, but Mr. Frank wants taxpayers to double down on his political guarantees. There are currently some $1.7 trillion in municipal bonds held by the public, and Barney thinks we can insure them at 'zero cost.' Considering the source, and the potential size of the bill, someone in Congress needs to sound the alarm."