Barney Frank Says Economy Fundamentally Sound
Sep 19, 2008 Political
OK, he did not use those exact words but he did basically say that even with this turmoil the place to invest is the United States.
There are good sovereign wealth funds and bad sovereign wealth funds because there are bad and good countries. They’re buying because of the security in the United States. Even with volatility this is still a place people want to put their money. This is a very stable democracy with a fundamental economy which has been damaged now but which we expect to come back. Rush Limbaugh
First thing to know is that I do not cite Frank as an expert or because I agree with him (though I think this turmoil presents great buying opportunities). He is certainly no genius when it comes to this crisis. This was the guy who, in 2003, said that there were no problems with Fannie and Freddie. He said this as President Bush was trying to impose tighter control over these entities. We see where Frank’s expert opinion got us.
No, I cite this because Barack Obama has been all over John McCain for saying that our economy is fundamentally sound and Frank is alluding to the very same thing. Notice that Obama is not jumping all over Frank (ahem).
The Democrats own this mess. They are the ones responsible and they ignored George Bush and later John McCain when they raised concerns. We need to keep force feeding this to the public because they all believe that this is the fault of George Bush. It is obvious that Democrats did not want the tighter controls because they benefited from cozy relationships with the heads of these entities.
Tags: barney frank, economy, Obama, sound