RUSH: It’s getting tougher and tougher and tougher to understand Barney Frank, and you will hear what I mean in mere moments. He was on CNBC’s Power Lunch. The cohost, Michelle Caruso-Cabrera. She said to Barney Frank, ‘Will (this bill that you and Dodd just worked up here) prevent a future crisis?’
FRANK: It will make it wery, wery unlikely that we will have the same kind of crisis. There may be something new and different. But you could not have an AIG th’situation, for example. One of the most important things we did is to change the whole set of rules that made the bad loans. Bad loans were at the heart of this. We had very th’specific restrictions on bad subprime loans. We don’t allow them. There will be no more AIGs being kept alive. Any institution that gets to the point where it can’t pay its debts and the government has to step in will die, and we will then have to deal with the consequen’thces but with funds that will be raised not from taxpayers, but from a’thessments from financial institutions.
RUSH: But they don’t have any money by definition! We’re gonna bail out banks? That’s another lying, stinking portion of this bill. We’re going to bail out financial institutions ’cause they’re going to put the money in the tank. Well, where do they get their money? They don’t print it. It’s all consumer money invested, whatever. But the gall of this guy! This was a problem book he created, and now he’s blaming it on AIG and he’s pretending he fixed the crisis that he created. It is outrageous. He says here (doing impression), ‘There may be something new and different. We have a whole set of rules to stop bad loans! They were the heart of it.’ Yeah, the bad loans were the heart of it, and you demanded the bad loans be made! (sigh) One time. I know some of you are driven crazy by this. I’m not. I’m host. I like it. We’re gonna play it.
(Banking Queen parody song to the tune of Abba’s Dancing Queen)
RUSH: I actually think half the people claiming they don’t like it actually do like it. They’re just be contrarian, trying to control the program. Barney Frank, no doubt now, the Banking Queen.
(Banking Queen song continues)
RUSH: Oh, yeah, you remember this, long-timers. It’s the original Barney Frank update theme, Millie Small, and My Boy Lollipop.
(My Boy Lollipop song)
RUSH: (Barney Frank impression) One of… one of the most important things we did is there will be no more, no more subprime loans. But there will be lots of this.
RUSH: (slurping sounds)
RUSH: Oh, all the way back to my… Well, what is it? Not childhood. What’s the next stage after childhood? Adolescence. No, no, no, not pubescence. Adolescence.
RUSH: (slurping sounds)
(song plays out)