Barney Frank Calls for ''More Spending, A Return to Keynesianism"

[marinejcksn]

LINK

CNBC EXCLUSIVE: CNBC TRANSCRIPT: CNBC'S MARIA BARTIROMO INTERVIEWS REP. BARNEY FRANK, ON CNBC'S "CLOSING BELL" TODAY

*snip*

BARTIROMO: A COUPLE OF POINTS I WANT TO GET TO, REPRESENTATIVE FRANK. NUMBER ONE, SECOND STIMULUS PLAN, A LOT OF TALK THAT WE'RE GOING TO SEE A SECOND STIMULUS PLAN. BERNANKE SAID HE THINKS IT'S A GOOD IDEA. HOW MUCH IS NEEDED AND ARE YOU PROPOSING THAT?

FRANK: SPEAKER PELOSI HAS BEEN OUT FRONT AS SHE WAS IN DECEMBER. AS SHE IS TODAY WITH A GROUP OF CONGRESSMEN THAT WE MET WITH. I WAS VERY PLEASED TO SEE BEN BERNANKE SAY THAT. I REALLY APPRECIATE HIS FEXIBILITY AND HIS PRAGMATISM. I THINK YOU'VE GOT TO BE TALKING UPWARDS OF 1% OF GDP, WHICH IS MORE THAN $150 BILLION.

BARTIROMO: A LOT OF THINGS TO PAY FOR HERE. AND THIS SECOND STIMULUS IS BEING TALKED ABOUT AT $300 BILLION. IF IN FACT WE WERE TO SEE SOMETHING LIKE THAT MOVE FORWARD, ARE YOU GOING TO ENCOURAGE SENATOR OBAMA AND SENATOR McCAIN TO CHANGE THEIR TAX AND SPENDING PLANS IN ORDER TO PAY FOR ALL OF THIS?

FRANK: WELL, I DO THINK IN THIS CASE, LET ME TELL YOU, MY ENCOURAGING WILL PROBABLY HAVE MORE IMPACT ON SENATOR OBAMA THAN SENATOR McCAIN.

BARTIROMO: SO DO YOU WANT TO ENCOURAGE HIM TO PULL HIS SPENDING PLAN?

FRANK: I THINK AT THIS POINT, THERE NEEDS TO BE A FOCUS ON AN IMMEDIATE INCREASE IN SPENDING AND I THINK THIS IS A TIME WHEN DEFICIT FEAR HAS TO TAKE A SECOND SEAT. I DO THINK THIS IS A TIME FOR A VERY IMPORTANT KIND OF DOSE OF CHANGE. YES I BELIEVE LATER ON THERE SHOULD BE TAX INCREASES. SPEAKING PERSONALLY, I THINK THERE ARE A LOT OF RICH PEOPLE OUT THERE WHOM WE CAN TAX AT A POINT DOWN THE ROAD AND RECOVER SOME OF THIS MONEY. BUT I DO THINK RIGHT NOW, IF WE DO NOT DO THIS KIND OF STIMULUS, THE DEFICIT WILL GET EVEN WORSE THAN IF WE DO IT. BECAUSE THE RESULTING LACK OF ECONOMIC ACTIVITY WILL CAUSE A LOSS IN TAX REVENUES THAT WILL SERIOUSLY DAMAGE US.

The part where it says, "A very important kind of dose of Change" he's actually saying "A very important kind of dose of Keynesianism, you can clearly hear it in the video.

What...a...moron.

[marinejcksn]

Does this idiot even understand capitalist economics? Well he obviously doesn't because he wants Keynesianism. Seriously, we've had over a TRILLION dollars in spending in the last 2-3 months alone. We BORROWED the 150 billion from China for the 1st stimulus package, where does this asshole think we'll get another 150-300 billion? Print it out of thin air?

So....you're spending yourself into oblivion. You've maxed out every credit card, drained your savings, cashed in your 401K......time to go SHOPPING!? :eek: What a doofus.

[lacarnut]

Barney Fag Frank does not know his ass from the hole in the ground about economics. Spend today and worry about tomorrow needs to stop; government needs to lead by example so that it's citizens will follow suit. The type of increased spending by the government that Barney and O are proposing will lead us into a deeper recession and maybe a depression. If the Democratic gain 6 or 7 Senate seats totaling 60 or more, the Repubs will be unable to block/filibuster any radical spending, cutting the military, increasing taxes, etc. bills that the radicals desire.

[SaintLouieWoman]

Barney Fag Frank does not know his ass from the hole in the ground about economics. Spend today and worry about tomorrow needs to stop; government needs to lead by example so that it's citizens will follow suit. The type of increased spending by the government that Barney and O are proposing will lead us into a deeper recession and maybe a depression. If the Democratic gain 6 or 7 Senate seats totaling 60 or more, the Repubs will be unable to block/filibuster any radical spending, cutting the military, increasing taxes, etc. bills that the radicals desire.

What does he know about, other than covering for his Fannie and Freddie buddies?
Glen Beck had a hilarious bit on Barney today, down to the spitting sounds.

[super king]

Barney Fag Frank does not know his ass from the hole in the ground about economics. Spend today and worry about tomorrow needs to stop; government needs to lead by example so that it's citizens will follow suit. The type of increased spending by the government that Barney and O are proposing will lead us into a deeper recession and maybe a depression. If the Democratic gain 6 or 7 Senate seats totaling 60 or more, the Repubs will be unable to block/filibuster any radical spending, cutting the military, increasing taxes, etc. bills that the radicals desire.

I wonder which administrations in the last 28 years have run up the largest deficits?

[marinejcksn]

What does he know about, other than covering for his Fannie and Freddie buddies?
Glen Beck had a hilarious bit on Barney today, down to the spitting sounds.

The Great One slammed him hard on yesterday's show....he actually sounds a lot like Daffy Duck.:D

[lacarnut]

I wonder which administrations in the last 28 years have run up the largest deficits?

Barney Fag and the Democratic Senate could have stopped or fillibustered any spending bill in the last 8 years. They chose not to. The bail out plan was loaded up with millions of extra pork. Both parties are spend freaks.The President can not spend a dime unless Congress passes legislation authorizing expenditures.

BTW, you do not have to wonder anymore. I just explained to you!

[super king]

Barney Fag and the Democratic Senate could have stopped or fillibustered any spending bill in the last 8 years. They chose not to. The bail out plan was loaded up with millions of extra pork. Both parties are spend freaks.The President can not spend a dime unless Congress passes legislation authorizing expenditures.

BTW, you do not have to wonder anymore. I just explained to you!

It's a tough situation, though, when most budget legislation is tied to war money. When you vote no you get called a traitor who doesn't support the troops.

At least we agree they are both complicit.

[lacarnut]

It's a tough situation, though, when most budget legislation is tied to war money. When you vote no you get called a traitor who doesn't support the troops.

At least we agree they are both complicit.

If Obama is elected, I will bet you dollars to donuts that the deficit will escalate over 50% in only 4 years.

[super king]

If Obama is elected, I will bet you dollars to donuts that the deficit will escalate over 50% in only 4 years.

I'll take that bet if you allow adjusting for inflation.