Rep. Frank: "I Can Blame Republicans" For Financial Disaster
Rep. Barney Frank (D-MA) said he can "blame Republicans" for the current financial disaster. The transcript is available below.
CNBC: You have a long storied career you're more well read on financial [inaudible] than most people on the Hill. do you look back on your career and maybe at some moments in introspective candor and ask yourself, why are we always so late to the game as regulators? I mean, whether it's the S&L crisis or the stock research scandals of 10 years ago. You clearly could have seen it in '05 and '06.
FRANK: I did see it in '05 and '06.
CNBC: Why didn't you say anything then?
FRANK: I did, but the Republicans were in control.
CNBC: You can't blame the Republicans, that's like shouting fire in a crowded movie theater.
FRANK: You cannot ask me a question and interrupt me every three sentences. I can blame the Republicans, in 2005, the committee on which I served, the Financial Services committee those of us in the minority, several congressman from North Carolina and myself oppose the bill to restrict subprime lending and rejected by the Republican majority. Rep. Delay said not to do it.
