…”What does it mean when Boston banks start making many more loans to minorities?” I asked in this space in 1995. “Most likely, that they are knowingly approving risky loans in order to get the feds and the activists off their backs . . . When the coming wave of foreclosures rolls through the inner city, which of today’s self-congratulating bankers, politicians, and regulators plans to take the credit?”

Frank doesn’t. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that “these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.” When the White House warned of “systemic risk for our financial system” unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the “systemic risk” is apparent to all, Frank blithely declares: “The private sector got us into this mess.” Well, give the congressman points for gall.

Remember Bush’s No Child Left Behind?
More like No money left behind.

LOVELY WEATHER FOR A FREE RIDE TOGETER WITH YOU!

JUST HEAR MY POCKETS JINGLING
RING TING TINGLING TOO
COME ON! IT’S ONLY RIGHT
I GET THE BONUS I’M DUE!

OUTSIDE THE MARKETS FALLING
INVESTORS ARE BAWLING “BOO HOO”
COME ON! IT’S LOVELY WEATHER
WHAT ON EARTH IS THE MATTER WITH YOU?

JUST SMELL OLD WALL STREET BURNING
AS WE ARE COUNTING OUR LOOT
HOW IS YOUR 401K?
HEY! WHERE’S MY PARACHUTE?
(HA HA HA)

THERE’S A BAILOUT PARTY AT THE HOME OF A.I.G.!
IT’LL BE THE PERFECT ENDING
TO A SHAMELESS SPREE!
WE’LL BE SPENDING THE CASH
WE LOVE TO BLOW LIKE ALL THE CASH WE LOST
WITH A STRAIGHT FACE
AS WE WATCH THE MARKET DROP
DROP! DROP! DROP!

LET’S TAKE THE CASH
BEFORE US AND
HOARD A BILLION
OR TWO
OH IT’S LOVELY WEATHER
FOR A FREE RIDE TOGETHER WITH YOU. . .

…hey brother can you spare a dime?

Citibank $22,5 billion (74% down)
Morgan Stanley $10,5 billion (-72%)
Goldman Sachs $21 billion (-67%)
Merril Lynch $12,3 billion (-77%)
Deutsche Bank $13 billion (-71%)
Barclays $12,7 billion (-71%)
And still leave $8 billion change – with which you would be able to pick up General Motors, Ford, Chrysler and a whole lot of menudo.

Not too shabby!

Yea, I kinda’ blame Bush. Both Bush’s are notorious for letting fecal matter into the US economy.