Wednesday, June 16, 2010
A Complicated Mathematical Equation For Congress
The Congress of the United States should be a reality TV show. No, not C-SPAN, I mean an 8 o'clock time slot on Thursday nights with the other comedy shows. Only Congress would be a comedy/reality TV show with questions coming from the audience. The ratings would go through the roof and the network that would pick them up would makes millions from this show. In fact, I am sure that BP would want a piece of the action as a major sponsor. I am sure a few Wall Street banks would no doubt want to advertise their financial products during a comedy show featuring the likes of Barney Frank.
The first episode would deal with the Credit Rating Agencies. Barney Frank thinks we need to have a commission look into the conflict of interest that exists between the Credit Rating Agencies and the investment bankers that pay them for rating the bond issues they underwrite. Al Franken, being new to Congress and possessing considerable comedic skills himself doesn't see a need to "study" this issue of a conflict of interest.
This conflict of interest is so easy to understand, even a caveman can see it. But, unfortunately, Barney Frank has so much shit in his mouth, he can't think straight or see it.
I have been writing about this conflict of interest between the Credit Rating Agencies and the investment banker underwriters of mortgage-backed bonds for so long, and yet the Congress acts like this is some kind of complicated mathematical equation. Well, it is a complicated mathematical equation because we have to first figure out how to get the members of congress to get their campaign contributions and at the same time vote for what is best for the majority of Americans. Congress's self interest verse the interests of the people is always a complicated mathematical equation.