Former Rep. Barney Frank (D-MA) proved during his appearance on NBC’s “Meet the Press” why not only did his constituents love him, but why so many in the working class in this country admire him as well. The panel on the long-running Sunday talk show was discussing the economy and its sluggish growth in many sectors. Rep. Frank is of course known as one of the authors of the Dodd-Frank Bill that was passed in response to the global economic meltdown.
The panel was discussing that 2008 meltdown as part of a five-year anniversary retrospective. Inevitably the conversation turned towards the fact that for all the damage they did, just how unaccountable banks, financial institutions, and the people who run them have been held accountable. That was CNBC host Maria Bartiromo’s cue of course to suck-up to the people she covers every day and who she relies on for interviews and news. “We need to get beyond the conversation of ‘Is Wall Street evil? Are the bankers evil and causing pain? And toward the conversation of how do you create sustainable economic growth. That will answer the issue of inequality. Because with growth, come jobs.”
It was after former treasury secretary Hank Paulson and Bartiromo were left gob smacked by Frank’s interruption of the Wall Street love-fest. “I do want to add one thing to your point about those poor, beleaguered bankers, who have been forced to do so much that they can’t lend money, “Barney started. Then, “If they really are running businesses that are so stressed that they can’t do their basic work, why are they paying themselves so much money?” If that wasn’t enough, Frank landed the haymaker at the end that literally left the Paulson and Bartiromo speechless, grasping for some help, which host David Gregory gladly obliged with.
“Where did these enormous salaries come from if they were, in fact, such serious trouble,” Frank asked. This is a question that simply not asked enough in the media of the bankers. Why did they need a bailout if they were able to still pay themselves such high salaries and bonuses? Hopefully some day that question will get an answer, and not a hurried rush to end the segment.
Watch Barney Frank’s appearance below: