Barney Frank Knows Nothing About Economics

June 15, 2010 -- In response to my denunciation of Barney Frank as a British traitor Sunday June 13th at a Brookline event, Barney Frank himself proved the case to be true. He demonstrated clearly his main priority as a congressman: to allow speculation to continue, to adhere to President Obama's austerity agenda, and to deny the means of creating a future, by abolishing our manned space program. He said:

1.) He's not for impeachment.

2.) We shouldn't spend a trillion dollars on a manned space program when we have domestic problems, robots are the way to go.

3.) Glass-Steagall wouldn't have prevented the collapse of AIG and Lehman Brothers.

Here are the facts:

1. Obama is a British puppet, whose only major policies implemented since taking office have been made on behalf of a foreign interest, and against the welfare of our own people, whether it was Hitler-style healthcare, protection for London-Wall St. financiers, or allowing BP to run a criminally negligent cleanup after their actions resulted in the death of our citizens. He is a Nero-like figure who will not change to adhere to reality.

2. Money is not universal. There's a difference between dollars spent in a casino, and dollars spent building a dam. Investing in infrastructure creates an increased productive potential. For example, simply the income tax alone paid by workers on the Tennessee Valley Authority water management project, would have paid back the cost of production. Good infrastructure projects actually don't cost a penny.

With a science-driver program, which now would be centered on the new frontier of space, you not only increase physical production, you also create new technologies which increase the power of your individual laborers or members of society, taken as a whole. If Barney's advice were taken, we would never have developed kidney dialysis machines, cool suits for extreme temperature environments, or pacemakers. How many lives would have been lost without these discoveries? This is a value above a monetary cost. In fact, he also disagrees with President Kennedy, who asserted that if we were going to make a halfway effort on our moon mission, we might as well not go at all. I guess this lack of scientific rigor demonstrates why Barney didn't know what planet I was from.

3. The takedown of Glass-Steagall helped usher in a free-for-all speculative environment, and created a greater pool of money and activity in the derivatives market as commercial banks were let in. This increased amount of money and derivative transactions created the build-up of the bubble, of which AIG and Lehman Brothers' balance sheets were part. Why is Barney lying?

I will continue to speak about and fight for these policies. If you are not for Glass-Steagall you are protecting London-Wall St. speculators and do not deserve to hold office, or even call yourself a Democrat.

--Rachel Brown