"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Thursday, January 21, 2010

Barney Frank Attempts to Save the Equity Market

CNBC strategically schedules an appearance by Barney Frank as the equity market is close to retesting the lows of the day. One can only imagine how many times CNBC will re-air the interview clip before the market close.

Apparently Barney Frank is to researching as Evelyn Wood was to speed reading. Obama announces the Bank Plan around 10:45 am and my 1:25 pm Barney completed his exhaustive research on banking and proprietary trading in less than 3 hours.

He supports the President’s plan however the plan should be implemented slowly (i.e. no less than 3 to 5 years). Barney states, “To have all these sales at the same time would be a fire sale and I can’t support that”. In less than 180 minutes, not only has Barney become an expert on proprietary trading, he also has a vision of the outcome.

With the November elections on the horizon, one wonders the volume of calls he received from his banking buddies.

"Go ahead Blankfein, I have Dimon in a 3-way and Mack is already here"

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