Wednesday, June 24, 2009

How do you Spell Chutzpah

The dictionary defines this word as a slang noun coming from the Yiddish vernacular, meaning:

1.unmitigated effrontery or impudence; gall.
2.audacity; nerve.

Today on Drudge I read a story (original story on Reuters) about Barney Frank, once again, asking Fanny Mae and Freddie Mac to relax lending restrictions on condominiums. Here are my problems with this.

1. Making loans to risky buyers (along with mark to market accounting) is what got us into the mortgage melt down.

2. Barney Frank sits on the Banking Committee and got a sweetheart deal.

3. Barny Frank lied to the American People about the viability of Fanny and Freddie just weeks before they collapsed.

4. Barney Frank pushed for more lenient loaning practices for low income buyers.

If that were all perhaps I could look past it.... BUT then when the melt down happens Frank acts as though he were just a spectator in the whole affair and blames the meltdown on Bush. Spouting lies that it was the Bush administration that deregulated the banking industry. While he was pushing for over site. YOU ARE THE OVER SITE, BARNEY. And yet you did nothing to stop this. As a matter of fact, you said all was well with Fanny and Freddie. Now when the spotlight is off, You are once again pushing for deregulation. Asking Fanny and Freddie to make loans that you know are risky. Barney Frank have you no honor.

The classic definition of chutzpah is that given by Leo Rosten: "that quality enshrined in a man who, having killed his mother and father, throws himself on the mercy of the court because he is an orphan."


Mookie said...

Don't you just loooooove politicians??

All In said...

There are few who get under my skin when it comes to politics. But this guy.......

Rick Vienscheck said...

While I am not in complete disagreement with you I do have a problem with the way our credit agencies are ran. I will admit I have terrible credit now, but not long ago I had the highest rating available, things sometimes happen. When they do it is almost impossible to rebuild what you have lost, I know.