Barney Frank: No Such Thing As Too Much Regulation
GLENN: We have Barney Frank, Barney Frank saying that there's just no such thing as too much regulation. I'm sorry. King George, is that you? That's fantastic. There's no such thing as too much regulation.
BARNEY FRANK: I think that the general fear that the ranking member and others think that we're going to over regulate on behalf of consumers is a fantasy unrelated to any experience. The Federal Government has never done that.
GLENN: Stop, stop, stop! That the government could over regulate is ‑‑ what did he say?
PAT: A fantasy beyond any human experience.
GLENN: Mao, Stalin, Hitler. I mean, I can't believe this. If you want to talk about a fantasy beyond any human experience, it's Barney Frank. I mean, this guy is incredible to me. By the way, they're putting in this financial regulation that Fannie and Freddie are going to be financial institutions that if they fail, the private sector banks are required to unwind them. Excuse me? If they fail? It's only a matter of time until they fail. I know that's a Barney Frank fantasy. All of Barney Frank's fantasies seem to be your nightmare. If they fail? They will fail and then every bank in America will be required to unwind them. Barney Frank, we're looking to see if we can get any video of this, Barney Frank and some of the Republicans were trying to touch any of the Fannie and Freddie stuff in the banking regulation. Apparently he was a madman with a gavel and screaming, No, no, no, no! Of course, of course. This is going to lead ‑‑ I mean, how many different ways can we collapse the system? We have the gulf. The government might over regulate is beyond any kind of human experience? Let's just look at what's happening in the gulf. Shall we? What has happened in the gulf? You can't do anything with the berms. So, you've got to have that oil come. You couldn't suck up the oil because they didn't have enough fire extinguishers or life jackets on board. I don't know. I think those are two examples where the government has overregulated. You can't have anybody with a foreign or a foreign crew help contain the oil spill because of the Jones Act. There's three, just in the last week. I'm sorry. Am I human, because I'm experiencing this. Am I human?
PAT: Talking about Fannie and Freddie itself, where they forced banks into making loans that people couldn't afford.
PAT: They had to, because of Federal regulation. They had to loan money to people who couldn't afford to payback the loan and that's what got us into this in the first place.
GLENN: It is. It's nuts. Play that again. I don't think I've ever heard anything that crazy.
BARNEY FRANK: I think that the general fear that the ranking members and others think that we're going to over regulate on behalf of consumers is a fantasy unrelated to any human experience.
GLENN: Any experience.
BARNEY FRANK: The Federal Government has never done that. The pressures are overwhelming and unrelenting to weaken consumer protection. The consumers are not there in the field full‑time. The people who are ‑‑ who they will from time to time, obviously not in every instance or most instances need protection, are there in place all the time. So, this defense of the existing model of consumer protection comes, I think, only from people who don't think consumer protection is very important. So, I hope that the amendment is defeated. Is there any further debate on this amendment?
GLENN: Is there any further debate on this amendment? You know, the idea that some man could spit so much is beyond all human experience. Sure, there were cats, there were cartoons that spit like this, but I don't think any human would spit while they're speaking a lot like this. It's beyond human experience.
This guy is crazy. What is his point? If we don't want more regulation, this fear that we could over regulate ‑‑ didn't the EPA say something along the lines that there is no part of your life that is beyond regulation? King George, this is why we broke away. I mean, are we completely unhinged and unpegged from anything that was American? What made us , Freedom. Not freedom from everything but now the only thing that we worship is freedom from responsibility. That's the only thing we worship now. That's the only thing that seems to matter anymore. Freedom from responsibility.
[NOTE: Transcript may have been edited to enhance readability - audio archive includes full segment as it was originally aired]