House Financial Services Committee Chairman Barney Frank this week outlined his plan for financial reform. While his plan was, as we may have expected, a little vague and non-committal, he did make a comment that clearly shows his concern about his own public perception and re-electability. He said he has been telling bankers:

"Here's the problem: People really hate you, and they are starting to hate us just for hanging out with you. And you have to help us deal with it. You have to avoid being stupid."

Hey Barney, not only will the American public continue to think you are a nimrod for your part in the financial crisis and delayed response with the first bail-out package, now the bankers are going to hate you too for calling them stupid.

(Quote sourced from American Banker, Fed First as Hill Tackles Reg Reform in 2 Parts, Feb 4, 2009)