First the Good News...

Rep Barney Frank, top Democrat and former chairman of the House Financial Services Committee, has announced his retirement. Paired with Sen Chris Dodd, the two oversaw Freddie Mac and Fannie Mae into the current housing bubble which is still in the process of deflating.

Elected in 1980, Frank survived scandal early in his career and rose to become the nation’s most powerful openly-gay elected official.

The scandal involved a male prostitute operating out of Franks office when he wasn't servicing the Representative. I don't have a problem with our elected congress animals employing rent-boys / girls / sheep since the more time they spend distracted in this manner, the less time they spend (figuratively) doing the same to us. Still, you like to think your elected representative might be held to a marginally higher standard than the trailer trash that elected them.

Then there's the bad news. Frank's successor is Maxine Waters, who famously threatened to "socialize" the oil industry in the face of rising oil prices.