Congressman Barney Frank
Representing Massachusetts' 4th District

Political Creationism -- The World Was Created on January 20th, 2009
March 19, 2009

Mr. FRANK of Massachusetts. I yield myself such time as I may consume to say I learn a lot in this job. Now, I have learned about a theory called creationism which in some cases holds that the world was created 4,000 years ago or 7,000 years ago by calculating what the Bible said. But I now am astounded to see a new and more compressed theory of when the world was created. It apparently was created at noon on January 20, 2009.

You just heard someone say, "it is Obama's fault.'' In September of 2008--and I regret that we are getting into this kind of political discussion--but the gentleman from Alabama raised it. In September of 2008, two appointees of George Bush came to the Congress and said, Mr. Bernanke, the Chairman of the Federal Reserve, who had previously been on the Bush economic advisory staff, and Mr. Paulson, the Secretary of the Treasury, and they said, "we are going to lend $85 billion through the Federal Reserve to AIG.'' They didn't ask us.

Mr. BACHUS. Will the gentleman yield?

Mr. FRANK of Massachusetts. Yes.

Mr. BACHUS. The economic stimulus package----

Mr. FRANK of Massachusetts. No, I'm sorry. I will yield to talk about what I am talking about. I take back my time.

Mr. BACHUS. The language was inserted in that bill last night.

Mr. FRANK of Massachusetts. Mr. Speaker, please instruct someone who should know better about the rules. I took back my time. The point is this: He had the chance to make his argument. He wanted to make it political. Yeah, there was something in the stimulus package. Before the stimulus package, there was September of 2008. It does exist. Your revisionism doesn't work. I would say to my friends on the other side, Mr. Speaker, in September--I note, Mr. Speaker, how sensitive the subject is that I raised. I got one sentence into describing the role of the Bush administration, and up comes my colleague from Alabama, because they don't want this to be discussed.

In September of 2008, George Bush's two top economic appointees came, and Mr. Bernanke informed us that he was going to lend $85 billion to AIG. I said, at the time, because he said "we have obligations all over the world here, and we have to make our foreign partners know that this is not going to be a default on them.'' I said, "well, are they contributing?'' I asked them at the time, "will there be any contribution from foreign banks to make up what AIG owes?'' The answer was "no.'' So from September of 2008 until January 20, 2009, the Bush administration was in charge of this.