Updated at 5:19 p.m. ET
Facing a changed political map, Massachusetts Rep. Barney Frank will not seek re-election next year.
His move, announced at a 1 p.m. news conference in Newton, Mass., ends more than three decades in Congress, where he is known as a liberal firebrand and put his mark on the most sweeping overhaul of banking and financial-industry regulations in decades.
Frank, 71, said a redistricting plan signed into law last week would have required him "to campaign in a district that is almost half new" and divide his loyalties between new and long-time constituents. Under the plan, Frank's district lost the Democratic stronghold of New Bedford and included more conservative communities.
Now he gets to enjoy his payoff from passing Dodd-Frank in private, just like Dodd.
To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process. Rabbi Lapin: "Let's make bricks!" Stephan Kinsella: "Say you and I both want to make a German chocolate cake."
Frank is probably the #1 reason for the housing market crash.
Repubs said for years the damn law they were pushing was going to cause a crash, and Frank later admitted that he actually thought they were just being partisan and he did not act.
/guilty
Watch this one through to the end...
(2005)