John Ransom

When Barney Frank (D-Fannie Mae) announces that he’s not going to run for reelection, you can bet that the Democrats have between zero chances and zilch of winning back the lower chamber. Or at least you hope they do, because the stakes are greater than merely partisan politics.

While Politico reports that Democrats aren’t yet writing off winning back the US House of Representatives, Townhall Finance will tell you that it’s a near certainty that the GOP will pick up seats in 2012;  thankfully and gratefully.

And that’s a good thing for both Republicans and Democrats, because next in line for Frank’s chairmanship of the House Financial Services Committee, presuming the Democrats could win back the House, would be This Old Socialist, Maxine Waters (D-Bat Stuff Crazy), according to the Washington Post.  

While the generic ballot has tilted in the last few weeks a little more toward the left, the trend is all GOP since 2008.

Until a Democrat wins a race that a Democrat is supposed to lose, nothing has changed. All you need to know is that the Democrats lost NY-9, a congressional district Obama won by 11 points and Kerry won by 12 points.  

So relax: Maxine is probably not going to be running the banking system any time soon.

You know, unless the GOP screws up.

Remember I said “probably.”

Still, you might want to take up prayer too.

But for Barney Frank what’s at stake isn’t just ending his political career with whatever dignity he has left- which isn’t a lot. Instead, he’s looking at the destruction of the capstone of his career, the so-called Dodd-Frank banking reforms.

Number one on the Republican hit list of legislative repeals might be Obamacare, but Dodd-Frank is a close second.

“With Republicans set on repealing Dodd-Frank,” reports the Post “whose biggest components are still being put into effect, Democrats will be forced to fill the void to keep the legislation intact after the Massachusetts Representative retires in 2012.”

Already the Dodd portion of Dodd-Frank was put out to pasture.

Senator Chris Dodd was a victim of an electorate who was tired of inside dealing by Congress and legislation written by special interests. Rather than face an angry and disgruntled electorate, Dodd chose not to run for reelection.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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