The following represents an entirely hypothetical conversation. It did not happen; rather, I am suggesting it is what would happen under the circumstances.
Me: Senator Frank, I often hear you deride financial institutions for their stupidity over the past decade.
Barney Frank: yes, I do, because they did act stupidly; they should have all been arrested.
Me: Did you not know what was going on Sen. Frank? Because if you did, aren't you as much to blame as the perpetrators?
Barney Frank: No, well if you put it that way, I didn't know exactly what was going on.
Me: How did you not know?
Barney Frank: Because nobody told me about it.
Me: So, in your multiple decades of service as a United States Senator, nobody ever thought to give you an investment tip?
Barney Frank: Yes, I have been given investment tips. But it didn't matter than, because I - and everybody else - were making money too. Senators have money in the stock market too you know.
Me: So Barney. You are the chairman of the House Committee which is devoted to Finance. Presumably, you know a thing or two about the subject. You are also rather old; that is, you've seen a lot of economic cycles. Have you ever heard of the price of a house doubling in three years? Of no documentation loans?
Barney Frank: Yes, but all the economists said the housing rally was for real.
Me: So because you thought that housing was rising alongside your own personal wealth, you didn't necessarily care that something questionable was going on behind the scenes.
Barney Frank: This interview is over.
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