Oct 10, 2008 1:09 pm US/Eastern
Frank Surprised Bailout Hasn't Stopped Meltdown
BOSTON (WBZ) ―
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Rep. Barney Frank spoke to reporters Friday in Cambridge.
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He's one of the architects of the federal bailout plan that was supposed to right the failing economy, but even
Barney Frank admits, they weren't expecting what has happened since.
"I am surprised and very disappointed," he said Friday morning.
Rep. Frank, chairman of the House Financial Services Committee, spoke before the homeless advocacy group,
Heading Home, in Cambridge.
He told the audience there was no quick fix to the economic meltdown that has spread from the U.S. worldwide.
"Unwinding this is going to be problematic," he said.
How Will The Market Meltdown Affect Me?
Frank says the state has seen some relief from the bailout bill, which allowed the treasurer to roll over a number of short term notes and pay its bills.
Still, he's quick to use the "R" word.
"This isn't just a credit crunch. This is a full-fledged recession," he said.
No one needs to tell Tom Lorello the state of the economy. He sees it first hand.
As executive director of Heading Home, he knows just how hard families have been hit.
"We're already seeing a dramatic increase in the number of homeless families, there are 600 families in hotels and motels across the Commonwealth which is an all-time high," he said.
And that number could be increasing, as
state workers await the budget axe. The governor is expected to announce deep cuts next week.
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