In response to Republican demands that Congress investigate how Freddie Mac and Fannie Mae imploded, Barney Frank said today:

“In an unusual event, even by this year’s standards, House Republicans appear to be demanding a criminal investigation of their failure to legislate,” said Frank in a statement.

“The Republican demand that their legislative record of non-action be investigated appears to be the political equivalent of the note left to the police by serial offenders: stop me before I do not legislate again.”

This is the same Barney Frank who said in 2003:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'

Perhaps it would have been reasonable for Frank to argue that the GOP-controlled House should have been able to pass reform legislation with or without Democratic support if congressional Democrats hadn't just blamed Republicans for scuttling the first bailout bill vote.

Exit question: Wouldn't it be nice if the congressional Republicans had money to run this ad?