The Cynically Ruthless Barney Frank, Enabler Of The Mortgage Meltdown

Investors Business Daily ^ | 10/19/2010 06 | THOMAS SOWELL

[Ooh-Ah]

Among longtime politicians who are being seriously challenged for the first time this election year, Congressman Barney Frank of Massachusetts best epitomizes the cynical ruthlessness that hides behind their lofty rhetoric.

Having been a key figure in promoting the risky mortgage lending practices imposed by the federal government on lenders, and on Fannie Mae and Freddie Mac to buy these risky mortgages from the lenders, Frank blamed the resulting collapse of financial markets and the economy on everybody except Barney Frank.

In February 2009, as chairman of the House Financial Services Committee, Congressman Frank summoned the heads of some of the biggest banks in the country before his committee. In the words of the Los Angeles Times, these bankers "endured hours of hectoring" by "indignant lawmakers" on that committee.

These bankers were in no position to talk back to members of this committee, much less point out how committee members — including Chairman Frank — had themselves promoted laws and policies responsible for the current economic disaster.

This is a committee with the power to promote legislation detrimental to this heavily regulated industry. That in turn gives the committee the power to force others to sit there and take it, when they are demonized on nationwide TV.

Congressman Frank has never hesitated to use his power ruthlessly. On one occasion, he threatened bankers with summoning them before his committee and forcing them to reveal their home addresses — which would of course put their spouses and children at the mercy of any kooks that might come along.

...Congressman Frank could piously invoke "social justice" in defense of similarly ruthless community activist groups like Acorn or National People's Action, which had in fact besieged the homes not only of bankers but also of public officials who dared to oppose their agendas.

[Ebenezer]

The Cook Political Report currently classifies the Massachusetts 4th District seat as going “likely Democratic”, but we’ll see. A political upset against Frank cannot be ruled out.

[alrea]

There is a difference in wanting to help minorities and prostitution.

[dragnet2]

BTW, here’s Bush in a speech, pushing for home loans for totally unqualified minorities.

http://www.youtube.com/watch?v=MqR15H0gNBU

“There is a difference in wanting to help minorities and prostitution.”

Explain how giving people mortgages that cannot afford them, and are not qualified, is honorable or somehow helps?

I can only assume you’re a Bush fan. Take your time here.

[alrea]

I never brought Bush up in the first place. But there are some huge differences. I doubt Bush had a boyfriend that was a Fannie Mae executive.

Bush actually had confidence in the low income person while I think Frank was using the mortgage industry for person gains and other benefits.

[Private_Sector_Does_It_Better]

Barney is fighting like he knows he’s in trouble. I hope he is!!!