Posted on 08/18/2010 5:36:58 PM PDT by Kaslin
Housing: After years of dissembling and denial, Rep. Barney Frank has finally come out. He now says bankrupt government mortgage giants Fannie Mae and Freddie Mac "should be abolished." Better late than never.
'There were people in this society who for economic and, frankly, social reasons can't and shouldn't be homeowners," Frank said in an interview with the Fox Business Network and sounding a lot more like an elephant than a donkey. "I think we should, particularly, stop this assumption that you put everybody into homeownership."
After years of blaming heartless Republicans and Wall Street for the crisis caused by Fannie Mae and Freddie Mac and their predominantly Democratic supporters in Congress it's refreshing to hear a member of the Democratic Party admit his mistakes.
It's especially true of Frank, who, more than any other elected official, championed the cause of the government-sponsored enterprises Fannie Mae and Freddie Mac. Indeed, Frank is most responsible for stopping GSE reform in the early 2000s, at a time when such a move might have prevented the financial meltdown.
Maybe Frank, like so many others in his party, is feeling the heat in this November's election. Democrats' popularity is plunging after years of economic incompetence that has left America's once-thriving economy a shambles.
But give him his due: Frank's comments mark a major departure.
In 2000, when Rep. Richard Baker proposed more oversight for the GSEs, Frank called concerns about Fannie and Freddie "overblown," claiming there was "no federal liability whatsoever."
(Excerpt) Read more at investors.com ...
Some of us here in Barney’s district are working on the freezer in hell. I’m hoping by November the devil will need a winter coat. We got a good guy running against him...Sean Bielat. www.seanbielat.org
Like this story on F&F!
Fannie and Freddie were explicitly exempted from the legislation.
“That faggot SOB should be prosecuted for treason for contributing to the downfall of this country.”
Rightly stated!
Agreed.
I was on his site recently and was reading his calendar. A few of the days are marked USMC Reserve Duty.
I’m liking this guy more and more!!
They deserve to not exist.
LLS
So where’s Barney going to play now? Obama’s “Mortgage Czar”?
Just proves the party is more important than their pet projects. The party will promote more pet project in the future when they have more new tax payers to scam.
Why, it must be an election year.
We’re working hard to get him in there. We need to get him a win in the primaries first. Barney is ripe for the pickings right now. Scott Brown did very well in Barney’s district so there is hope!!!!
Barney Frank is a Democrat. That means he’s a liar. That means anybody that believes anything he says is a damned fool.
>> http://www.youtube.com/watch?v=_MGT_cSi7Rs
This should be a 24 hour a day public service announcement
Barney got his piece of the pie!
So the guy that led the charge to have these two formally safe companies make bad loans; now calls for their destruction?
I didn’t know Barney was up for election this year.
Fannie and Freddie have got to go? Take yourself with them, Barney and don’t come back.
OH PHALEASE .... Frank was the one who did more to make them indispensable to the lending community and rammed all kinds of legislation through to keep them propped up.
This is politics 101 for him .. now he can back peddle and say that he wanted to abolish it because it is going to continue to bankrupt us.
WHAT A SOB
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.