Barney Frank; Tip-Toeing Through The Tulips

Update – Freddie Mac said Wednesday it needs more taxpayer funds after posting a $6.69 billion loss in Q1. The latest request will push total government aid to Freddie and sister firm Fannie Mae, both under government conservatorship, to $136.5 billion.

Frank and his colleagues continue to ignore the problem: Democrats’ sweeping financial overhaul bills somehow fail to address Fannie or Fannie at all…

 

Rep. Barney Frank (D-Mass.) speaking at a forum on national housing policy on December 11, 2006, advocates less regulation of the housing market.  “We have more to do yet in the deregulation.  One of the things we did was try to reduce the reporting requirements from the banks to the financial detectives.”

“Far too much has to be reported now in my judgment.” 

As for Fannie Mae and Freddie Mac, he said, “you could have cut back on their ability to borrow so cheaply, or you could have distributed it more fairly.  That is what we chose to do.” 

And on falling housing prices, “I think it’s a good thing that housing prices are dropping…people can afford houses now”.

Three weeks later, Frank is named the Chairman of the House Financial Services Committee.   Less than two years later, the Treasury Dept. announced that it would effectively take over Fanny Mae and Freddie Mac, costing tax payers billions of dollars.

Yet, Barney Frank remains Chairman of the House Financial Services Committee, and, is now leading the charge to regulate the financial industry.  In short, because his policies led to a complete collapse of the housing market, he is now charged with fixing it! 

Does that make sense to anyone?  Am I the only person in America that feels like he’s living in some sort of ‘bizzarro’ world, where up is down and right is wrong, depending on how liberal your political persuasion is?

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Tom Tillison

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