How mind numbingly cretinistic of Barney Frank, one of the major perpetrators of the banking crisis, to call for civil and criminal statutes to make bad practices illegal without even acknowledging his role or the role the liberal policies he and his ilk subscribe to played in directly causing this mess
Financial Rescue: Democrats created the mortgage crisis by forcing banks to give loans to people who couldn’t afford them. Now Obama and Biden want bankruptcy judges to bail out the same deadbeat homeowners. And once again, Barney Frank is helping.
It’s been said that history is a lie agreed upon. Democrats are trying to rewrite history by blaming the Bush administration for the current crisis and claiming that the rescue bill is necessary to save the economy from Republican mismanagement.
On Frank’s and Clinton’s watch, the Community Reinvestment Act was changed to force the issuance of bad loans. Banks would be rated on the number of loans, not on their soundness. Fannie Mae and Freddie Mac were then encouraged to buy them up. It was all about affordable housing, even if the housing was unaffordable.
“From the perspective of many people, including me, this is another thrift industry growing up around us,” Peter Wallison, a resident fellow at the American Enterprise Institute, said back in 1999. “If they fail, the government will have to step in and bail them out the way it stepped up and bailed out the thrift industry.”
That prediction came true, but it didn’t have to.
And of course Barny Frank never brings up the fact that his lover was a director at Fannie Mae during the same period of time when the government started strong arming Freddie and Fannie to guarantee high risk loans thus encouraging lenders to follow suite. The Congressional record of Franks testimony shows that he consistently defended the director/lover at Fannie Mae and went out of his way to block Republican attempts at regulation.
The fact is that Frank’s fingerprints are all over the financial fiasco and any investigation and or civil / criminal prosecutions must start with Barny Frank, Chris Dodd, and the rest of those CongressCritters™ who tried a social engineering experiment with the Mortgage industry and FAILED miserably!
Guess what? When you try to force equality through social engineering… everyone looses!!!
Let that be another example and lesson of how socialism doesn’t work and is not the answer to our problems… it fails every time it’s tried!
Shame on you Barny Frank!