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One of the mysteries of this election cycle is how Rep. Barney Frank (D-MA) could possibly be leading his congressional opponent, Sean Bielat (R-MA), by 13 points in the polls. I confess I know next to nothing about Bielat, but I do know a lot about the incumbent Frank. Given this knowledge of Rep. Frank, unless Bielat opens his rallies with 'Sieg Heil' or 'Praise Lucifer,' I have to question the sanity of the Massachusetts voters.
A brief history. Barney Frank was at the forefront in pushing the quasi-government enterprise Fannie Mae to get involved in more and more questionable mortgage loans prior to the financial crisis. He resisted all attempts to rein in the systemic risks associated with Fannie Mae's activities, despite repeated warnings. I submit the following video as a memory refresher (for Democrats):
Notice who WAS trying to regulate Fannie Mae and who WASN'T. It flies directly in the face of the liberal claim that the Republicans were anti-regulation. In fact, Republicans were the almost the ONLY ones trying to regulate Fannie and deal with the systemic risk during the Bush years. The Republicans could not, however, overcome the objections of a unified Democratic party against them and get a regulatory bill passed. Nothing happened, and the mortgage meltdown is now history.
Barney Frank's gay lover was a Fannie Mae executive from 1991 to 1998:
The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.
"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
After being instrumental in blocking regulation over two presidencies, guess who Barney Frank blamed for the lack of regulation, the mortgage meltdown, and the subsequent financial crisis ? If you said "right-wing Republicans," as Thomas Sowell pointed out in his recent column titled, 'Is Barney Frank ?', you win a cigar (one never used by Bill Clinton on Monica's Lewinsky). In his column, 'Is Barney Frank ?: Part II', Sowell shows further the depths of Frank's deception:
When federal regulators uncovered irregularities in Fannie Mae's accounting, and in 2004 issued what Barron's magazine called "a blistering 211-page report," Barney Frank lashed out -- not at Fannie Mae, but at the regulators who uncovered Fannie Mae's misdeeds. He said "a leadership change" in the regulatory agency was "overdue."
Rather than regulate Fannie Mae, Barney Frank wanted to fire the regulators who uncovered Fannie's wrongdoings. This idiot's actions abetted criminality.
Fast forward to 2010. Guess who is the Chairman of the House Financial Services Committee today, the committee that oversees the mortgage and banking industry ? Yes, kiddies, it's STILL Barney fricking Frank, despite Frank's record of aiding and abetting the financial meltdown. Un-be-liev-able. Rewarding absolute failure must be a plus for Democrats these days.
Now that the you-know-what has hit the fan and the American economy crashed and burned in large part due to Frank and his merry band of regulation resisters and bad mortgage pushers, Barney Frank is singing a brand new tune, even though the finanial regulation reform recently passed by Congress and signed by Obama did nothing to regulate Fannie Mae. Frank counts on you forgetting all about the old tune he sang for the last two decades. Now Rep. Bawney Fwank says he wants to abolish Fannie Mae and her little brother Freddie Mac, just in time for the ELECTION. How convenient:
In an appearance on Fox Business Network tonight, Frank said they should be replaced with new programs to support affordable rental housing.
"I think they should be abolished," Frank said. "The only question is what do you put in their place. This is a situation where given the importance they had come to play in housing, you can't tear down the old jail until you build a new one. And that's a process that we've started."
Frank went on: "I have been very critical for a long time that not everybody should be a homeowner. There are people in this society who for economic and frankly social reasons can't and shouldn't be homeowners. I do want some government help to build affordable rental housing."
"There were two problems with the housing market," Frank said. "People were making loans that shouldn't have been made, and Fannie and Freddie were then buying those loans in the market. One of the things we have already done is to take every possible step to stop the bad loans from being made."
Translation - When Frank says he has been very critical for a long time that not everybody should be a homeowner, he means he turned on a dime after the housing crash and is hoping nobody notices what he said and did for all those years before. He hopes nobody notices that Barney Frank led the charge to our mortgage meltdown. Thanks to our lamestream media, lots of people don't know. Barney Frank is emblematic of everything that is wrong with Washington D.C. He couldn't tell the truth if his hair was on fire. He lies, misdirects, never accepts responsibility, and has absolutely no problem with being so profoundly dishonest. He is an amoral slug who would say or do anything to keep himself in power.
And the Massachusetts voters are about to re-elect him. It's astonishing.
Btw, the bailouts of Fannie Mae and Freddie Mac have cost taxpayers nearly $200 billion so far. The final cost could go as high as $363 billion over the next three years, according to the agency overseeing those entities, making Fannie/Freddie the single largest bailout hit to the taxpayers by far. Thanks, Barney.