A Little Trip Down Memory Lane With Barney Frank

Congressperson Barney Frank is calling for hearings on who is to blame for this economic meltdown.  This is hilarious, considering Barney Frank may be the most culpable individual.

From Investor's Business Daily:

It was Fannie Mae and Freddie Mac, the two so-called Government Sponsored Enterprises (GSEs), that lay behind the crisis. After regulatory changes made to the Community Reinvestment Act by President Clinton in 1995, Fannie and Freddie went into hyper-drive, channeling literally trillions of dollars into the housing markets, using leverage and implicit taxpayers' guarantees.

In November 2000, President Clinton's Housing and Urban Development Department would trumpet "new regulations to provide $2.4 trillion in mortgages for affordable housing for 28.1 million families." The vehicles for this were Fannie and Freddie. It was the largest expansion in housing aid ever.

Still, from the early 1990s on, many people both inside and outside Washington were alarmed by what they saw at Fannie and Freddie.

Not Barney Frank: Starting in the early 1990s, he (and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control.

He opposed reform as early as 1992. And, in response to another attempt bring Fannie-Freddie to heel in 2000, Frank responded it wasn't needed because there was "no federal liability there whatsoever."

In 2002, Frank nixed reforms again. See a pattern here?

Even after federal regulators discovered in 2003 that Fannie and Freddie executives had overstated earnings by as much as $10.6 billion in order to boost bonuses, Frank didn't miss a beat.

President Bush pushed for what the New York Times then called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."

If it had passed, the housing crisis likely would have never boiled over, at least not the extent it did, taking the economy with it. Instead, led by Frank, Democrats stood as a bloc against any changes.

I've said it before and I'll say it again... Democrats and their "affordable housing" i.e. affirmative action banking policies are primarily to blame for this economic meltdown.  Most people will never know this of course, because the MSM/DNC Cabal will be in damage control mode rewriting history non-stop for the next decade until the "it's all Bush's fault" meme becomes accepted as fact.  

Comments

[hammer]

The one who screams the loudest for justice is usually the most culpable in the first place.

I sure hope this witch hunt backfires on these crooks.

[Woody]

Fat chance of a backfire Hammer. The cabal controls 95% of the media outlets and 99% of the educational system. They write the textbooks even. They will keep telling the lies until people swallow it, just like the entire "global warming" scam.

[hammer]

I'm afraid you're right.

[Elm]

Treason! Are you daring to blame the downfall of our economy on the liberal Democrats? Good. Now I'll have even more people to keep me company in the concentration camp.