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Barney Frank Wants to Throw Gasoline on the Fire

Posted on June 25 2009 11:50 pm
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If you had to pick one lawmaker to blame for the subprime mortgage bubble and subsequent collapse, that person would have to be House Financial Services Committee chairman Barney Frank (D-Massachusetts) who is probably even more culpable for the state of the economy right now than Senate Banking, Housing, and Urban Affairs Committee chairman Chris Dodd (D-Connecticut).

Frank has long and zealously promoted the disastrous Community Reinvestment Act and been a loyal friend of Fannie Mae and Freddie Mac, whose management ranks have traditionally been dominated by Democratic cronies. Even as the economy went south last year, Frank stood by the CRA and the two government-sponsored enterprises. CRA mandated irresponsible mortgage lending, and then Fannie and Freddie, under intense pressure from Frank and other lawmakers, bought up those doomed mortgages, bundled them together, and found suckers around the world to purchase their Mortgage Backed Securities — which should really be called Mortgage Junk Bonds.

Yet Frank, the shameless, inveterate liar, now has the audacity to demand that Fannie and Freddie lower mortgage underwriting standards for condominiums. 

As Doug Bandow puts it:

[A]fter wasting billions in taxpayer dollars to inflate and thus wreck the housing market, Rep. Barney Frank, the “go-to” guy when it comes to fixing the financial system, wants to waste more taxpayer dollars to inflate and thus wreck the housing market.

Frank, who is intelligent enough to understand how the economy works, refuses to acknowledge that he played any role in the financial crisis and his prescription for what ails America is more poison.

Meanwhile, as Frank promotes economic insanity, billionaire investment guru Warren Buffett defies the pundits and the Obama administration by saying there is no economic recovery underway.

This has been blindingly obvious to honest observers for some time, but occasionally someone like Buffett has to point out that the emperor has no clothes before people start paying attention.

Buffett also made headlines because he denounced the Democrats’ cap-and-trade legislation as a regressive energy tax that Americans can’t afford. The legislation, which could be voted on by the House this week, would cap industrial carbon emissions and then allow companies to trade the unused portion of their allotments.

Al Gore and the left’s favorite bank, Goldman Sachs, love the cap-and-trade idea because it will make them even richer, but economists say it will cripple the economy. Leftists, like those at John Podesta‘s Center for American Progress, love it because it dramatically expands governmental control over private affairs.

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