March 18, 2009

Comedy of Errors Day 59: Barney Frank Introduces Bill To "Fix" Institution He Actively Helped Destroy

Physician, heal thyself.

Rep. Barney Frank, chairman of the House Financial Services Committee, said he hopes to introduce legislation later this year to restructure government-backed mortgage investors Fannie Mae and Freddie Mac.
Hey, Barney. Where the hell were you years ago, when change and reform at Fannie-Freddie MIGHT HAVE ACTUALLY MATTERED?

Oh, that's right. Here you were:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
So in other words, the eeeevil Republicans telling you that something needed to be done - YEARS AGO - and the eeeeevil Republicans trying to reform and restructure the institutions WERE RIGHT AND YOU WERE WRONG.

Enjoy again the Democrats in denial and engaged in political demagoguery because they don't understand how markets, mortgages and responsibility actually work (and hence, they don't understand why their "well intentioned" housing legislation and the Community Reinvestment Act don't work either).

By Good Lt. at 08:03 AM | Comments |