The Legacy of Massachusetts Liberal Representative, Barney Frank

Of course many people know who Barney Frank is. A Massachusetts (big suprise) Representative who was “overseeing” Fannie Mae/Freddi Mac while they imploded.  All the while insisting that “there is no problem”.

As we all know, Democrat Barney Frank was instrumental in causing the subprime mortgage crisis and the millions of foreclosures we face today. Paul Shanklin, political satarist, has a parody of Barney Frank called “The Banking Queen” to the Abba tune “Dancing Queen”.  It has aired on the Rush Limbaugh show several times in recent months.  If you haven’t heard it,  listen to “Banking Queen” on Youtube.

President Bush had been warning for years that Fannie Mae and Freddie Mac were growing out of control, taking on too much risk, and posed a huge systemic risk to the economy of the United States.  None of the major news organizations has reported this.  Instead, as you will see below, they are trying to pin the blame on him for the mortgage crisis.

Here is Barney Frank:

…Fannie Mae and Freddie Mac are not in a crisis.  The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see.  I think we see entities that are fundamentally sound, financially, and, uh, withstand some of the disaster scenarios.  And even if there were a problem, the federal government doesn’t bail them out.  But the more pressure there is there, then the less I think we see in terms of affordable housing.

Oh by the way, Barney was boning one of the big shots of Fannie Mae while he was supposed to be watching them. I guess he was “watching” them.

Here is a youtube video of Bill O’Reilly reeming Barney Frank a new one:

Yet his constituents just recently rewarded him by reelecting him.  How is this possible? Well, he brings home the bacon for them, off of our backs.

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