Wednesday, August 18, 2010

Who Are You, And What Did You Do With Barney Frank?

From the "credit where it's due," or perhaps more appropriately, "better late than never" department, check out this account of a recent Fox Business interview with Frank:

"[Fannie Mae and Freddie Mac] should be abolished," Frank said in an interview on Fox Business, when asked whether the mortgage giants should be elements in housing market reform. "They only question is what do you put in their place," Frank said.
Frank also was critical of public policy that promoted homeownership at any cost. He also said the federal government should not be a "backstop" in guaranteeing mortgages.

"There were people in this society who for economic and, frankly, social reasons can't and shouldn't be homeowners," Frank said. "I think we should, particularly, stop this assumption that you put everybody into homeownership."
That's a very far cry from the Barney Frank of 2003, seen here scoffing any suggestion that Fan and Fred were encouraging lending to people unlikely to pay the money back, or that the taxpayers would be left holding the bag:

It's important to wonder just what Frank has in mind as a replacement--he calls explicitly for government subsidies, and given Frank's tendencies, one would expect those to be very large and expensive subsidies--but if nothing else, his change of heart regarding Fannie and Freddie is a welcome change. Too bad Frank's bad judgement cost all of us untold billions first, though.


  1. NOTHING BARNEY! Nothing should be put in their place. Mortgage lending should be practiced by banks not the fing government. Barney Frank is a blunt, useless tool. GET RID OF HIM Massachewshits!

  2. Of course Barney wants to abolish Fanny and Freddie. That game is over and even he knows it. Sol now he needs to find a new mechanism for doling out the graft.

  3. So Barney's dumped his love Freddy and wants no more Fanny. Never thought that would happen.

  4. Barney has worn out his welcome; check out the Barney Frank Koran:

  5. ...people in this society who for economic and, frankly, social reasons can't and shouldn't be homeowners.

    Read that carefully. Who would those people be? Why, RENTERS, of course!!

    So it's only a matter of time before Frank introduces "renter bailouts" and "Housing" assistance vouchers.

    Being the cynic I am, I'd bet lots of Frank's friends are out there buying up multi-family units, just in time to profit from his soon-to-be renter subsidies.

  6. Evidently Barney no longer has a boyfriend working for Frannie or Freddie for big bucks.

    Does anyone know where his current "main squeeze" works? That would be a strong indicator of where the graft flows next.

    [Or maybe he's still cruising Fire Island on a senior ticket and hasn't established a more lasting relationship. That would make it harder to predict.]

  7. Apparently Frank's not been an item with Herb Moses for 12 years, Jorg. His current partner seems to either be an overaged surfer or a pot farmer, depending on who you're talking to, the paparazzi or the cops.

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