Democrat Representative Barney Frank of Massachusetts was interviewed by CBS News’ Lesley Stahl on last night’s edition of “60 Minutes”. Barney Frank demonstrated to the world that he is a true moron. He exhibited the faulty logic typical of liberalism to a stomach-turning degree. Not surprisingly, Lesley Stahl never pursued it. A real journalist would have torn Frank to shreds with the ammunition he provided.
Rep. Frank is the head of the House Financial Services Committee which oversees the entire financial industry including the banking, securities, insurance, and housing industries. The interview dealt mostly with the current subprime mortgage crisis and home foreclosures which, interestingly, Barney Frank is largely responsible for causing. Lesley Stahl never really mentioned that.
60 Minutes Article And Video Of Barney Frank Interview
As the piece opened, it was very flattering of Rep. Frank. It made me gag. It started with:
Barney Frank has been called the “smartest guy in Congress,” which is lucky for us since he works on some of the thorniest issues around.
Frank has been called the “smartest guy in Congress” by whom? Himself? Other Democrat morons? Nobody else could call a massive idiot like Barney Frank “smart” given what he has done. Frank was one of the leaders who blocked Republican efforts to put stricter regulations on Fannie Mae and Freddie Mac in the early 2000s to prevent Fannie and Freddie from collapsing–which they inevitably did. First, a little history lesson.
In the late 1990s, the Clinton administration was pressuring Fannie Mae to make loans to people with poor credit and low incomes in an effort to increase minority home ownership. Fannie Mae was run by a Democrat by the name of Franklin Raines. He made a reported $100 million in a few years time while leading the government-backed corporation during a period when it committed massive accounting fraud. Being a loyal Democrat, Raines was more than happy to oblige the requests of the puppet master, Bill Clinton. Making high-risk loans was good for Raines, too, since it put a lot of money into his pocket.
Home ownership is a good goal for America. Home ownership by means of giving loans to people who can’t pay the money back isn’t wise. In the late 1990s, people were warning that Fannie was taking on too much risk by becoming such a large player in the subprime mortgage market.
NY Times Article From Sept. 30, 1999
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people…
In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
In 1999–nine years before Fannie Mae collapsed–people were warning that the quasi-governmental agency was taking on too much risk and posed a huge financial danger to the taxpayers of this country (most of whom vote Republican).
So what did Barney Frank do? Rep. Frank and his Democrat colleagues did everything they could to prevent the Bush administration and Republicans from imposing stricter regulations on Fannie Mae and Freddie Mac to prevent a catastrophic failure from happening. Let’s look at just how “smart” Barney Frank is, shall we?
NY Times Article From Sept. 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken.
In 2003, the Bush administration and Republicans were pushing for more regulations to prevent the collapse which occurred a few months ago. What did “smart” Barney Frank think of this? From the same article:
”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.”
Barney Frank said that there was no problem with Fannie and Freddie. It turns out that there were big problems with those two taxpayer-backed corporations. They failed, costing the hard-working taxpayers billions!
Obviously, Barney Frank was wrong. He isn’t smart. He’s an idiot. And so is Lesley Stahl who opened her piece by saying that it is lucky for us that Rep. Frank has been called the “smartest guy in Congress”.
Is it lucky for us that Barney Frank blocked Republican efforts to prevent Fannie and Freddie from collapsing? Is that Lesley Stahl’s idea of good fortune?
The Stahl piece went on to briefly mention Rep. Frank’s relationship with a male prostitute and the fact that a male prostitution ring was being run out of Frank’s home in 1989. Amazing how he had no knowledge of that…
The entire interview with Barney Frank is a showcase of idiocy and the mental disorder of liberalism. More to come in the next post.
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