Monday, September 29, 2008
Frank's fingerprints are all over the financial fiasco - The Boston Globe
I think it's clear by now that the two entities, Fannie Mae and Freddie Mac, are the root cause of the current mortgage and credit crisis.
Equally complicit are certain politicians who steadfastly blocked any attempts at reform.
Our elected officials have failed us here. Their pompous self-interests and lack of foresight and common sense have put us all at risk.
Once again, I say "throw the bums out!"...
Equally complicit are certain politicians who steadfastly blocked any attempts at reform.
Our elected officials have failed us here. Their pompous self-interests and lack of foresight and common sense have put us all at risk.
Once again, I say "throw the bums out!"...
At Boston.com, Jeff Jacoby highlights U.S. Rep. Barney Frank's role:
"... But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.
Now that the bubble has burst and the 'systemic risk' is apparent to all, Frank blithely declares: 'The private sector got us into this mess.' Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he'll find one suspect in the nearest mirror."
