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Barney Frank Comes Home to Facts


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Townhall:

Larry Kudlow Barney Frank Comes Home to Facts

Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time and again. Most have no common sense, and most never acknowledge that they were wrong.
But one huge exception to this rule is Democrat Barney Frank, chairman of the House Financial Services Committee.

For years, Frank was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession. But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.

“I hope by next year we’ll have abolished Fannie and Freddie,” he said. Remarkable. And he went on to say that “it was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.” He then added, “I had been too sanguine about Fannie and Freddie.”

When I asked Frank about a long-term phase-out plan that would shrink Fannie and Freddie portfolios and mortgage-purchase limits, and merge the agencies into the Federal Housing Administration (FHA) for a separate low-income program that would get government out of middle-income housing subsidies, he replied: “Larry, that, I think, is exactly what we should be doing.”
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I don't believe a word of it. Given that Bawney Fwank was part of the faction that created the Fannie/Feddie balloon in the first place, and single handedly lobbied to have them elevated to their current position of quasi-governmental agency as part of the bailout plan (just a little over a year ago), this sounds like election cycle fiscal conversion to me.

 

I'll believe him when he introduces, or at least sponsors, a bill to phase out Freddie and Fannie.

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I don't believe a word of it. Given that Bawney Fwank was part of the faction that created the Fannie/Feddie balloon in the first place, and single handedly lobbied to have them elevated to their current position of quasi-governmental agency as part of the bailout plan (just a little over a year ago), this sounds like election cycle fiscal conversion to me.

 

I'll believe him when he introduces, or at least sponsors, a bill to phase out Freddie and Fannie.

 

Given that he and Chris Dodd are responsible for the financial meltdown that has become "It's Bush's fault!", I think he's trying to get rid of the witnesses. This isn't about fiscal responsibility, but self-preservation on Capitol Hill.

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