Apr 26 2009
Verum Serum dug up and old video of Barney Frank in full denial mode that his beloved liberal social experiment on the nation’s housing market was going to cause economic chaos – it is a stunning exercise in hindsight. Franks lame promises his social experiments with Freddie Mac and Fannie Mae are from 2005, a point in time in which, if he was listening and not pretending he could do no wrong, there could have been opportunities to stop or minimize the pending economic crash.
Note Frank is addressing “an excessive degree of concern right now about home ownership and its role in the economy“. He is trying to deflect the calls of warning and concern from those who did see a pending disaster. By his own words he is glad that his bill will not address those concerns – which proved to be right why he was dead wrong. He claimed “we are talking here about an entity, homeownership – homes – where there is not the degree of leverage we have seen elsewhere“. The only way to make that insane claim was to ignore all the federally backed leverage in place. Frank is pretending that does not matter, that is not causing prices to rise unrealistically.Â
We now know he was complete wrong. He went on to say “Homes that are occupied, may see an ebb and flow in the price, at a certain percentage level, but you’re not going to see the collapse that you see when people talk about ‘a bubble’ “. Franks only focus was on occupying homes, not managing them, taking care of them, being responsible for them. His theory was put people in homes regardless of their ability to manage them and all would be fine!
He was being naive and Pollyannish. He wanted to wave his magic federal tax dollar wand and play God. He was risking all of our hard earned money and savings accumulated over millions of lifetime’s of effort and he blew it. If he was a CEO who had made these claims he would be fired. But he is a pathetic liberal who is trying to hide is role in the loss of trillions of dollars in value and savings across this nation. And he is doing it by pretending he never once was really for home ownership, but was actually for RENTING!
First he admits it the economic collapse was set because “people were being pushed into buying houses, taking out loans, the could not afford“. This was his liberal social experiment he has pushed for years. There is no conservative policy or plan to prop up marginal lenders with the tax dollars of hard working responsible tax payers. One core element of conservatism (still standing) is the idea of individual responsibility and gaining lifetime rewards through that path and not through government handouts (liberals play Robin Hood). He knows this, there are reams and reams of transcripts of him promoting this radical experiment.Â
But he goes onto lie to America, claiming this was all a conservative idea. He lied and a serious number of gullible fools bought it without a wince. But there are another group of people – political centrists who are not emotionally tied to either party – who can see the lie. They know the man is lying right to their faces. And they know how to deal with liars who try and cover up their part in a historic economic disaster.
If there are going to be investigation in Congress, one should include why this man is lying and what else is he covering up. We now know he admits his social experiment set up the collapse, what else was there in this grand delusion for Franks and his associates, family, etc? How was it one person could mute all the warning calls and ensure the collapse was a severe as humanly possible?