Saturday, August 21, 2010

Barney Frank Sees the Light--at No Penalty to Himself, of Course...

Larry Kudlow of National Review has an account of a recent interview with Barney Frank, he of the vitriol toward bankers for their creation of our financial crisis.  In this remarkable interview, Chairman Frank makes the following statements:

“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.”

And then, this:  "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.”

So the big, bad Wall Street bankers get pilloried in the press for their role in the financial melt-down, largely from guys like Frank.  And now here's Frank basically saying, "I screwed up."   Where are the calls for his resignation?  Where are the calls for his surrendering part of HIS compensation for clearly buggering up the works through his mismanagement and legislative ineffectiveness?  Don't hold your breath, folks. 


Ken Adams said...

There should be no call for Barney Frank's resignation, it would be far too gentle of a fate for him.
I'm thinking more that we should call for his defenestration.

"The Hammer" said...

Great, he's finally seen the light...after putting the taxpayers on the hook for 40 billion dollars.
Thanks Barney, I hope you get genital paploma.

"The Hammer" said...

Sorry, made a rare error. That's 400 billion.

Capitolism said...

Give some love to my friend Sean Bielat, who's running against Frank this year. Sean is a great man.

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