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.