His 15 years of manipulating Fannie Mae and Freddie Mac to back and buy $1 trillion worth of bad home loans made the 2008 financial meltdown inevitable. It wasn’t funny at all, and just about every American except him is paying the price for his recklessness.
He still has the timing. Three days after a Massachusetts Democrat went down in flames in a special election for U.S. Senate, Barney Frank announced he favors abolishing Fannie Mae and Freddie Mac. He is calculating that if he looks as if he’s doing something about the two anemic mortgage giants, Massachusetts voters will be too distracted to notice it was he who sucked Fannie and Freddie dry.
Riddle me this: Once Fannie Mae and Freddie Mac are disbanded, what would Barney Frank replace them with? Who would pay bribes as big as Fannie and Freddie did to the Democrats and Republicans? Who would give Democrats the gold-plated patronage jobs that Fannie and Freddie provided? Who would Democrats go to, to find home loans for friends and voters who can’t possibly afford to pay them back?
And now that Barney Frank has destroyed Fannie and Freddie, which remaining institution will back new home loans for the average families who normally would qualify for them? Or has he killed the American dream of homeownership?
Barney Frank ignores these questions. Now, even the best-timed answer could not get him a laugh.