Congressman Barney Frank, the man who destroyed the economy by pressuring Fannie Mae and Freddie Mac to back $1 trillion in bad home loans, finally has admitted he pressured Fannie Mae in 1991 to give his then-lover Herbie Moses a high-paying job.
That was the beginning of the corruption of Fannie Mae and Freddie Mac, the lending giants who buy and back about half the nation’s mortgage loans. Moses and Frank broke up soon after Moses got the job. But from that moment on, Fannie and Freddie became closely held tools of the Democratic Party.
For decades then, Fannie and Freddie could be counted on to give cushy jobs to Democratic activists and their friends. Remember Rahm Emanuel? And under Democrats’ instructions, Fannie and Freddie made tons of ridiculously risky loans to poor people who obviously could not pay them back.
Dumb Republicans. Weirdly enough, the Republicans let it happen. If you need proof the Republican Party is the stupid party, consider the fact that the Republicans did nothing as the Democrats took possession of Fannie and Freddie (and public broadcasting while they were at it) and totally corrupted these influential institutions.
I suppose the Republicans could say they just didn’t notice the Democrats’ criminally reckless behavior at Freddie and Fannie. Ignorance is a popular excuse. After all, it was Barney Frank who once claimed he could live in a whorehouse and not notice the whores.
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