Barney Frank, man who destroyed U.S. economy, is retiring

Congressman Barney Frank, who destroyed the U.S. economy by recklessly lowering lending standards in the 1990s and the first years of the 21st century, has announced he will not run for another term.

Frank was the critical player in opposing all expert advice to compel mortgage giants Fannie Mae and Freddie Mac to back or buy $1 trillion in home loans for people who could not afford to pay them back. Many of these loans later were bundled into securities and re-sold to investors who had no idea how risky they were.

As a result, disaster in 2008.

When President Bush tried to rein in Fannie Mae and Freddie Mac in 2003, Barney Frank was the first to oppose anything that might restore safe and sound lending practices.

Frank 'no crisis.' The New York Times reported on Sept. 11, 2003:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Frank wasn't doing poor home buyers any favor. By sucking them into loans they couldn't afford, he burdened them with unbearable mortgage payments and, in many cases, defaults that will blemish their credit ratings for decades.

Frank Warner

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See also: THE HUSHING: In 2004, Democrats told Fannie-Freddie watchdog to shut up about financial risks. All of the congressional Democrats who abused the oversight director won re-election. Congressman Christopher Shays, the Republican who spoke up most strongly for ending the malfeasance at Fannie and Freddie, lost his re-election bid.

Comments

[Mark]

I knew Frank's retirement would draw a comment from you.

[Frank Warner]

I'm still shocked the citizens of his Massachusetts district re-elected him after he destroyed the nation. They apparently believe everything he says, even when he's proven wrong by every measure.

[CJW]

And John F Kerry as their senator...

[Hawaiian Bob]

Think the press isn't biased? Well ol'Barney has gotten of scot free for his pivotal role in creating the housing mortgage crises and gotten credit in the press for being a financial "watch dog" (would be like calling Bernie Maldof a sound investor). Come On!!