Barney Frank: hand on fanny, hands OFF Fannie
And here I was quietly thinking Rush Limbaugh was embarrassing us by trying to pin the financial crisis on just the Democrats. Then I read this... From the New York Times, no less. Note the 2003 dateline.
"Among the groups denouncing the [BUSH ADMINISTRATION] proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
'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.' "
The Republican response to Democrat obstructionism back in 2003?
"Representative Melvin L. Watt, Democrat of North Carolina, agreed.'I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,' Mr. Watt said. "
" 'The regulator has not only been outmanned, it has been outlobbied,' said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ... 'This is not world-class regulatory work.' ''Did I mention that was in 2003? As for John McCain...
"...Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess."No wonder getting back to D.C. was looking like a better PR opportunity for John McCain than Friday's debate.
Yep. They gave away the store, and the poor were "helped" from their apartments right onto the street with a brief detour through some really nice pads.
Can't wait to see how Obama's plans for free college, energy and health care turn out.
Now excuse while I start stockpiling canned goods and batteries.