Barney Frank, (Tailgunner-MA) and head of the House Financial Services committee has screwed taxpayers for $200 billion in the rescure of Fannie Mae and Freddie Mac. You can see the nauseating details here in the Wall Street Journal.
Here’s a few excerpts from the editorial. By the way, it’s also an excellent summary of how they got in this mess. It’s also an excellent summary of how Barney Baby screwed the taxpayer. (No surprise there….he’s a Democrat.)
“Taxpayers are now on the hook for as much as $200 billion to rescue Fannie Mae and Freddie Mac, and if you want to know why, look no further than the rapid response to this bailout from House baron Barney Frank. Asked about Treasury’s modest bailout condition that the companies reduce the size of their high-risk mortgage-backed securities (MBS) portfolios starting in 2010, Mr. Frank was quoted on Monday as saying, “Good luck on that,” and that it would never happen.
There you have the Fannie Mae problem in profile. Mr. Frank wants you to pick up the tab for its failures, while he still vows to block a reform that might prevent the same disaster from happening again.
At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn.”[...]
Go on and read the whole thing if you can stomach it. Remember, these are the same people who want to run your health care.
Here’s the parting thoughts of the WSJ. Any emphasis mine.
[...]“But the biggest payoff for Mr. Frank is the “affordable housing” trust fund he managed to push through as one political price for the recent Fannie reform bill. This fund siphons off a portion of Fannie and Freddie profits — as much as $500 million a year each — to a fund that politicians can then disburse to their favorite special interests.
This is also why Mr. Frank won’t tolerate cutting the companies’ MBS portfolios. He knows those portfolios (bought with debt borrowed at taxpayer-subsidized rates) were a main source of Fannie’s profits before the housing crash, and he figures that once this crisis passes they can do it again. And this time, his fund will get part of the loot.
Mr. Frank has had many accomplices from both parties in his protection of Fan and Fred. But he was and is among the most vociferous and powerful. In any other area of American life, this track record would get a man run out of town. In Washington, he’s hailed as a sage whose history of willful error will be forgotten faster than taxpayers can write a check for $200 billion.”
Remember that the above article supports not only the tagline of my blog, but also the true platform of the Dems.
1)We have everything it takes to take everything you have; and,
2)Is what we’re doing good for America and Americans? Who cares?
