Politicians on a dragonslaying mission

Harrison Price adroitly summed up the Dodd-Frank financial reform bill yesterday. This bill is a victory for Fannie Mae cheerleaders, Chris Dodd and Barney Frank. They will sell it to the public as a great accomplishment by liberal government to make the financial sector "safe." Yet, Fannie Mae and Freddie Mac are allowed to run their treasury busting business without nary a slap on the wrist---they continue to lose billions of taxpayer dollars each quarter. Liberals are going to claim that this bill is a great achievement. That is, of course, until another collapse rears its ugly head and then they will look to blame someone or something else.

Don't try to cover your tracks, Barney

Barney Frank is one of those politicians that always makes my head shake in disbelief when I hear him speak on T.V. This guy spent years pimping government subsidized home loans and protecting Fannie Mae and Freddie Mac. Now Frank has the audacity to tell us "the Poor Should Rent, Not Own." ARRRGGGHHHH!

Thomas Sowell - The Housing Boom and Bust

Comment: When some conservatives noted that the Community Reinvestment Act had some factor in the housing collapse, liberal commentators responded by saying that the CRA program and those that participated in it had very little default rates. While this is true, the point that is missed by liberal critics is that the CRA created a culture outside of the CRA program where "affordable" housing activists via progressive politicians effectively influenced financial regulators into pressuring banks to make more loans to less-than-creditworthy borrowers than they would normally be willing to risk. The political epitome of this is Mr. Barney Frank. He constantly pushed public policy to address a "housing affordibilty problem." The results of his work is the housing bubble and collapse.

Barney Frank: "What housing bubble?"

Before the financial crisis, many members of Congress cheered subprime mortgages simply because they aptly served affordable housing goals. In this video, we see Barney Frank running interference for mortgage giants Freddie Mac and Fannie Mae several years before the feds had to step in to save them.

HT: SBVOR