Friday, April 30, 2010

Anyone else have any ideas?

Conceding that the Obama administration has failed to devise any workable plan to resolve the housing crisis, Secretary Geithner effectively threw up his hands and asked for anyone’s help. Got any good ideas?

Meanwhile, Rep. Barney Frank has turned the House Financial Services Committee’s web page into a political hack that makes Blue Virginia look like Karl Rove’s diary. That in itself is bad enough, but in his latest missive, Rep. Frank has the gall to blame Republicans for the Fannie/Freddie crisis. You’ve got to be kidding me. Frank’s chumminess with the GSE’s was the single biggest contributor to the unbridled growth and unparalleled decline of those government sponsored behemoths. He personally took huge contributions from the companies’ executives, undoubtedly prompting his repeated defense of them. In 2003, Frank said, "These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." In 2004, Frank again said at a hill hearing that the regulator’s report on illegal activity by Fannie Mae does not "raise safety and soundness [of Fannie Mae investments] problems at issue.”

Oh, wait, there’s more. There also are reports that he was once romantically linked to a Fannie Mae exec. Ahh. Maybe that explains it all.

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