Star One Smart Blog's

Just another reactionist editorial from the NYT, blaming Republicans for issues that should belong to both parties in general, and Barney Frank in particular. To name their pet financial reform law the "Dodd - Frank" financial reform law was ironic and laughable.

Barney Frank should be in jail.

Barney Frank's obstructionism to Fannie Mae - Freddie Mac reform must be mentioned again and again. He, more than any other Democrat politician, brought on much of this financial collapse with his refusal to allow George Bush (who asked 17 times) to put Fannie Mae - Freddie Mac under tight regulation along with GSE's in 2007.  Morgen Richmond ...

Let it be noted that in May 2007 Barney Frank and the Democrat-controlled House would go on to pass GSE reform legislation. Legislation which was adamantly opposed by the Treasury Dept. and the Bush Administration for limiting federal oversight of Fannie and Freddie’s mortgage holdings. Legislation which included
Frank’s pet project, an “affordable housing” fund backed by tax payers.

Let it also be noted that going into 2007 Fannie and Freddie had never in history been allowed to purchase or finance sub-prime mortgages. But under pressure from Democrats in Congress (including Frank), they were granted this authority by regulators in September 2007.

Let it also be noted that in 2007 Frank aggressively pushed to increase the maximum loan limits which could be underwritten by the GSE’s. A move which would ultimately transfer tens of billions of dollars of loan liabilities from private financial institutions to tax payers.

It’s no wonder that even after the total collapse of Fannie and Freddie in 2008, at an ultimate cost to tax payers which could exceed $400B, Barney Frank is still adamantly opposed to legislation which would prevent any further federal bailouts of the GSE’s. For Democrats like Frank, continued control over Fannie and Freddie represents the effective nationalization of the entire mortgage industry. It’s a dream come true for those who wish to use the power of the federal government to implement their desired social and redistributive policies.

The Community Reinvestment Act should be abolished; Fannie and Freddie, if allowed to continue to exist, must be tightly regulated.

Barney Frank should never have been re-elected.

Until Democrats are weaned away from the successful Moocher - Looter symbiosis they've used to construct an eager but pathetic voting base, a base that's guaranteed  to vote Democrat for reasons that are self-serving, ME FIRST!; a base that has nothing to offer but their outstretched, open, expectant palms, we will not have real financial reform. Until this symbiosis is challenged and broken, this Republic will remain at risk of collapse.

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