Something is wrong with Barney Frank. I’ve suspected for years now that he’s not all there. I don’t know if it has something to do with serving in the House as long as he has, or not, but he’s just not right.
As the discussion of a possible bailout started circulating Washington, Rep. Barney Frank (D-MA), who just happens to be the chairman of the House Financial Services Committee, was “instrumental” in working to amend the plan so it had a chance of passing on the Hill.
The question is, why would the man who holds a large part of the responsibility for this mess in the first place be allowed to participate in the negotiations for fixing it? It doesn’t make sense. He spent years blocking all attempts to increase oversight at Fannie Mae and Freddie Mac. He spent years working against the best interest of his constituents, his party, and his country.
Now, we’re paying the price, and when people get angry, he accuses them of racism. There’s definitely a screw loose somewhere.
Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation’s housing crisis is a veiled attack on the poor that’s racially motivated.
The criticism of Democrats over the nation’s housing crisis has nothing to do with race and everything to do with the fact that Democrats like Mr. Frank spent untold hours and money blocking every chance of reform that could have prevented this mess in the first place.
“They get to take things out on poor people,” Frank said at a mortgage foreclosure symposium in Boston. “Let’s be honest: The fact that some of the poor people are black doesn’t hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people.”
This is what I am talking about. What the hell does that mean? “They get to take things out on poor people“? Who’s taking anything out on poor people? He made sure the mortgage companies and predatory lenders had their way with poor people all across the nation. In fact, it was him and the Democratic leadership that promised us this bailout was going to help “main street”. Does he think there are no poor people on main street? Is he implying that most poor people on main street are black? Isn’t he the one being racist? I still don’t get it.
Ed Morrissey has an excellent post up at Hot Air, where he outlines the direct cause of the financial collapse, and surprisingly enough it doesn’t mention race at all.
Had the risk remained at Fannie and Freddie, the problem would never have gone beyond their collapse. Unfortunately, Congress also pushed the GSEs to securitize the debt in order to spread the risk. Investors considered those mortgage-backed securities a safe bet, backed by the US government. That’s the direct cause of the financial collapse, along with the collapse of housing prices that resulted from the sudden deflation of demand.
Barney Frank and his fellow members of Congress had plenty of time to prepare for this, but now it seems Mr. Frank is totally caught off-guard on how to respond to the crisis he was instrumental in creating so he screams racism. You’d think an apology would be in order, but that’s not how Barney Frank rolls. Rather than face the facts, he attempts to deflect from the issue by accusing others of something that just isn’t true.
Aaron Margolis, from Hub Politics says it’s business as usual for Mr. Frank. He is an expert at playing the blame game, but I don’t think people are falling for it this time.
Much like the children and teenagers in YouTube videos chanting for and pledging their allegiance to Obama, Democrats are trying to label any criticism levied by Republicans on current economic crisis, and Barack Obama in general, as veiled racism.
Mr. Frank needs to cut the B.S. He never has handled criticism very well. People are angry at the banks for originating bad mortgages. They are angry at the members of Congress that did nothing to stop them. They are angry because Barney Frank spent years helping to dig us into a hole we couldn’t climb out of. They are angry because they have been stuck with a $700 billion bailout that will, in reality, amount to much more than that before it’s all over.
Barney Frank would prefer it if people ignored reality and believed this was all about race, but they can’t. Blogs, television and radio media, and newspapers all say otherwise. People won’t believe it. Their wallets, their 401k plans, and their bank accounts won’t let them.