Friday, August 20, 2010

Investors Business Daily: Frank: Fannie And Freddie Must Go

Facing the prospect of a definitive rejection at the polls this November, Democrats are scrambling to change their spots. Barney Frank played a key roll in the financial collapse of 2008 by protecting Fannie Mae and Freddie Mac from reform, even as they threatened to bring down the entire economy. Despite being the best friend of these gigantic money pits, Frank sounds downright conservative as he admits that these corrupt, socialistic abominations have got to be abolished before they cause more havoc:

After years of dissembling and denial, Rep. Barney Frank has finally come out. He now says bankrupt government mortgage giants Fannie Mae and Freddie Mac "should be abolished." Better late than never.

"There were people in this society who for economic and, frankly, social reasons can't and shouldn't be homeowners," Frank said in an interview with the Fox Business Network and sounding a lot more like an elephant than a donkey. "I think we should, particularly, stop this assumption that you put everybody into homeownership."

After years of blaming heartless Republicans and Wall Street for the crisis caused by Fannie Mae and Freddie Mac — and their predominantly Democratic supporters in Congress — it's refreshing to hear a member of the Democratic Party admit his mistakes.

It's especially true of Frank, who, more than any other elected official, championed the cause of the government-sponsored enterprises Fannie Mae and Freddie Mac. Indeed, Frank is most responsible for stopping GSE reform in the early 2000s, at a time when such a move might have prevented the financial meltdown.

 Just wow, these Dummycrats run to the right just before election time. Never believe a campaign promise from them. It's time to fire the dummycrats!


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