Bye, Bye Barney
Few House Members have made a bigger legislative mark, and arguably no one so expensively. Mr. Frank deserves to be forever remembered—and we'll help everyone remember him—as the nation's leading protector of Fannie Mae and Freddie Mac before their fall. For years Barney helped block meaningful reform of the mortgage giants while pushing an "affordable housing" agenda that helped to enlarge the subprime mortgage industry.Here's his famous reaction to being asked if he thought he bore any responsibility for the housing bubble.
"I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]," Mr. Frank said on September 25, 2003, in one of his many legendary rhetorical hits. "I want to roll the dice a little bit more in this situation towards subsidized housing." The dice came up snake-eyes for the housing market and U.S. economy.
How dare anyone question the wisdom of Barney Frank and his desire to play craps with the U.S. housing market.