It's Tea Time

In 2003, Barney Frank said this in opposition to oversight changes to Fannie and Freddie that could have minimized the damage done over the next four years:

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.

Even if Fannie and Freddie were to fail, the government doesn't bail them out.

Then in October of that same year he stated he worried the Treasury Department "would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks."

Now in 2010, after it has become completely obvious that those he opposed seven years ago were completely right, he says this:

"Going forward it is clear we have to abolish this notion that there is a private shareholder corporation that also has a public mission, that’s clearly a mistake. The one thing I am sure of is that the kind of hybrid of a private shareholder company with a public mission doesn’t work and we have to separate the various functions.

And also this:

"Not everybody can or should be a homeowner. I think we should particularly stop this assumption that you put everybody into home ownership ... we have public policy [that] has been too much to try and push people into home ownership."

This last quote in particular, for anyone who's been paying attention the past ten years, is particularly contemptuous. The man who played a huge role in creating the assumption that everybody could, and should, be homeowners is now saying we should dispel it? And trying to take credit as if it was his idea all along??? My head is about to explode on this one.

If you put together a room of ten people that could be blamed for what happened to our housing market, he's in that room. And here he is, trying to take hold of the reigns again, leading the charge on something he obviously does not understand.

Barney: Get the hell out of the way bud. You drove the country into a ditch, you should be ashamed of yourself. Now let those who could see it coming, the people you mocked for their insight, let them take control so the good folks of this country can get back to work.

Oh, and bite me.