"Among others who have been at the heart of the risky lending behind the financial meltdown are Fannie Mae and Freddie Mac, whom Congressman Barney Frank has also championed and protected. When federal regulators uncovered irregularities in Fannie Mae’s accounting, and in 2004 issued what Barron’s magazine called “a blistering 211-page report,” Barney Frank lashed out — not at Fannie Mae, but at the regulators who uncovered Fannie Mae’s misdeeds. He said “a leadership change” in the regulatory agency was “overdue.”Didn't I see this scene in one of those Robin Hood movies? I believe so, but the french speaking English nobleman and traitor was as sharp as a whip, and he didn't speak with a lisp.
Politicians who say we need more regulation almost never mean regulation in the sense of impartially enforcing explicit rules, such as the accounting rules that Fannie Mae was violating to cover up its own risks. They mean regulation with arbitrary powers, such as those under the Community Reinvestment Act, which enable regulators to carry out the agendas that politicians give them."
People like Frank have undermined our nations Democracy for years. It is well past time they are called on their abuses and sent out of office. Here's hoping the people of Massachusetts will move to save the country.
Great piece, Tommy. Go Sean Bielat!