Words Barney Frank Would Like to Have Back

In 2003 hearings were held on the financial status of Fannie Mae and Freddie Mac. Financial prophet and Massachusetts Democrat Barney Frank offered these words of wisdom:

"The more people, in my judgment, exaggerate a threat of safety and soundness (of Freddie Mac and Fannie Mae), the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing."

Of course, Frank and the Dems did not support any reformation in the way Fannie Mae and Freddie Mac did business. As you can see from his statement, his concern was not with the financial viability of the companies and any potential threat to the taxpayers, but with "affordable housing". "Affordable housing", as we have now learned, means giving loans to people who don't qualify for them and can't pay them back. It also now means transferring that loss to the taxpayers.

We don't need any more "affordable housing". We need "responsible legislators" and "responsible homeowners".