04/29/2009 (3:32 pm)
I missed this last week, but it’s too good to pass up. Morgen at Verum Serum noticed Rep Frank (D, MA) lying through his teeth on the Tavis Smiley show, claiming he’d always objected to home ownership for people who could not afford it and blaming the entire housing bubble on Republicans. Now, we’ve all seen those vids of Frank and other Democrats declaring Fannie and Freddie in fine shape, no crisis whatsoever, and so had our good Morgen, so he went out to scare up a few good examples. During the search, he obtained a clip from C-SPAN that apparently had never been aired since the speech was made; it’s not even on C-SPAN’s web site, he had to order it on DVD just to see it.
Here we see Rep. Barney Frank continuing to push for more affordable housing (which he told Smiley he’d never done), and also declaring that a bursting of the housing bubble could not possibly cause anywhere near the damage caused by the bursting of the Internet bubble, because the housing assets have so much inherent value. Watch:
Frank is not the only person who did not see the potential impact of the housing bubble collapsing. However, the list of people who did see the potential impact contains a number of people whom today, Frank is accusing of causing the crisis, including Alan Greenspan. That Frank did not see it coming undercuts his self-proclaimed expertise regarding the banking crisis. “…there is not the degree of leverage we have seen elsewhere.” Holy Down Payment, Batman, not the degree of leverage? We’re talking about zero equity loans to homeowners with credit problems! He’s not just a liar; he’s clueless.
Patterico wrote a fairly complete summary of Rep Frank’s complicity in the downfall of Fannie Mae and the collapse of the US banking industry back in March. I highly recommend it if you want the complete picture; he even deals with Frank’s alleged support of Mike Oxley’s (R, OH) toothless oversight bill.
Barney Frank is waist-deep in the financial crisis, and remains one of the single individuals most directly responsible for the crisis. Learn about him and keep your facts straight, because Frank has been selling a lie pretty much non-stop since November.