When reform efforts were afoot to set Fannie Mae and Freddie Mac back to their proper course, Barney Frank, ranking Communist from Taxachusettes, infamously said, "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."
Fannie Mae and Freddie Mac promptly crashed and burned, and remain smoldering even now.
Barney Frank was either stupid or complicit.
In either case, he was wrong.
Alas, he's still around.
Now, with the Big 3 auto makers crashing and burning, Mr Frank is insisting that they be allowed to smolder forever, and at taxpayer expense.
Discussing throwing good money after bad, in the form of a bailout for the Big 3, Mr Frank said, "For us to do nothing would be a disaster."
He's as wrong in reverse as he is going forward.
Separate But Equal Is Best Scenario
4 years ago