Monday, October 25, 2010

Barney Frank tied to Subprime Disaster in New Campaign Ad

His lead dwindling to single digits against Marine and businessman Sean Bielat, Barney Frank gets hit with a new ad out this week saying, "The finances of millions of Americans (were) wiped out. Barney Frank betrayed our trust. Why would we support him again?"

Gateway Pundit points out, "going into 2007 Fannie and Freddie had never in history been allowed to purchase or finance sub-prime mortgages. But under pressure from Democrats in Congress (including Frank), they were granted this authority by regulators in September 2007.

Barney Frank is still adamantly opposed to legislation which would prevent any further federal bailouts of the GSE’s. For Democrats like Frank, continued control over Fannie and Freddie represents the effective nationalization of the entire mortgage industry. It’s a dream come true for those who wish to use the power of the federal government to implement their desired social and redistributive policies."

Frank Crimi writing in Thursday's edition of The American Thinker adds, "From his perch as Chairman of the House Financial Services Committee, Frank led the congressional charge to pressure private bankers and government mortgage lenders Freddie Mac and Fannie Mae to severely lower eligibility criteria for low-income home borrowers -- dangerous lending practices that led directly to the collapse of the subprime mortgage market in 2008."

In this memorable segment, Bill O'Reilly comes completely unglued with the chairman of the House Finance Committee, when Frank starts blame shifting for the cratering of Fannie and Freddie Mac in '08 on reliable Dem strawmen, George Bush and the Pubs. (Sounds like a Rock Group)

Toward the end of the shouting match, a much exasperated Barney Frank wheezes, "You don't listen at all, maybe you're too dumb to understand." "Oh yeah," parries O'Reilly, "I'm dumb, you're the brilliant guy, who presided over the biggest financial collapse in Federal history. I'm the dumb guy, you're the brilliant guy." says O'Reilly.

HT: The Blaze and Gateway Pundit.

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