I like Barney Frank because he is so “frank”.
Here is the esteemed moonbat Congressman from Ma. explaining the status of the two biggest reasons the US stock market has lost over 40% of its "value".
“These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems... the less we will see in terms of affordable housing.”
Congressman Barney Frank
And this part of an articles from the New York Times
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan. "
Oh my goodness, MANIPULATION in the accounting of the affirmative action housing scam known as Fannie and Freddie by our liberal friends, who only wanted what was best for voters. I find this hard to believe. It almost sounds like one of those greedy corporations like Goldman Sachs or Enron.
What this situation needs is a good old fashioned investiagtion by Congress. Congressman Barney Frank could summon his old flame Herb Moses, former Fannie big wig, to testify before his committe as to how this all came about. I'll call Jerry Spinger to set it up.
I am certainly counting on Obama to help clean this mess up.
He is blessed with the Audacity of Vision and that is just what this situation begs for.