Barney Frank said that Fannie and Freddie were fundamentally sound

Chairman Barney Frank blames the Republicans and the lack of regulation for the financial meltdown.  He refuses to accept any culpability for the current crisis, and keeps making excuses for his role.  He loudly denies any involvement in the mess, and even says that he tried to reform Fannie Mae and Freddie Mac.

Congressman Frank blocked many efforts over the years to reform these two Government Sponsored Enterprises.  Indeed, he enabled them as one would enable an alcoholic, he protected them so he could protect affordable housing, and he thwarted every effort to reform them since warnings began in 1991.  He was one of many apologists and cheerleaders, but he was the key architect of this financial 9/11.

Ironically, he now wants to take credit for coming to the rescue to clean up a problem that he is responsible for creating in the first place.  This is what happens when emotion, hysteria, government meddling, and social engineering replace facts, evidence, and prudent decisions.  Also, the first maxim of law is that it should do no harm.  The whole country was injured, never mind the poor souls, who were forced into mortgages that they could never repay.

Now Bailout Barney wants to help the fat cats on Wall Street.  Why does he favor a bailout?  Perhaps it is because he gets 70% of his contributions from the same industries he should be regulating as chairman of the House Finance Services Committee.  He gets most of his money from Insurance Companies, Investment Banks, Securities Firms, and Lawyers.  He was also in the top 5 in the Congress of donations from Fannie Mae.  Barney Frank is not your Father's Democrat.

Mr. Frank also likes to note that he has only been chairman since January of 2007.  Prior to that he was in the minority party.  He said that the majority party prevented him from doing anything.  You would think that the 'smartest congressman' could have prevented this debacle since really smart people anticipate problems.  The reality is that Mr. Frank has been on the Banking Committee since 1981.  He become ranking member in 2003 before he became chairman in 2007.  How long does it take to bring the financial system of America to its knees?  Apparently . . . 27 years.  It also begs the question - was this deliberate on his part?

Many people - Republicans, Democrats, and Independents, including this candidate, have lost a lot of money in our retirement funds.  We are mad as hell, and we want answers.  I will not let the Congress sweep this under the rug.  I want an independent commission to investigate this crisis.  We want to know why it happened, and we want to know who is responsible.  This mismanagement, corruption, greed, and lack of oversight must not be allowed to go unpunished.

Three months ago, Barney Frank declared to his colleagues, "Fannie and Freddie are fundamentally sound.  They are not in danger of going under . . . Their prospects for the future are very solid."  Soon thereafter, their stocks went to .25 and .35 cents, respectively, after hitting a 52 week high of $68. and $64. earlier in the year.  The stock is currently worth .02 cents on the dollar.  Frank was either asleep, clueless, uncaring, or just stupid.  Were he in the private sector, he would be looking for a new job.  He might even be in handcuffs.