Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to "roll the dice" in the name of affordable housing. This did not turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity -- with your money. He and New York Representative Antthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.
You read that right. After two years of telling us how tax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo develpments with high percentages of unsold units, high delinquecy rates or high concentrations of ownership within the development."
In 2003 Barney frank said of Fannie and Freddie, "These two entities -- Fannie and Freddie -- 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."
So I suppose someone could give Barney a pass by simply being inept the first go round for not being bright enough to see the coming crisis. However, after the crisis has come he now wants to lower lending standards further?
My plea is for Barney to be laid at the choppiing block this November from those on the left. After all, the constant complaint is that government is in bed with corporate America, but Barney has literally done this with Fannie Mae Executive Herb Moses while "overseeing" the quasi-private corporate giant. Not only should the left leaning voters of MA not vote for Barney, they should put him in jail.
So the last poll numbers I saw said that Barney only has a 10 point lead in the polls with Barney having 48% of the voters and his opponent Sean Bielat having 38% of the voters. Independents, which are around 14% of the voters, are leaning heavily towards Bielat but are still undecided. WE CAN DO THIS!!
Of course, the naysayers will say that this is a Democrat controlled region. In fact, if you don't vote Democrat, no matter who is running, you will be shot on site at the polls. I say its worth it!!
As for the rest of you right winged crazies like myself, why not donate to Sean's campaign. By all accounts, it could be the most important election this November, unless, of course, you wish to have a repeat of what we just went through. I know it sounds carzy that he actually needs money to beat this bafoon when all that should be required for him to win is simply have a pulse.