An execution truly focuses the mind
Posted by aogSunday, 22 August 2010 at 08:26 TrackBack Ping URL

Now even Representative Barney Frank has figured out that Fannie Mae and Freddie Mac were the root of the problem and has called for them to be abolished. Or, “Stop my minions before they kill again!” he cried. These people don’t have different ideas about how economies really work, they know the free marketeers are right, which leaves a rather unpleasant explanation for their actions when times are not desperate. When there is no other choice, then looting scum like Frank will give in to reality. But until then it’s party time on the taxpayer’s dime.

P.S. On the other hand, there’s work on bailing out free spending union management with taxpayer dollars — because unions oppose management so union management, by definition, can never do anything that would harm the workers. After all, what incentives would they have to cut fiscal corners, not being CEOs?

Comments — Formatting by Textile
Bret Sunday, 22 August 2010 at 11:57

Did Frank really call for Fannie and Freddie to be abolished?

I followed the links, but such statements are so wildly out of character that I’ll want to see the video of him saying that before I believe it.

erp Sunday, 22 August 2010 at 13:10

From an article by Larry Kudlow:

In an absolutely outrageous move last Christmas Eve, President Obama signed off on $42 million in bonuses for the top 12 Fannie and Freddie executives, including $6 million apiece for the two CEOs.

I wonder if Franks’ main squeeze was among the lucky dozen?

Annoying Old Guy Sunday, 22 August 2010 at 16:07

Bret;

Here’s a video — I tried to watch but it’s Barney Frank and he made my video player crash.

Bret Sunday, 22 August 2010 at 19:09

Ok. He did say it. Good for him. Note that he wants to replace it with a government only entity that would provide mortgages. Not great, in my opinion, but probably won’t be worse.

pj Tuesday, 24 August 2010 at 10:39

Barney Frank is just an advocate of socialism. He supported Fannie/Freddie when they were replacing Wall Street. Now he wants Fannie/Freddie to be nationalized into a single socialist entity. He knows a hugely unpopular $1 trn bailout of Fannie/Freddie is coming soon and he wants to position a socialist mortgage lender as the successor entity, using popular demands for reform as the impetus for getting it passed.

AVeryRoughRoadAhead Tuesday, 24 August 2010 at 10:52

It’d be nice if it were only $1T - it’s likely to be at least double that.

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