The Remarkable Barney Frank Brain Awakens?
Remarkable is putting it lightly. Barney Frank must have gotten a wake-up call of some kind regarding his re-election in November. Either that or he’s going to become a Republican when the House gets back to business in September.
It would be much more fitting if Frank and Dodd would fess up to their deep rolls in creating the housing bubble that blew and became the basis of our current economic ills. This blog post should be categorized as an Apology of the Day, but that’ll never happen. No, I think ol’ Barney will remain a Dem, but I’d like to hear him state this position on the Fox News Channel, perhaps on The Factor. And Mr. Kudlow, you’d better keep that hat close at hand – Winter, meaning a lame-duck session of the House of Representatives, is coming. Things could get frosty a bit earlier this year.
“I hope by next year we’ll have abolished Fannie and Freddie,” [Frank] said. Remarkable. And he went on to say that “it was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.” He then added, “I had been too sanguine about Fannie and Freddie.”
The broader lesson here is that government planning doesn’t work. And if left to their own devices, market processes will work. I don’t know if President Obama gets this. But my hat goes off to a man who does, Chairman Barney Frank.
Read More >> RealClearPolitics – Barney Frank Comes Home to the Facts.