Freddie Mac/Fannie Mae, one root of evil is Barney Frank

The shockingly oblivious Democrat from Massachusetts Barney Frank has proven himself to be one of the most vehement protectors of crap management and a record-breaking flusher of others’ wealth. Thanks for the new $200+ billion invoice. And for the liberals and conservatives out there, I don’t want to hear another word about the 10 billion/month we’re spending in Iraq attracting and subsequently pulverizing extreme Muslims. Barney Frank and his kind just waged a single day war on the taxpayer (read “rich white conservatives”, not the “working people”) to the price tag of 18 months in Iraq.

Asked about Treasury’s modest bailout condition that the companies reduce the size of their high-risk mortgage-backed securities (MBS) portfolios starting in 2010, Mr. Frank was quoted on Monday as saying, “Good luck on that,” and that it would never happen.

There you have the Fannie Mae problem in profile. Mr. Frank wants you to pick up the tab for its failures, while he still vows to block a reform that might prevent the same disaster from happening again.

At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn.

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Oh, and the best part? Many of the irresponsible people who got into houses they never could have afforded may get to stay in those houses, on my dime. You’re welcome. Now grow up and use your brain next time. The formula is as follows:  work your tail off, get promoted, work your tail off, get promoted, buy a house you can afford in good times and bad, work your tail off, retire. I’m keeping it simple, because buying twice the house you can afford — just because some greedy (and stupid) bankers dangled the carrot — means you can’t follow complex.

Oh, and the greedy bankers? Here’s some for you. We must have experienced a decade of MBAs on Wall Street who were apparently the drunken weak link on their teams in school. Oh, except for the Goldman Sachs guys, they were the ones doing the work.

Do I sound angry? Yeah, I’m angry.

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