Friday, November 18, 2011

Barney Frank Makes Outrageous Claim About Fannie Mae...

Senator Barney Frank today said that Republicans are responsible for the Fannie Mae/Freddie Mac debacle - you know, the stuff that brought down the economy.

I think Mr. Frank needs his head examined - or at the very least, he needs a basic history lesson.

1) Fannie Mae was created by FDR (D) in 1938

2) LBJ (D) privatized Fannie Mae in 1968

3) Jimmy Carter (D) signed the Community Reinvestment Act which literally forced banks to make risky loans to people of limited means and poor credit. Of course, these loans were transferred to Fannie & Freddie

4) Bill Clinton (D) signed the Bliley Bill in 1998 which reinforced the Community Reinvestment Act by mandating that banks had to make at least 50% of all loans to low income/bad credit folks

5) Barney Frank (D) and Chris Dodd (D) were in charge of oversight of Fannie Mae & Freddie Mac. Just months before they went broke, Frank stated on the record that Fannie & Freddie were sound and not in need of the regulation proposed by Republicans.

If you are observant, you might have noticed that everything about Fannie & Freddie, from its inception until this very day, has been pushed by Democrats.

And true to the form of liberals who can't open their mouths without spinning, Frank says Republicans are responsible.

Hey, Massachussetts - when are you going to dump that stupid bum and elect a Senator worthy of representing you?


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