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Barney Frank: Still Lyin' About the Bubble

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July 21, 2009 – Comments (3)

It's not entirely his fault, of course, but Barney did as much as any of the other chuckleheads in congress to fan the flames of the housing inferno. This bit of nonsense is precious.

Finally, the real estate crash was not something even the experts saw coming.  "No one I know of - except Robert Shiller - saw the drop in conventional housing prices," he says.

http://finance.yahoo.com/tech-ticker/article/285683/Frank-I'm-Not-to-Blame-for-Housing-Bubble?tickers=len,fnm,fre,kbh,tol,xhb,hd&sec=topStories&pos=9&asset=&ccode=

Booohooohoooogus. There were dozens of bloggers and even a few business journalists discussing the likelihood of a fall in housing prices. It's just that boneheads like Barney Frank chose to ignore them, and concentrate on the pleasant fiction that somehow, in a time of stagnant wage growth, houses were magically growing in value at 10, 15, 20% per year.

3 Comments – Post Your Own

#1) On July 21, 2009 at 10:02 AM, ronb111 (72.93) wrote:

There is no one in government, finance, wall street and the general public that is blameless in the fiasco that was perpetrated. Now I understand that Barney want Fannie & Freddie to loosen up undeerwriting standards for condo ownership. Guess the lessons to be learned haven't been absorbed or they are dumbeer than stones (sorry rocks).

 

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#2) On July 21, 2009 at 12:01 PM, gldnlvr64 (< 20) wrote:

Bawnee Fwank

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#3) On July 22, 2009 at 2:52 AM, saunafool (98.68) wrote:

Yeah, you can't blame Barney. I mean, there was only that 2005 feature story in the Economist which called housing "the biggest bubble in history"...

Pfft! Who reads the Economist anyway. Stupid British magazine.

Not to mention Seth Jayson at the Fool. He called a bubble a bubble and probably just got a bunch of hate mail for it. At least we know that no one listens to Seth, however.

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