More Great Ideas from Barney Frank
Having been as wrong as this guy has been, someone with shame might, I dunno, shut up. But that's not what makes a Senator.
Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to "roll the dice" in the name of affordable housing. That didn't turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity -- with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.
This, of course, is exactly why we shouldn't have government controlled banks, nor government sponsored banks, of any kind, for any real duration. These bozos simply can't resist the urge to make policy without really knowing what they're doing. They're committing the same kind of idiocy with GM as regards dealer closings.