I have to say that at this point it’s pretty hard for me to ever feel any real sense of shock… It seems as if I have seen it all.
Debt fueled and Federal Reserve led housing and stock market manias… the collapse of Fannie, Freddie as well as a host of major Wall Street institutions… the massive multi-trillion dollar bailout of anything and everything… the government takeover of major industry… “cash for clunkers” scams… the list seems endless.
But yesterday BostonBubble sent me a link to an article the contents of which has left me simply stunned and appalled.
The article details how Rep. Barney Frank would like to soon be the HUD Secretary but first, as he was quoted as saying, he “want[s] at least two years with President Obama and a solidly Democratic Senate so that we can get the federal government back in the housing business.”
Get the federal government BACK into the housing business!!
Is there a reader out there, no matter where you come down on whatever, that thinks that somehow the federal government is NOT in the housing business?
Recently it was reported that nearly 90% of all home loans are funded or guaranteed by the federal government (Fannie, Freddie, FHA, etc.).
Through Fannie and Freddie, the government spearheaded mortgage securitization and the lowering of lending standards, allowed private swindlers like Countrywide Financial to heap hundreds of billions of junk loans onto the “implied” backs of taxpayers and, in turn, sponsored the largest phony asset boom in our history…. A debt boom that at best was simply making all Americans poorer… and when it finally bust, made millions of households go completely broke.
But Rep. Frank wants to do more… to him, the federal government has not been in the business of housing enough.
The article later suggests that those who know Rep. Frank sometimes describe him as “socially handicapped”… close… he is a sociopath.
Citizens of Massachusetts 4th Congressional District … WAKE UP!
Not only did Rep. Frank not see the collapse of the massive government housing welfare scheme he helped to create and was tasked to oversee, he STILL doesn’t see it.
Rep. Frank is a disgrace and I’m starting to thin the constituents of the 4th district are as well.