Democratic hypocrisy on Fannie Mae/Freddie Mac.

This is a copy of a letter from 2004 House Democrats and sent to then-President George W Bush. In it, the signatories complained that the administration had taken a hard line with ‘housing-related government sponsored enterprises’ (GSEs) such as Fannie Mae and Freddie Mac by insisting on emphasizing fiscal prudence and responsible lending over increased affordable housing access. The relevant section?

We have been concerned that the Administration’s legislative proposal regarding the GSEs would weaken affordable housing performance by the GSEs, by emphasizing only safety and soundness. While the GSEs’ affordable housing mission is not in any way incompatible with their safety and soundness, an exclusive focus on safety and soundness is likely to come, in practice, at the expense of affordable housing.

Needless to say, this letter more or less completely subverts the narrative – lovingly created during the 2008 campaign, and kept up ever since – that the entire housing meltdown was really the (racist) Republicans’ fault.  Barney Frank is particularly outrageous, here: he’s gone from being Freddie Mac’s most devoted patron to calling for its dissolution without once explaining (or apologizing for) his own role in the mess.  Which is a strategy that worked fine in 2008; but it isn’t 2008 anymore.

Several additional thoughts on the matter: (more…)


Barney Frank (D, MA-04) refuses to answer a question.

The question being, “How much responsibility, if any, do you have for the financial crisis?

More here, and H/T Instapundit. I hope that the guy wasn’t actually expecting a substantive answer: there’s no way that Rep. Frank is going to admit that his party has been merrily contributing to our current mortgage disaster… and there’s no way that he’s going to give a definitive “no” to that question, either.  When you’ve been in Congress as long as Frank has, you learn to obfuscate, prevaricate, insinuate, and get irate when asked unfortunately pointed questions like that.

But, hey, his constituents and supporters are the types who’ll groove to hearing about right-wing deregulation conspiracies anyway, so I guess that he’s got a pretty good shtick going there.

Moe Lane

Crossposted to RedState.

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