To: Road Walker who wrote (1201 ) 10/26/2010 9:53:58 AM From: joseffy 3 Recommendations Respond to The Cynically Ruthless Barney Frank, Enabler Of The Mortgage Meltdowninvestors.com Frank blamed the resulting collapse of financial markets and the economy on everybody except Barney Frank. committee members — including Chairman Frank — had themselves promoted laws and policies responsible for the current economic disaster. Frank has never hesitated to use his power ruthlessly. On one occasion, he threatened bankers with summoning them before his committee and forcing them to reveal their home addresses — which would of course put their spouses and children at the mercy of any kooks that might come along.Frank could piously invoke "social justice" in defense of similarly ruthless community activist groups like Acorn or National People's Action, which had in fact besieged the homes not only of bankers but also of public officials who dared to oppose their agendas. the harassment and shakedown activities of such groups were perhaps best captured by the words of a leader of one of these groups, who addressed her followers by saying: "We want it. They've got it. Let's go get it."community activists, including Jesse Jackson, have over the years extracted literally billions of dollars from financial institutions, as the price of peace and of not challenging these institutions in hearings before federal regulators, as these groups are empowered to do under the Community Reinvestment Act. Fannie Mae and Freddie Mac, whom Congressman Frank has also championed and protected. When federal regulators uncovered irregularities in Fannie Mae's accounting , and in 2004 issued what Barron's magazine called "a blistering 211-page report," Frank lashed out — not at Fannie Mae, but at the regulators who uncovered Fannie Mae's misdeeds. He said "a leadership change" in the regulatory agency was "overdue."When Congressman Jim Leach tried to get stronger regulation of Fannie Mae and Freddie Mac back in 1992, and when President George W. Bush did so in 2004, Frank opposed them.
