It's a good lesson, as if we needed another one, on why
politicians should not be allowed to run (read, ruin) the
economy.
Observes
the Wall Street Journal:
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.
You read that right. After two years of telling us how lax
lending standards drove up the market and led to loans that
should never have been made, Mr. Frank wants Fannie and Freddie
to take more risk in condo developments with high percentages
of unsold units, high delinquency rates or high concentrations
of ownership within the development.
Yes, after wasting billions in taxpayer dollars to inflate and
thus wreck the housing market, Rep. Barney Frank, the "go-to" guy
when it comes to fixing the financial system, wants to waste more
taxpayer dollars to inflate and thus wreck the housing market.
Don't worry, be happy. After all, worrying won't help and
crying will just waste a lot of water!
