Don’t Dare Question Barney Frank

Don’t you dare question Barney Frank or his connection to Fannie Mae, Freddie Mac and the Community Reinvestment Act or how that all caused the current economic crisis.  Don’t question Barack Obama who received over $126,000 from Fannie and Freddie over three years, or Chris Dodd who got even more.  Those are not valid questions says Representative Frank… its just racist.

Frank charged that conservatives aim to shift blame for the market meltdown away from Wall Street and toward minority-lending laws like the federal Community Reinvestment Act.

“The bizarre notion that the Community Reinvestment Act . . . somehow is the cause of the whole problem, (conservatives) don’t mind that,” the lawmaker said. “They’re aware that the affordable-housing goals of Fannie Mae and Freddie Mac (and) the Community Reinvestment Act (aim to help) poor people. And let’s be honest, the fact that some poor people are black doesn’t hurt either from their standpoint.”

Up until this year, Fannie Mae and Freddie Mac were involved almost half of the mortgage loans in this country.  In 2008, that percentage was closer to 80%.  A large percentage of those loans that have failed have been alternative or subprime loans… the type of loans that Democrats like Barney Frank and the CRA were pumping.  Fannie and Freddie, thanks to the Democrats in congress, created the market for these loans, encouraged other banks to make these loans, and bought/sold these loans.

These loans helped to exacerbate the decline in housing prices and were a direct cause of the current financial collapse.  They are what has frozen the credit market… the very freeze the federal government is trying to correct with the $700 Billion bailout.

This is not about race.  Repeat that again, THIS IS NOT ABOUT RACE.  Foreclosures are blind, they don’t care about the color of your skin.  Neither does money, nor Wall Street, nor the bank down the street.  Once again, the only people injecting race into politics are the supporters of Barack Obama.  Barney Frank is a toad, a vile unapologetic toad, who rather than take responsibility for his complete and utter failing in regards to Fannie and Freddie is playing racial politics.

Barney Frank has proven, time and time again, that he is not going to allow himself to be accountable… he wasn’t accountable when a gay prostitution ring was uncovered running out of his home, and he won’t held accountable now for failing the American people and causing a financial collapse that led to a $200 Billion bailout of Fannie and Freddie, an $85 Billion dollar bailout of AIG, and a $700B Bailout of our credit markets.

If an illegal enterprise was running out of your home, thanks to the RICO Act, the federal government could hold you responsible or take your assets… even if you didn’t know about it.  And if you were the CEO of a company who kept pumping Fannie Mae and Freddie Mac, encouraging them to do risky loans, even though others were warning you of the danger… you would be fired… and then you would be trotted out before some Congressional hearing and told how pathetic you are and how you made too much money.

Yet Barney Frank is not held to those same standards… apparently he’s not held to any standard at all. Instead of holding him accountable, he has been lauded by Democrats on Capitol Hill for his help crafting the bailout bill.  The very bill that would not have been necessary if Barney Frank had listened to the warnings about Fannie and Freddie in recent years.

No, don’t dare question Barney… he can’t be held accountable for anything.  You just don’t like risky loans because some of them were made to brown people… you racist!

And watch out… this is just another example of what the American people will have to deal with if Barack Obama is given the keys to the White House.  He won’t need goon squads anymore… he’ll just send some toad like Barney Frank or the Associated Press out to label you a racist.