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Roanoke Times, 11-29-11, Pg 3: Barney Frank, D-Mass, opts to retire after this term
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Barney was indeed a powerful Democrat Congressman. So powerful that his wrong-headed and misguided drive extended homeownership to millions who could not afford “the cost of ownership” and who didn’t even understand what that means.
Barney used his position and power to intimidate and harangue both the government and private mortgage entities to massively lower the qualifications for a mortgage.
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Once the qualification gate was open all types of exploiters jumped on the wagon with unique and creative and highly risky methods of issuing and bundling and selling these “doomed to failure” loans. As the “subprime” program went, so went the housing industry and then the banks and then the US economy.
What an incredible leader this Barney Frank turned out to be!
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Barney Frank’s name is now synonymous with our economic crash just as Benedict Arnold’s name is synonymous with treason and Mudd with Lincoln’s assassination.
No kind words from John Kerry or any other left-wing looser will candy-coat the legacy that Barney Frank has left behind that has been six years in the making with no clear end in sight.
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Some YouTube highlights of interest:
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Barney Frank, 2005: What Housing Bubble?
http://www.youtube.com/watch?v=w-YtqVIKTTE&feature=related
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Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
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Prior Items:
Franking The Banks And The Taxpayers
http://roanokeslant.blogspot.com/2009/08/franking-banks-and-taxpayers.html
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And helping Barney crash the housing industry was Chris Dodd
http://roanokeslant.blogspot.com/2008/07/housing-adjustment.html
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Democrats at Wheel in SubPrime Crash
http://roanokeslant.blogspot.com/2007/11/democrats-at-wheel-in-subprime-crash.html
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