Associated Press quotes Barney Frank
“I believe this committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance,”
That’s as frank as Frank can get.
AP continues: “His comments show how much the financial crisis has upended the relationship between lawmakers and the two companies. Frank was long one of the staunchest supporters of Washington-based Fannie Mae and Freddie Mac, based in McLean, Va.
The two companies, which have been run by the government since they almost collapsed in September 2008, have required $111 billion in federal aid to stay afloat. Late last year the Obama administration pledged to cover unlimited losses through 2012 for both companies, lifting an earlier cap of $400 billion.
Regulators announced last month the CEOs of Fannie and Freddie could get paid as much as $6 million for 2009. That has outraged Republican lawmakers on Capitol Hill.”
Got that? Lost 11 billion so far. Preparing for a loss of over 400 billion. CEOs getting 6 million. Government run.
Barney Boy wants to replace this horror of a government program with a whole new government program. New vehicle, same drivers. Instead of Fannie and Freddie what will it be Barney? How about Dizzy and Doozy?
Way to go, Bob!!
Barney would throw his own mother off the bus (perhaps he already has – I haven’t checked lately) if he had any gain at all from the act. using his and his cronies’ power, he created the twin monsters, and now for another chance to buy more furs, he is going to “change” things and create more cover up of his obvious culpability.
Power certainy does corrupt.