Asshat of the week #5 is none other than Barney Frank. As we all know Barney(not the purple dinosaur from childrens' cartoons)the illustrious chairman of the House Committee on Financial Services has been a thorn in the side of the Republicans even before he filled the Chairman's seat in 2007. He was one of many Democrats who, during meetings in2003, 2004 and 2005 on Fannie Mae and Freddie Mac denied that there was any need for oversight on those two businesses. But it requires little thought as to WHY the Democrats fought so viciously to convince everyone that there was no real need for oversight in to these two entities. This little tidbit from Wikipedia should clear things up.(PS numerous other website corroborate this information, I can not in good conscience post information from Wikipedia as fact unless I can gather evidence from other sources as well.)
Several Democrats who served as executives of Fannie Mae or Freddie Mac include Franklin Raines, former Budget Director for President Clinton and current Housing Policy advisor to Barack Obama, CEO from 1999 to 2004; James Johnson, former aide to Democratic Vice-President Walter Mondale and ex-head of Obama's Vice-Presidential Selection Committee, CEO from 1991 to 1998; and Jamie Gorelick, former Deputy Attorney General to President Clinton, and Vice-Chairman from 1998 to 2003. In his position, Johnson earned an estimated $21 million; Raines earned an estimated $90 million; and Gorelick earned an estimated $26 million. All three top executives were also involved in mortgage-related financial scandals.
The top five recipients of campaign contributions from Freddie Mac and Fannie Mae during the 1989 to 2008 time period are Christopher Dodd, (D-CT) $133,900, John Kerry, (D-MA) $111,000, Barack Obama, (D-IL) $105,849, Hillary Clinton, (D-NY) $75,550, and Paul Kanjorski,(D-PA) $65,500.. John McCain received $21,550 from these GSEs during this time. Freddie Mac also contributed $250,000 to the 2008 Republican National Convention in St. Paul, Minnesota according to FEC filings . The organizers of the Democratic National Convention have not yet submitted their filings on how much they received from Freddie Mac and Fannie Mae (the latter of which tends more to support Democratic candidates).
Barney Frank was very vocal about his objections to oversight on Fannie and Freddie.
''These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis,'' said Representative BarneyFrank has continued his objection until just last week when it became apparent that Scott Brown was really going to shake things up in Washington(Brown even carried Barney's district in that Obamacare killing election.)he decided to change his tune. This, in my opinion is the most epic 'flip-flop' since John Kerry's "I voted for the bill, before I voted against it." statement during his ill-fated 2004 presidential campaign. Here is what Barney "the dancing queen" Frank had to say about Fannie Mae and Freddie Mac.
Frankof Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
"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," he said at a committee hearing. "That's the approach, rather than the piecemeal one."Wow, if I was Barney Franks boyfriend I would just pack up and leave now, it won't be long before he turns on you and outs himself as a closet hetero. This sort of behavior is starting to worry me. If the Republicans dominate in 2010 and all the Democrats become turn-coats or retire, where will we be? And don't tell me better off, when either groups controls too much of our government they always mess it up. I think, given the volatility of the current political landscape the time is ripe for a new party to emerge. Do I even have to say it? The people we really need to be nearing from right now are Libertarians.
Barney Frank is a disappointment, but he's also a Democrat so that is to be expected. He like so many other Democrats are adept at changing their spots to blend in with the ever changing climate in Washington. They occasionally bare their teeth when they are feeling dominate, as they have been since Obama was elected. But now that the honeymoon is over, they are slowly slinking back in to their caves and quietly sobbing to themselves about glories that could have been.