Frank’s fingerprints are all over the financial fiasco (://URLFAN)

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Frank’s fingerprints are all over the financial fiasco

Post Date: Oct 06, 2008 8:35 a.m.
Ranked website: socaltheologica.com (Not Ranked Yet)

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The Boston Globe quotes Barney Frank as saying the following: “THE PRIVATE SECTOR got us into this mess. The government has to get us out of it.” The globe further reports that Frank may be saying this out of a snest of personal responsibility due to his alleged involvement with the whole sordid mess. Here is an excerpt from the Globe’s story. As long as housing prices kept rising, the illusion that all this was good public policy could be sustained. But it didn’t take a financial whiz to recognize that a day of reckoning would come. “What does it mean when Boston banks start making many more loans to minorities?” I asked in this space in 1995. “Most likely, that they are knowingly approving risky loans in order to get the feds and the activists off their backs . . . When the coming wave of foreclosures rolls through the inner city, which of today’s self-congratulating bankers, politicians, and regulators plans to take the ...

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Barney Frank
Freddie Mac
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