Jun 30, 2009
Ain't His Money
In a perfect world, Representative Barney Frank (D-Mass) would not be able to throw his weight around the financial markets, but an imperfect world is the only one we know. So, therefore, I have to listen to Barney Frank’s ignorant blubbering almost every day on CNBC, which insists on interviewing him despite his complete lack of any knowledge concerning markets or economics.
After insisting that Fannie Mae and Freddie Mac – two government run entities – were excellent investments less than three weeks before they both collapsed into insolvency, Mr. Frank, a long time recipient of huge “donations” from both agencies, lately has been browbeating them to lower, yes LOWER, their credit standards.
Just yesterday, Fannie Mae reported a steep increase in the percentage of home mortgages 90+ days overdue. Doubtless, Mr. Frank, who has always displayed a bone deep imperviousness to reality, will keep insisting that credit standards be lowered further still. After all, it ain’t his money on the line.
After insisting that Fannie Mae and Freddie Mac – two government run entities – were excellent investments less than three weeks before they both collapsed into insolvency, Mr. Frank, a long time recipient of huge “donations” from both agencies, lately has been browbeating them to lower, yes LOWER, their credit standards.
Just yesterday, Fannie Mae reported a steep increase in the percentage of home mortgages 90+ days overdue. Doubtless, Mr. Frank, who has always displayed a bone deep imperviousness to reality, will keep insisting that credit standards be lowered further still. After all, it ain’t his money on the line.