Ain't His Money
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.
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mary lili jory - 8/17/2009
I like very much the writings and pictures and explanations in your adress so I look forward to see your next writings.
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Thomas L. Knapp - 7/1/2009
Well, yes, his investments did well because of actions taken by government -- most of his portfolio is municipal bonds, only a small portion of it in stocks.
That doesn't change anything: Knowledge of how government will affect the market is knowledge of the market.
Frank may be a corrupt statist, but that doesn't mean he's an idiot.
Keith Halderman - 7/1/2009
Do you think any of his investments did well because actions taken by the federal government?
Thomas L. Knapp - 6/30/2009
Frank pulled down a $42k gain on his $896k portfolio last year.
Not bad in a bad year, especially for someone wit a complete lack of knowledge concerning markets. Guess he's just lucky that way.
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