Barney Frank Doesn’t Like the Taste of His Medicine

October 3, 2008 · Filed Under Economy, Jimmy Carter 

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Barney Frank, Democrat representing Massachusetts’s 4th congressional district since 1981, has been grandstanding over the economic crisis for the past week or so. To watch him, you would find it hard to believe that the situation started under the Democrats, and when Bush tried to fix it, Barney Frank stood in the way.

The mess dates back to the Carter administration where the Community Reinvestment Act came into being.

Later, when President Clinton came to office in 1993, he allowed the Community Reinvestment Act to increase the number of mortgage loans by 39 percent, while other loans increased by 17 percent.

And then we had President Bush, who was concerned about Fannie and Freddie, and proposed changes that would not bail them out if they ran into difficulty.

What did Barney Frank say to this?

“Fannie and Freddie are not facing any crisis.”

At the same time, left-wing groups like ACORN worked to increase the scope of the Community Reinvestment Act.

So, it was a bit entertaining to watch Bill O’Reilly grill Barney Frank on the issue.

Read the transcript from the discussion between Barney Frank and Bill o”Reilly

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