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THE WEIRS TIMES, Thursday, October 28, 2010
SOWELL from 9
riskier mortgages from the original lenders, critics pointed out the dangers in these pressures to meet arbitrary home ownership goals. But Barney Frank
counter-attacked against these critics. In 2004 he said: “I be-
lieve that we, as the Fed- eral Government, have probably done too little rather than too much to
push them to meet the goals of affordable hous- ing.” He went further: “I would like to get Fannie and Freddie more deeply into helping low-income housing.” Fannie Mae and Freddie
Mac were crucial to these schemes to force lenders to lend to those whom politicians wanted them to lend to, rather than to those who were most likely to pay them back. So it is no surprise that Barney Frank was very
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protective towards these two government-spon- sored enterprises that were buying up mortgages that banks were willing to make under political pressure, but were often unwilling to keep. The risks which banks
were passing on to Fan- nie Mae and Freddie Mac were ultimately risks to the taxpayers. Although there was no formal guar- antee to these enterprises, everybody knew that the federal government would always bail them out, if necessary, to keep them from failing. Everybody except Bar- ney Frank. “There is no guarantee,”
according Congressman Frank in 2003, “there is no explicit guarantee, there is no implicit guarantee, there is no wink-and-nod guarantee.” Barney Frank is a master of rhetoric, who does not let the facts cramp his style. Fast forward now to 2008, after the risky mort- gages had led to huge numbers of defaults, dragging down Fannie Mae, Freddie Mac and the financial markets in gen- eral -- and with them the whole economy. Barney Frank was all
over the media, point- ing the finger of blame
at everybody else. When financial analyst Maria Bartiromo asked Con- gressman Frank who was responsible for the finan- cial crisis, he said, “right- wing Republicans.” It so happens that conserva- tives were the loudest critics who had warned for years against the poli- cies that Barney Frank pushed, but why let facts get in the way? Ms. Bartiromo did not
just accept whatever Bar- ney Frank said. She said: “With all due respect, con- gressman, I saw video- tapes of you saying in the past: ‘Oh, let’s open up the lending. The housing market is fine.’” His reply? “No, you didn’t see any such tapes.” “I did. I saw them on
TV,” she said. But Barney Frank did not budge. He understood that a good of- fense is the best defense. He also understands that rewriting history this elec- tion year is his best bet for keeping his long political career alive.
Thomas Sowell is a se-
nior fellow at the Hoover Institution, Stanford Uni- versi ty, Stanford, CA 94305. His Web site is
www.tsowell.com.
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