Banking Queen Barney Frank Rises
Like the fucking phoenix, everyone’s favorite gay sex ring entrepreneur is back at it. Ladies and gentlemen, a round of applause for Mr. Frank.
He’s back, and asking Fannie and Freddie to relax banking standards for condos.
Let’s forget that he’s on camera saying he want’s to “roll the dice” with mortgage financing before the mortgage meltdown panic catastrophe etc., and just ask the simple question: If lending to people who can’t pay their loans off led to a recent collapse that damn near zeroed the system, would you suggest doing that same thing for any reason whatsoever?
Answer: Hell no.
Barney Frank Answer: Yes, but quietly, if possible.
So, the push to force homeownership on everyone continues. When will this wet dream end, and when will Democrats finally have to consider their actions as they stuff the soiled sheets of our economy to the bottom of the hamper? I’m guessing never. Luckily, Drudge put this one up for all to see. Thanks, Matt.
Chris said,
June 24, 2009 at 4:20 pm
People aren’t buying condos with the current rules. The recommended changes are to ensure that the sales freeze is allowed to thaw, thus STRENGTHENING the economy.
Another example of Drudge – and you, apparently – not reading the fine print and thereby coming off as foolish.
regulusred said,
June 24, 2009 at 9:56 pm
I read it all. I understand it quite well.
People aren’t buying condos. Its the market, yo. Maybe if condo owners would lower prices, make a better product, or offer something other than what they’re currently doing, people would buy them.
Why do we have to tinker with the market every time some product isn’t selling? Why on Earth would you mess with lending standards right now? Leave it alone for a few years, Barn. If people stop buying condos, you stop building/selling them. The business dries up, and you move on. Its the way this nation used to work before our government decided to play God with every market. So frustrating.
Chris said,
June 25, 2009 at 3:03 am
If you wait for a market to self-correct, you prolong a recession. It’s that simple.
regulusred said,
June 26, 2009 at 3:42 pm
Categorically disagree.
You do far more damage changing the rules to speed a recovery under altered conditions than you do by simply weathering the storm or failing.