This week the Boston Globe and Representative Barney Frank (D – MA), two Massachusetts products for which its citizens should be wholly ashamed, took a laughable trip down revisionist history lane with regard to the housing bubble. The jumping off point for this latest rewrite by the Globe was the President’s announcement that he
plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.
Forgetting the question of how $4.25 billion of our tax dollars get redirected from economic stimulus to liberal pet project without so much as a discussion, does no one recall the 1970’s fiasco that was the housing projects? I know Mr. Obama didn’t arrive in Chicago until the Chicago P.D. had finished fighting its WAR with the gangs who had taken over the projects in that city, but hasn’t someone in his cabinet studied the issue or maybe at least watched the History Channel?
Unfortunately, that memory lapse is only the beginning of the distortion in the Globe’s article. Just a couple paragraphs later, the author jumps the proverbial tracks and begins to rewrite history in a way that can only be described as nonsensical.
“I’ve always said the American dream should be a home – not homeownership,’’ said Representative Barney Frank, chairman of the House Financial Services Committee and one of the earliest critics of the Bush administration’s push to put mortgages in the hands of low- and moderate-income people.
Interestingly Barney says he’s never been for home ownership, but here he is in 2005 saying he IS for home ownership while also saying he sees no housing bubble. Good call Barney!
I’m not sure how one gets a job writing for a major metropolitan newspaper, but clearly reading, studying, remembering even the recent past, citing facts, and/or having any idea what you are talking about are not requirements. The policy of pushing home ownership was begun by Jimmy Carter under the Housing and Community Development Act of 1980. It was wildly expanded by Bill Clinton in 1994, under his National Homeownership Strategy, when Clinton directed HUD Secretary Henry Cisneros to come up with a plan. The Globe knows these things, but it isn’t the story they’d like to tell so they leave those details out.
Blaming George Bush for the housing bubble is laughable “journalism”. As a matter of FACT (stubborn things the Globe is not fond of nor familiar with) the Bush Administration tried desperately starting in 2001 to get Fannie Mae and Freddie Mac regulations dramatically tightened and told Congress that failure to act could be catastrophic to the financial system. Barney Frank and his Democratic pals sat there that day and said the Bush Administration was exaggerating. Barney actually said he saw no reason to believe Fannie and Freddie were headed for trouble and he said EVEN IF THEY DID GET IN TROUBLE THE FEDERAL GOVERNMENT WOULDN’T BAIL THEM OUT! Don’t believe me, here’s the video of him saying it:
Barney, Barney, Barney. How dare you and your shills at the Boston Globe try to revise the story now. You and your Democratic colleagues had opportunities in 2001, 2003, and 2005 complete with warnings from the Treasury and the Fed on all 3 occasions to prevent this catastrophe. You failed your constituents and the American people at large. Hopefully the voters of Massachusetts will wake up and take your throne away from you.