Barney Frank Says Criticism of Fannie & Freddie By Conservatives Is Racially Motivated

Speaking at a seminar on mortgage foreclosures today in Boston, Barney Frank claimed conservative criticisms of Fannie Mae and Freddie Mac is racially motivated. (http://www.bostonherald.com/business/general/view/2008_10_06_Barney_Frank_Conservatives_trying_to_blame_economic_woes_on_blacks/):

The bizarre notion that the Community Reinvestment Act ...somehow is the cause of the whole problem (conservatives) don't mind that. They're aware that the affordable housing goals of Fannie Mae & Freddie Mac & the Community Reinvestment Act (aim to help) poor people. And let's be honest, the fact that some poor people are black doesn't hurt either from their standpoint.

Methinks Barney Frank needs another lashing from Bill O'Reilly.

When a liberal is in doubt they call conservatives racist. Frank is trying to obfuscate his incompetence as House Financial Service Committee Chairman. Fannie & Freddie were poorly managed and overextended credit to people who were not in a position to make good on their promises to pay. Needless to say, there was very little oversight from Congress. That means you, Mr. Frank. Poor management of Fannie and Freddie aren't the only trouble with the economy but they cannot be held blameless either.

I have no problem with an ownership society. People have a greater stake in something they own. But it has to be done under the proper conditions where individual success can be maximized. Otherwise it is yet another trip to hell on the primrose path of good intentions.

Unless Frank can point to a specific statement by a Republican politician, the Republican National Committee or a conservative commentator he succeeds only in diminishing his reputation and trivializing the serious matter that racism is.