November 28, 2011, was a sad day for America.
After 16 terms and 30 years in the U.S. House of Representatives, Massachusetts Democrat Congressman Barney Frank announced he’s retiring and won’t be seeking reelection next year.
As the ranking minority member and then Chairman (2007-2011) of the powerful House Financial Services Committee, Frank not only was lax in overseeing the liberal lending policies of Fannie Mae and Freddie Mac – policies that led to the bursting of the housing bubble and the subprime mortgage crisis that began in 2007. Frank actively encouraged Fannie and Freddie’s loose lending policy, insisting in 2003 that: “These two entities …are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
As a modest token of our gratitude for his service to America, We the Taxpayers sing this song of praise to Barney Frank:
H/t our beloved Miss May.