First, he torpedoes any effort by Congress or President Bush to tighten controls on Fannie Mae and Freddie Mac, declaring they were both financially sound even though their lending practices were sketchy at best.
We all know what happened to Fannie Mae and Freddie Mac.
Now dimbulb Barney wants Fannie Mae and Freddie Mac to loosen their lending standards again.
Back when the housing mania was taking off, Massachusetts Congressman Barney Frank famously said he wanted Fannie Mae and Freddie Mac to "roll the dice" in the name of affordable housing. That didn't turn out so well, but Mr. Frank has since only accumulated more power. And now he is returning to the scene of the calamity -- with your money. He and New York Representative Anthony Weiner have sent a letter to the heads of Fannie and Freddie exhorting them to lower lending standards for condo buyers.
You read that right. After two years of telling us how lax lending standards drove up the market and led to loans that should never have been made, Mr. Frank wants Fannie and Freddie to take more risk in condo developments with high percentages of unsold units, high delinquency rates or high concentrations of ownership within the development.
Isn't this how we got into trouble in the first place? He doesn't get it, does he? He really doesn't get it.