Democrat Congressman Barney Frank, responsible for oversight of the banking industry during the greatest financial sector collapse in modern history, says it’s racist to blame Democrats for the collapse caused by Democrat mandates that loans be given to people who could not pay them back.
Ironically, in using the race card to explain away his responsibility for the current economic crisis, he shows exactly how the Democrats were able to derail numerous attempts by Republicans to reform and reign in Fannie Mae and Freddie Mac.
“They get to take things out on poor people,” Frank said at a mortgage foreclosure symposium in Boston. “Let’s be honest: The fact that some of the poor people are black doesn’t hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people.”
That’s exactly the tactic Democrats used to derail any attempt at sub-prime mortgage reform. When President Bush tried to reform the system in 2003, when Congressional Republicans tried to beef up the role of the regulator in 2004, and when John McCain proposed greater regulation in 2005 they were beaten back by false claims of “racism” by Democrats.
Frank said Republicans controlled Congress for 12 years and passed no regulation, while Democrats passed a Bush administration Fannie and Freddie regulation package since gaining control of the House and Senate in January 1997.
“If I could have stopped a Republican bill during the Bush years, I would have started with the war in Iraq. Then I would have gone to the Patriot Act. Then I would have gone on to the hundreds of millions in tax cuts,” said Frank, to applause from the audience.
Republicans were stymied in their attempts to pass regulations by Democrats consistently calling attempts to do so “racist.”
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