Just when I thought that those in Congress responsible for the collapse of the housing market had diverted their attention to the destruction of other sectors of our free market economy (health care and energy), up pops Barney Frank and his trusty sidekick, Anthony Weiner. Turns out, they are once again pressuring Fannie Mae and Freddie Mac to relax recently tightened standards on loans for new condominiums.
That is right folks, socialist hot dogs, Frank and Weiner, are at it again. According to the Wall Street Journal (a publication that can still be called a newspaper), the two democrat lawmakers have sent a letter to Fannie and Freddie claiming that the government sponsored enterprises should “make appropriate adjustments,” because the new, tighter standards for condo loans “may be too onerous.”
Frank is chairman of the House Financial Service Committee, so when a lender, bank or government bureaucrat receives a Barney-gram, those folks pay attention. Apparently, Freddie and Fannie are preparing a response.
I am waiting for the second dog to bite. Specifically, I am concerned that private sector lenders (those who are still in business) might once again pose for “Corporate Social Responsibility” holy pictures and start making junk loans that will cause yet another housing market crash down the road.
Now this may shock the reader, however, my recommendation to Freddie, Fannie and the private sector moneylenders is that they respond to Frank and Weiner with diplomacy. My favorite definition of diplomacy is from Wynn Catlin who wrote that, “Diplomacy is the art of saying ‘nice doggie’ till you can find a rock.”
I am not suggesting that we start stoning the socialist dim-wits on Capitol Hill—yet. I am suggesting that any response that goes beyond a simple “nice doggie,” deserves the condemnation of everyone who has been harmed by the absolute disaster that Barney and his buddies in Congress perpetrated on those of us who pay our mortgages and our taxes, and don’t expect the government to bail us out.
The public opinion research firm, Rasmussen Reports, just released a new survey showing that 74% of Americans “trust their own judgment more than that of the average member of Congress when it comes to economic issues facing the nation.” According to the research, only 13% trust the likes of Weiner and Frank, and I can only assume that the other 13% were sleep walking during the interview.
Barney and Anthony, take a cue from Rasmussen Reports. Leave us alone. Fly off to Argentina, we might even pay for your one-way tickets.