The Washington Freak Show, Part III: Barney Frank

Frank was born to a Jewish family in Bayonne, New Jersey and was educated at Harvard College graduating in 1962. He taught undergraduates at Harvard while studying for a Ph.D., but left before completing the degree in 1968. He became Boston’s mayors Chief Assistant, a position he held for three years. He then served for a year as Administrative Assistant to Congressman Michael J. Harrington. In 1979, Frank became a member of the Massachusetts Bar. In 1980 Frank was elected to congress. In 1987 Frank came out of the closet and announced he was gay. The record shows Frank has endorsed and represented gay, prostitution and pornography rights since 1973 when he was a member of the Massachusetts House of Representatives.

From the 70’s the Frank record shows he has felt very strongly about human services and that overshadows other issues such as personal responsibility and fiscal responsibility. Translation tax and spend.

Frank has verbally abused his political opponents since the 70’s. His verbal abuse was so renowned in the Massachusetts state government his opponents and party leaders shied away from criticizing him for fear of getting into a “pissing contest.” Anyone who has listen to him speak knows he can make Mother Teresa seem like a whoring scoundrel with his verbal eloquence and rapid fire sparing. Bill O’Reilly is the only person who has put this ethnocentric hedonist in his place.

He has served on the House or Representative Financial Services Committee for years and became the Democratic ranking member in 2003. In 2007 he became chairman of the committee that has oversight over Fannie Mae and Freddie Mac.

Frank used his position and wealth and power to live out his hedonist desires. He hired prostitute Steve Gobie for $80 to perform sex acts for him as was so pleased he hired Steve as the house boy in 1985. Mr. Gobie promptly took advantage of his position and ran a prostitution ring out of the Frank household for two years. Mr. Gobie was relieved of his duties in 1987. Frank was reprimanded three years later in 1990.

After the reprimand Frank moved up in stature on the Financial Services Committee and in his choice of lovers. Frank was able once again to use his position of power for his hedonist lifestyle when in 1991 he snagged Herb Moses, Assistant Director for Product Initiatives for Fannie Mae as his lover till 1998. Moses was responsible for developing many of Fannie Mae’s affordable housing and home improvement lending programs. The same programs that lead directly to the current financial melt down. The same Fannie Mae Mr. Frank has direct oversight of as a member of the Financial Services Committee.

This relationship was known to the Washington press but was never exposed. Probably for a couple of reasons. The first was the lovers were homosexual. Second the person involved was a democrat. A clear conflict of interest. A clear abuse of power for sexual favors. And not a word from the Ministry of Information sometimes referred to as the mainstream media. As of today no reprimand has been handed down to Mr. Frank for this improper relationship. One wonders how the press would react to a Republican congressman who abused his power by even sending e-mails about homosexual sex. Oh wait that was Mark Foley who was forced to resign.

Mr. Frank exhibits the bulling tactics and self centered behavior so common among the freaks in Washington now in control. It’s all about them and the “people.” Mr. Frank is in the protected class of citizen and is entitled to equal but more equal treatment by the media and his fellow congressmen and women. The more equal treatment applies to gays. Lesbians, blacks, some Hispanic groups, women’s rights groups, basically anyone but white males and the Sarah Palin’s of the world. The New Gestapo has formed with these groups and now they have power. They will persecute and destroy those not in their protected categories. This destruction will occur in the form of taxation and censorship. More severe Hitler persecution will follow if there is no revolt from the peasant class of citizens. They are watching for signs of revolt among the powerless masses.

Mr. Frank is a fan of John Maynard Keynes the Roosevelt economics in the 1930’s and 40’s. Mr. Keynes is the classic demand side economists, who espouses “priming the pump” or spend, spend, spend government policies so much loved and favored by fascist regimes the world over. The same economics Hitler used. The same economics FDR used at the zenith of democratic control of our government. Basically the game plan is starve everyone and get them to fight over government hand outs like medical care and food. Do that and you control the world. The countries wealth and citizens are controlled and dependent on the imperial government for survival.

Mr. Frank’s main role in the Fannie Mae and Freddie Mac debacle was to support the Community Reinvestment Act and goals. This is a common theme in his political career. Public spending and social justice.with no thought for the taxpayers or fiscal responsibility. The same attitude Governor Dukakis encountered from Frank early in his political career.

Mr. Frank teamed up with the Congressional Black Caucus and other democrats to block all efforts for additional oversight of the quasi government agencies. The Republicans attempted in 2003, 2005 and 2006 to place additional constraints in the agencies but were blocked by democrats who threatened filibusters and hurled charges of intolerant attitudes towards the “less fortunate” by Republicans. Republicans lack the political courage to overcome these objections and the buffoon republican president bragged on several occasions minority home ownership was at all time highs.

Mr. Frank rationalizes and minimizes his role in the catastrophe that has decimated markets the world over and could possibly lead to civil and world wars like the last depression in the 1930’s did. He states “the government did not force banks to lend money to high-risk people, but rather to poorer neighborhoods. The Community Reinvestment Act [CRA-1977 and revised in 1996] is the legislation in question. The act only applies to banks. The loans that caused the trouble were on a whole not made by banks. They were made by mortgage finance companies. … Over the course of the last 30 years, new entities rose up. Mortgage finance companies and others were unregulated, and they made loans. If only entities covered by the CRA made loans, we would not have the subprime problem.”

A total fictionalization of what has happened. This whole financial crisis started with the mortgage meltdown. Bill Clinton pushed for more home ownership which historically has been 62% to 64%. Under the leadership of Mr. Frank, Senator Dodd of Connecticut and the Congressional Black Caucus which include virulently strong backers of the irresponsible practices of Freddie and Fannie. Maxine Waters, Gregory Meeks, John Conyers and Barrack Obama all vigorously backed the foolish lending practices of these institutions. Home ownership rose to unprecedented levels of 68% to 70%.

The total outstanding balance for all US mortgages that have been incorporated into mortgage-backed securities is $6.6 trillion. These outstanding balances account for 59% of all money that Americans owe on home mortgages, $11.2 trillion. Fannie Mae and Freddie Mac processed $4.6 trillion of the $6.6 trillion. Contrary to Mr. Frank’s justification Countrywide and other mortgage lenders were enabled to make these bad loans with the encouragement and financial backing of Freddie and Fannie. If Countrywide would have been unable to package and sell these loads with the help of Fannie and Freddie they would not have been so reckless in their behavior.

Doing the math shows Mr. Frank and his Financial Services Committee had direct oversight for 41% of the mortgages in the United States. With friends like these who need enemies? Does government do anything right? Anyone want to take a guess as to how many of the private mortgages are in default compared to the quasi public loans? My guess is less than 1/10 of 1% for the totally private verses 10% for the quasi public backed loans. The private sector does just fine with no regulation. Only when the government and quasi government institutions like Fannie Mae and Freddy Mac interfering in the marketplace do we see huge financial melt downs.

When Fannie and Freddie packaged these loans together and sold them to financial institutions throughout the world this insipid virus spread. Not only is the United States infected with these toxic assets the rest of the baking systems throughout the world hold these worthless assets.

Barney Frank, Chris Dodd and the Congressional Black Caucus lead the United States and the rest of the world to the brink of financial collapse and dissolution into chaos and possible world conflict. All because of an overestimation of ones importance to the “people” and selfish pursuits of self satisfaction. Would Mr. Frank have been such a cheerleader for Fannie and Freddie if his judgment wasn’t so clouded by his love affair and corruption of his stature by Herb Moses? We will never know.

What we do know is Mr. Frank’s judgment and position WAS compromised. The press knew of his relationships and choose not to report it. Mr. Frank has throughout his career been an idealist champion of the “people” and has pursued government spending with little or no restraint on spending or oversight of that spending. He has for decades verbally bullied his political opponents and colleagues. Get money from the working stiffs and spend it as he sees fit. Like a kid in school stealing other kids’ lunch money so he can throw a party for his buddies after school. No difference. Just the magnitude of his behavior and his position will now cause billions to suffer financially and possibly end up in conflicts as nations struggle to survive in the coming years.