Woah!... O'Reilly Blasts Frank!

From Gateway Pundit:

Here is what Rep. Frank said about Fannie and Freddie back in 2003. It would be pretty funny if it didn't cost $700 billion:

That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.

I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people.

So let me make it clear, I am a strong supporter of the role that Fannie Mae and Freddie Mac play in housing, but nobody who invests in them should come looking to me for a nickel--nor anybody else in the Federal Government.

Lee Rockwell said it best on Frank and the Democrats:


When the Democrats took over the House of Representatives and the Senate back in January of 2007, the Dow Jones Industrial Average was at an all-time high of 12,400 and gas prices hovered around $2.15 per gallon. The Republican-led Congress of the previous 4-years had left a strong-economy in the hands of Socialist Democrats.

Fast-forward two years, under Democrat-controlled Congress. Just last week the Dow Jones hit a 5-year low of 10,485 and gas prices loomed near $4 dollars a gallon.