Currently the top story on Drudge is an article about Congressman Barney Frank assailing AIG executives for receiving bonuses. Frank called it “rewarding incompetence.” Isn’t that Frank’s campaign slogan?
I’m sure many of you have seen the 2003 New York Times article about Fannie Mae and Freddie Mac quoting Frank as saying:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
By the way, the main point of the article was how Bush recommended to Congress “the most significant regulatory overhaul in the housing finance industry (specifically Fannie and Freddie) since the savings and loan crisis a decade ago.” Too bad Frank and his liberal allies put the kibosh to it.
Congressman Frank tried to dig his way out of these comments and other actions right before the 2008 campaign. If you haven’t seen this clip on the O’Reilly Factor, it really is a must see. Frank was all over the media and had few questions regarding his prior statements and actions toward Fannie and Freddie. If there is one guy to shoulder the blame, Frank is the guy.
So how did his election go? Frank won with 70 percent of the vote. Talk about rewarding incompetence!
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