Barney Frank Cashes Out; The Man Responsible for the RE Market Crash
Monday, November 28, 2011
America loses its poster boy for term limits.
A top adviser told the Globe that the new district in which Frank would have had to run next year was a major factor in his decision. While it retained his Newton stronghold, it was revised to encompass more conservative towns like Walpole while losing New Bedford, a blue-collar city where the Democrat had invested a lot of time and become a leading figure in the region’s fisheries debate.
It’s a predictable, if unfortunate, end to a career that included setting up the subprime bomb that nearly destroyed the U.S. economy. If you’re upset about the big bonuses paid to executives of the bailout-sucking Fannie Mae, remember that Frank wasliterally sleeping with a top Fannie Mae executive while he sat on the House Banking Committee. Frank lied repeatedly to protect the Fannie Mae racket from oversight, and the resulting cost to the American people was nearly incalculable.