Matt Lewis

Barney Frank’s legacy

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Matt K. Lewis
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      Matt K. Lewis

      Matt K. Lewis is a senior contributor to The Daily Caller, and a contributing editor for The Week. He is a respected commentator on politics and cultural issues, and has been cited by major publications such as The Washington Post and The New York Times. Matt is from Myersville, MD and currently resides in Alexandria, VA. Follow Matt K. Lewis on Twitter <a>@mattklewis</a>.

With news of his retirement coming yesterday, I am reminded of Jeff Jacoby’s 2008 column, titled: “Frank’s fingerprints are all over the financial fiasco,”

… When the coming wave of foreclosures rolls through the inner city, which of today’s self-congratulating bankers, politicians, and regulators plans to take the credit?”

Frank doesn’t. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that “these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.” When the White House warned of “systemic risk for our financial system” unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the “systemic risk” is apparent to all, Frank blithely declares: “The private sector got us into this mess.” Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.