Barney Frank Legacy: Foreclosing on the American Dream

By John W. Lillpop

In a belated Thanksgiving blessing for the people of Massachusetts and the US House of Representatives, Barney Frank announced that he will not seek reelection in 2012, thus ending his personal assault on the American Dream.

Frank stated that his decision was based, in part, on redrawing of his congressional district. Thank God for redistricting—it worked to the benefit of the People, at least in this case!

Aside from his sordid private life, including work on behalf of a male prostitute that he had employed as a personal aide, Frank will be remembered for efforts to scuttle prudent underwriting standards for home ownership in order to allow people with insufficient income, employment history, credit history, and assets to purchase homes which they simply could not afford.

That advocacy, ostensibly on behalf of the “Little Guy,” was executed through Fannie Mae and Freddie Mac and was a major factor in the total collapse of the housing market.

Because of Frank and other bad actors, the collapse of housing effectively ended the American Dream for millions of “little guys” and others in what was once known as the great American middle class.

Frank’s decision to end his career was announced, in part, at the reference:

The 71-year-old Frank, among the most liberal representatives, will announce at a Bay State press conference Monday afternoon that he will not seek re-election in 2012 to the seat he has held since 1981, his office said.

The Boston Globe cited a source close to Frank as saying a big reason for his decision is the redrawing of his district, which will add more conservative voters and drop the heavily Democratic city of Bedford.

Frank is a ranking member of the powerful House Financial Services Committee and had served as its chairman until this year, when the Democrats lost their majority in the chamber.

He is best known for co-authoring the sweeping new regulations on Wall Street that passed Congress last year in response to the financial crisis that began in 2007.

More than two decades ago, Frank was reprimanded by the House for using his congressional status on behalf of a male prostitute whom he had employed as a personal aide, including seeking dismissal of 33 parking tickets.”
Barney Franks’ long overdue departure is to be placed in the ‘better late than never” file where it can be reviewed and celebrated with great joy for years to come!