I have detailed over and over again how the Republicans (in the majority) introduced legislation to tighten the regulatory screws on Fannie Mae only to be blocked time and time again by The Democrats (in the minority) led by Barney Frank and Chris Dodd. Weak kneed, they never brought the bills to a vote for fear of being called racists.
Well racism has reared its head once again … this time from Barney Frank:
Frank charged that conservatives aim to shift blame for the market meltdown away from Wall Street and toward minority-lending laws like the federal Community Reinvestment Act. Ed Morrissey has the whole story.
“The bizarre notion that the Community Reinvestment Act . . . somehow is the cause of the whole problem, (conservatives) don’t mind that,” the lawmaker said. “They’re aware that the affordable-housing goals of Fannie Mae and Freddie Mac (and) the Community Reinvestment Act (aim to help) poor people. And let’s be honest, the fact that some poor people are black doesn’t hurt either from their standpoint.”
I think now you know why the Republicans backed down. And it cost us all big time.
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