Bawney Fwank

The respectability of Congress has just gone up 50%. Bawney Fwank, D – Massachusetts, has decided to retire from Congress rather than face a redrawn district and a real challenge for the seat.

So, not only is he a thoughtless liberal, he’s a coward as well.

This has been a regular event. For the 2010 and now the 2012 elections, liberals facing a real challenge for the first time in their careers decide to quit instead of fight..

What a bunch of wusses!! But then, that’s what being a liberal means. You never have to think for yourself. Being a liberal is easy. You just follow the party line. You never have to think of positions on the hard issues. Personal opinions are not needed. No research ever need be done. What matters is how you feel about it. Feelings, not rational thought, are what are important to liberals.

Are you under-water with your mortgage on your house? If you are, you can thank Bawney Fwank. As chair of the House Financial Services Committee, he was directly responsible for the housing bubble that burst and messed up the housing market.

The government put pressure on banks to give loans to people who did qualify for them with the Community Reinvestment Act. Started under Jimmeh Carter, it really came into its own under Slick Willie. Frank, as head of his committee, was in a position to make sure the banks gave those mortgages to people who didn’t earn them. To make it up to the bank and spread the risk around, Frank and his committee allowed the banks to bundle these sub-prime loans into securities that they subsequently sold to Fannie Mae and Freddie Mac.

Because government was backing the securities, people who should have known better bought the things at inflated prices. Housing prices went up as well. Anything government gets into inflates in price: housing, college degrees, medical care, etc.

Maybe with Frank off doing whatever ex-congressmen do (make more millions as a lobbyist, probably) the housing market can recover. Hopefully, the American people will recover their wits enough to throw the rest of the bums out and we can have some economic recovery as well!!