Massachusetts Representative, Barny Frank, (D), has openly said that he wants Fannie Mae and Freddie Mac, two of his biggest mistakes, to be abolished so a new system can be established to give money for US home loans. Apparently, Fannie and Freddie are bleeding money and no amount of government bailout cash can stop it. Please note that Obama has pledged that his government would, “cover unlimited losses through 2012 for both companies”. Even with the prospect of an unlimited charge card, Frank sees the need to cut and run.

This is a far cry from 2003, when Frank said, “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” No worries, Mr. Frank. We believed you then, and we believe you now. Really. Even a common citizen of America with no formal training or schooling in Economics can tell you that you have brought this upon yourself, and worse yet, upon America.

Much speculation has been going on in reference to what exactly was the straw that broke the camel’s back regarding this current recession our Nation is dealing with. Many fingers have been pointed at George W. Bush, but allow me to point out that, in 2003, while Bush was President, Bush wanted to regulate Fannie and Freddie, but it didn’t happen. The Democrats who controlled Congress then simply blocked it. For those of you keeping tabs, it was the mortgage crisis that first crippled America. A mortgage crisis with direct ties to Fannie Mae and Freddie Mac. Barney Frank became chairman of the House Financial Services Committee, in 2007. You would think he would have a bit more fiscal sense than he had displayed before then.

For Barney Frank to now come forth and propose a “new system”, is simply putting a 24-carat gold covering onto a old banana peel. Sure, it may look nice, but it’s still rotten on the inside. Beware, America, of any Democrat who feigns concern for America’s bruised economy when that particular Democrat can be found at its genesis. Barney Frank and his desire to make sure all Americans can achieve the American Dream of home ownership, has only become America’s nightmare, and fortunately, we are steadily awakening from it.