Barney Frank’s Confession

Remember my arguments about the cause of the recession?

Now compare what I wrote almost a year ago with Barney Frank’s confession in this video.

Word-for-word, he’s saying almost exactly what I wrote! He doesn’t specifically name the CRA, but talks extensively about the policies which Clinton’s 1995 expansion of the CRA created. I never thought I’d be saying this, but I completely agree with Barney Frank on the cause of the crisis.

On the other hand, we begin to differ again when it comes to the proposed solution. I say abolish Fannie and Freddie and end federal involvement in the housing market. He says abolish Fannie and Freddie and replace it with something entirely government-owned, and this time he’ll use policies that won’t fuck it up because he’s learned his lesson.

So there you have it: once the facts line up, it all comes down to a difference in faith in the government.

EDIT (8/5/11): But of course, Barney Frank’s faith is horribly misplaced.

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