Barney Frank Busted— 2005 Speech Nails Him to Housing Collapse (Video)
In an amazing display of dishonesty, Barney Frank claimed this week that conservatives were to blame for pushing unqualified buyers into home ownership.
But, Verum Serum dug up video from 2005 that shows that not only was Frank oblivious and in full denial of the housing bubble, but Frank also admits in the speech that he will continue to push for home ownership:
Via Verum Serum
Here is Rep. Barney Frank (D-Mass.) on June 27, 2005 on the House Floor:
“Those who argue that housing prices are now at a point of a bubble seem to me to be missing a very important point. Unlike previous examples we have had when substantial excessive inflation of prices later caused problems we are talking here about an entity, home ownership, homes where there is not the degree of leverage where we have seen elsewhere. This is not the dot-com situation. We had problems with people having invested in business plans of which there was no reality; people building fiber optic cables for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level. But you’re not going to see the collapse that you see when people talk about a bubble and so those of us on our committee in particular will continue to push for home ownership.”
Barney Frank knows he was a major player in creating the housing bubble that sent the economy into a tailspin after its collapse.
It is disgusting that he would hold interviews today and lie about his role and have the gall to blame it on conservatives.
UPDATE: Nick Gillespie has the graphic.