Thomas Sowell said trying new financial theories is what it is all about but be ready to move on to something else if things don’t work out. The government has a very poor record of moving on. Nevertheless, Barney Frank in his great wisdom, is finally ready to do just that. One would think after you become head of the House Finance Committee you would learn when to stop beating a dead horse.
Barney Frank in his interview with Larry Kudlow last week said he is ready to throw in the towel. “I hope by next year we’ll have abolished Fannie and Freddie,” He went on to say; “It was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.” He then added, “I had been too sanguine about Fannie and Freddie. He discussed possibly phasing out Fannie and Freddie and merging it into the Federal Housing Authority. Barney must be facing reelection but Kudlow thinks Frank has seen the impossible hell that government is in now. – DSMW