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February 28, 2008
Barney Frank Moves to Socialize Housing
Any problem, real or imagined, is an opportunity for Democrats to push us closer to socialism. The subprime mortgage crisis is no exception. Rep. Barney Frank is introducing legislation to give the government ownership of people's homes:
House Financial Services Committee Chairman Barney Frank wants to provide about $15 billion over the next five years to let the government buy homes after investors holding the pool of mortgages write down the value of the mortgage.
The plan would require a "federal entity," perhaps the U.S. mortgage insurance provider, the Federal Housing Administration, to buy owner-occupied primary residences and insure them against default.
Frank is going to stick it good to those lousy capitalists who expect people to repay loans:
"I am not talking about the holders of the loans taking a haircut," the Massachusetts Democrat said. "I am talking about them having lobotomies."
Like any good socialist, Frank knows better than to let the markets correct themselves when he can increase taxpayers' dependence on government by using their own money to create perverse incentives.
Frank is also working on another plan to provide as much as $20 billion in grants and loans to buy foreclosed and abandoned homes at or below market value to stabilize home prices.
Of course, government "help" must be mandatory:
"The voluntary efforts are not accomplishing much," Frank said.
Frank's own home was used as the base for a prostitution ring run by his homosexual lover. Soon he may have control of yours.
On a tip from Wiggins.
Posted by Van Helsing at February 28, 2008 5:52 PM
Comments
"I am not talking about the holders of the loans taking a haircut," the Massachusetts Democrat said. "I am talking about them having lobotomies."
Naturally it's the lender's fault. Amazing. I wonder if they realize that when a loan defaults the lender loses money.
Or this is just another way to expand Federal power. Not that they would ever want to do that.
Posted by: Eric at February 28, 2008 6:25 PM
I just once again want to say thank you to all those conservative voters who stayed home or voted for the Dhimmi's in the 06 election, no really how's that working out for yaa?
Posted by: Oldcrow at February 28, 2008 6:39 PM
Franks? I thought he died of Aids and Hepatitis years ago.
Could be I just tuned him out a while back.
Posted by: Oiao at February 28, 2008 7:07 PM
“The American people will never knowingly adopt socialism, but under the name of liberalism they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened.”
-Norman Thomas, American socialist & six-time presidential candidate for the Socialist Party
Posted by: Panday at February 28, 2008 7:34 PM
What a role-model that Frank-in-his-ass is, huh?
Posted by: Jimbo at February 28, 2008 9:20 PM
So, the socialist plan is to raise taxes on productive responsible people to bail out jackasses who bought more house than they could afford or used their equity like an ATM machine. Brilliant.
Posted by: V the K at February 29, 2008 5:02 AM
"What a role-model that Frank-in-his-ass is, huh?
"Posted by: Jimbo at February 28, 2008 9:20 PM"
I think Frank is reaching for the poor sap's wallet!
Posted by: KHarn at February 29, 2008 7:42 PM
KHarn - snort
That 'little' orface is probably his 'money maker,' ya think?
Posted by: Oiao at February 29, 2008 10:40 PM
