Let’s Be Frank

My colleague Daniel Halper passes on this unintentionally hysterical interview by the Tufts Daily of Barney Frank. Of particular interest is his answer in response to a question about why government policy pushing “affordable housing” wasn’t at the root of the housing meltdown:

No, because the government did not force banks to lend money to high-risk people, but rather to poorer neighborhoods. The Community Reinvestment Act [CRA] is the legislation in question. The act only applies to banks. The loans that caused the trouble were on a whole not made by banks. They were made by mortgage finance companies. … Over the course of the last 30 years, new entities rose up. Mortgage finance companies and others were unregulated, and they made loans. If only entities covered by the CRA made loans, we would not have the subprime problem.

Hmmm. You don’t suppose that high-risk borrowers live in those poor neighborhoods do you? And it’s fine to say that banks made only a fraction of subprime loans. But Freddie Mac and Fannie Mae, under his regulatory watch, went whole-hog into this business. Those were the ones who “rose up” to guarantee and spawn the subprime frenzy.

0
Shares
Google+ Print

Let’s Be Frank

Must-Reads from Magazine

Republicans Need to Prepare for the Worst

Expect the impossible.

If the 2016 presidential election cycle demonstrated anything, it was that Republicans suffer from a crippling lack of imagination. That ordeal should have established that the unprecedented is not impossible. Even now, Republicans seem as though they are trying to convince themselves that their eyes are lying to them, but they are not. The tempo of the investigation into President Trump is accelerating, and a nightmare scenario is eminently imaginable. Only congressional Republicans can avert disaster, and only then by being clear about the actions they are prepared to take if Trump instigates a crisis of constitutional legitimacy.

48
Shares
Google+ Print

Can Turkey be Trusted with F-35s?

Are the warplane's secrets safe?

The F-35 Joint Strike Fighter is the newest generation air platform for the U.S. Air Force, Navy, and Marines. Lockheed-Martin, which builds the F-35, describes it as “a 5th Generation fighter, combining advanced stealth with fighter speed and agility, fully fused sensor information, network-enabled operations and advanced sustainment.” For both diplomatic reasons and to encourage sales, Lockheed-Martin subcontracted the production of many F-35 components to factories abroad. Many program partners—Australia, Canada, the United Kingdom, Denmark, for example—are consistent U.S. allies.

30
Shares
Google+ Print

The Trump Right’s Martyrdom of Kim Guadagno

Too many martyrs make a movement.

If the GOP is to be converted into a vehicle for politicians who evince Donald Trump’s brand of pragmatic center-right populism, Trump will have to demonstrate his brand of politics can deliver victories for people other than himself. Presidential pen strokes help to achieve that, as do judicial appointments. Nothing is so permanent, though, as sweeping legislative change. On that score, the newly Trumpian Republican Party is coming up short. If the passive process of transformational legislative success fails to compel anti-Trump holdouts in the GOP to give up the ghost, there is always arm-twisting. It seems the Republican National Committee is happy to play enforcer.

13
Shares
Google+ Print

The Conservative Crack-Up, 2017 Edition

Podcast: Conservatism in shackles while O.J. goes free?

On the second of this week’s podcasts, I ask Abe Greenwald and Noah Rothman whether the health-care debacle this week is simply a reflection of the same pressures on the conservative coalition Donald Trump saw and conquered by running for president last year—and what it will mean for him and them that he has provided no rallying point for Republican politicians. And then we discuss OJ Simpson. Give a listen.

3
Shares
Google+ Print

Macron’s Terrorism Idiocy

Hyperbole yields cynicism, not the other way around.

Newly-elected French President Emmanuel Macron surprised almost everyone when he invited President Donald Trump to celebrate Bastille Day with him in Paris, especially after the two leaders’ awkward first meeting in Brussels in May. After all, between now and then, Trump withdrew the United States from the Paris Climate Change Agreement, and Macron has become perhaps the most vocal critic of Trump among European leaders.

15
Shares
Google+ Print