Barney Frank Should Resign

Op-Ed

Barney Frank Should Resign

Earl Henry Sholley

"I believe in less government, fewer taxes, term limits, and public service, not personal enrichment. I will only serve two terms. We have many serious problems that must be solved quickly such as high energy prices, illegal immigration, loss of jobs, the banking crisis, inflation, judicial activism, and protecting our citizens from those who would do us harm. Congress is not doing the Peoples' will. This is not a time for humor, smart quips, or petty partisan politics. I believe in getting the job done. We need common sense and deliberate action. Where there is a will, there is a way. I want to get America moving again."Earl Henry Sholley

At the very least, Chairman Frank has been asleep at the wheel
Republican Earl Henry Sholley says that Barney Frank is one of the main actors in the financial 9/11 that America is currently facing. Congressman Frank has consistently thwarted attempts to reform Fannie Mae and Freddie Mac. He should resign from his position as Chairman of the House Financial Services Committee. Barney Frank recently said that the House of Representatives passed legislation in 2003 to reform Fannie and Freddie. He blamed the President for not getting behind it and allowing it to die in the Senate. The facts belie his statement. The New York Times said in 2003 that the only meaningful reform proposal came out of the White House. Frank was one of less than 65 House members who voted against it. The legislation had been so watered down that it essentially protected the status quo. The Republicans also did not have the votes to pass it.

At the very least, Chairman Frank has been asleep at the wheel. At the worst, he saw the problems and did nothing about them. Either it was incompetence or intentionally allowing it to happen so he could further his elitist and socialist agenda. Some even think that he was enriching fellow Democrats, friends, corporations, Wall Street, and even a former spouse who worked for Fannie Mae as an important executive for seven years. It is important to note that Congressman Frank gets 70% of his contributions from the same industries that he is supposed to be regulating. That is also a great conflict of interest. Mr. Frank is not your Father's Democrat. Frank's money comes not from Unions mostly, but from Insurance Companies, Banks, Law Firms, and Securities Firms.

Mr. Frank constantly made excuses for Fannie Mae and Freddie Mac. He enabled them to continue to make risky loans, cook the books, and keep the reformers at bay. He thwarted and blocked every attempt to reform Fannie and Freddie. Even former President Bill Clinton recently said that the Democrats in Congress kept Republicans and himself from reforming the two Government Sponsored Enterprises. Fannie and Freddie became a Promised Land for Democrat operatives enriching themselves at the People's expense. Mr. Frank scoffed at any suggestion of impropriety, covered it up, and denies any responsibility to this day. He must think that the American People are stupid. Give it to us Straight Chairman Frank. Do the right thing for the first time in your life.

Barney Frank, alleged to be the funniest and smartest Congressman in Washington. There must be a lot of people who have watched their investment in Fannie and Freddie lose 99% of value. I am guessing that they are quite upset, and they are looking for many answers. They are certainly not amused, and they must think that the Chairman is pretty dumb to let this happen. Despite excuses and protests to the contrary, Barney Frank has been on the Banking Committee since 1981, ranking member since 2003, and chairman since January, 2007. How long does it take to bring the entire US financial system to its knees? It appears to be 27 years.

Some people refer to Uncle Sam as Uncle Sugar. Now the American People have a new uncle. It's Uncle Barney - the Affordable Housing Sugar Daddy. Standards were lowered to meet the new government mandates to end alleged racism and redlining under the Community Reinvestment Act. Initially, we had good standards. Then it went to less than 20% down, nothing down, no verification of income, a big increase in subprime mortgages, illegal immigrants please apply, unemployment benefits, food stamps, and welfare benefits as proof of income. They were called NINJA Loans - No Income, No Job, and No Assets. This all helped to inflate the Real Estate bubble. It became an elaborate Ponzi Scheme. The rigid and obtuse Barney Frank and his fellow Democrats looked the other way.

The government created Fannie Mae and Freddie Mac as part of the New Deal(Roosevelt) and Great Society(Johnson). It privatized the profits, assumed the risks(that's you and me folks), and now they are sticking the bill to the middle class. I say it's time for another Tea Party. The government wasn't regulating anything. That's due to partisan politics. Something is seriously wrong here. We are all Americans first and foremost. Who was thinking about the legacy that we will leave our children? This is a disgrace. These criminals were ripping us off, and Uncle Barney did nothing but constantly block all efforts to prevent a potential disaster. He should be tried for Treason. Others like Franklin Raines, Jim Johnson, Jamie Gorelick, and Angelo Mozillo should have their obscene bonuses confiscated. They should be charged with public malfeasance, cooking the books, perjury, and stealing from the American People. They should go to jail if they are found guilty. The People want answers and they want it now.

The First Maxim of Law is that it should do no harm. We have too many government laws that are unconstitutional and injure innocent people. Thomas Jefferson once said that if the government were to tell us when to plant wheat, then we should soon want bread. Government is the problem. It is not the solution. Its proper role is to protect equal rights and to maintain our security, not provide equal things.

The common sense solution is to downsize government, reduce taxes, strengthen families, and get out of the way for the most part. We need to shine some sunlight on the truth. People are afraid of the so-called government rescue, because our government is the source of the crisis. Shame on Barney Frank and all the other government meddlers. Most people still believe in the Free Enterprise System. They don't want a government sponsored enterprise system. They don't trust the Congress to tell us the truth. We are sick of do-nothing hearings run by arrogant buffoons. The People want accountability and they want prudent action. The People want an independent commission and prosecutor to get to the bottom of this "Financial Pearl Harbor" as described by Warren Buffett. We need to get rid of Barney Frank, Chris Dodd, Chuck Schumer, and Charlie Wrangle and company. It is time to make government smaller, less complicated, and less intrusive. It is time to end the spending spree and the big party in Congress. The middle class and families of this great country want a taxpayer bailout. They reject Barney Frank and the greedy gamblers on Wall Street.

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