Barney Frank is probably the last guy who should be out there talking about how Republicans (and deregulation) caused the current fiscal crisis. The guy is flat-out lying through his teeth. This whole mess wasn’t started by Republicans at all. It was started by Democrats. And Democrats guaranteed the failure of both Fannie Mae and Freddie Mac.
And make no mistake, that’s where all of this started in the first place: Fannie Mae and Freddie Mac.
For those of you not intimately aware of what Fannie Mae and Freddie Mac are, let me explain them to you. They are known was Government Sponsored Enterprises (aka: GSE), which means that they are pseudo-government programs that act under the veil of private enterprise. And you’ll hear Democrat sycophants tell about how these were “free market entities” that failed. This too is a lie, and I’ll follow up more with that in a bit.