Barney Frank on Housing: No Wonder the Economy's a Mess

Includes: KBE, KRE, XLF
by: Cullen Roche

Nice work on Friday by CNBC who called out Barney Frank for being a liar and a fraud. As we’ve previously shown, Barney Frank (THE CHAIRMAN OF THE HOUSE FINANCIAL SERVICES COMMITTEE) is very confused about the actual workings of our monetary system. In addition to this, Frank has now been proven entirely wrong on his position in housing and has actually lied in public about his position on housing. And we wonder why the economy is so screwed up?

Here is Frank saying he didn’t push for housing just last week:

And here is Frank in 2005 saying there is no bubble in the housing market and that subsidizing home ownership is a good plan:

This is an elected official and the Chairman of the House Financial Services Committee. You can’t make this stuff up….And people wonder why the economy is such a mess. Does Barney Frank really understand anything about finance?