Barney Frank tells bold-faced lie about his role in the housing bubble

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Discussing the five-year anniversary of the Lehman Brothers bankruptcy on CNBC, Barney Frank and Chris Dodd tried to re-write history. In particular, Barney Frank claimed to have been pushing for rental housing over home ownership back in 2004, as he was skeptical about the housing market. He also claimed to have proposed legislation to deal with those concerns, but that Republicans blocked his efforts. However, in 2005 on the House floor, Barney Frank lead an effort to defuse growing concerns about the housing bubble and the risks it imposed on the broader economy. Frank claimed that such concerns were excessive, that a housing bubble did not exist, that mortgage debt was not a problem, that large price declines would not occur, and that housing did not pose any broader economic risks to the banks or the broader economy, which is why he would continue to push for home ownership!

The Peter Schiff Show (9/16/13)
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Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.

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