SAVING BARNEY FRANKS

The wingers have been blaming Democrats for the economic mess, even going back to Carter and the CRA. One of their favorite whipping boys is Barney Franks and thanx to Media Matters, I found a quote from Lawrence B. Lindsey, President Bush's chief economic adviser from 2001 to 2002, that pretty much absolves Franks:

The KISS Rule for Markets
By LAWRENCE B. LINDSEY
APRIL 2, 2008
Wall Street Journal

In fact, Rep. Barney Frank (D., Mass.) is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters. Politicians usually believe that homeownership rates should – must – go ever higher. The rarity of Mr. Frank's contrarian thinking is a reminder that when markets are committing excesses, we certainly should not expect Washington to act as a check on them.