Barney Frank On Home Ownership 2005 vs. 2009 (Daily Show)

Just to clear up what Jon Stewart was talking about when he quoted Barney Frank on his show regarding home ownership. You can argue the meaning of his language. Frank said he was for affordable rental housing and regulating Greenspan on sub-prime mortgages. In 2005 Barney's thoughts on the housing bubble were spot on.. for 6-9 months.

Barney Frank June 27, 2005 - House Floor
"We have, I think, an excessive degree of concern right now about home ownership and it's role in the economy. Obviously speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to me to be missing a very important point. Unlike previous examples we have had where substantial excessive inflation of prices later caused some problems. We are talking here about an entity, home ownership, homes, where there is not the degree of leverage that we have seen elsewhere. This is not the dot com situation. We had problems with people having invested in business plans for which there was no reality, with people building fiber optic cable for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level but you're not going to see a collapse that you see when people talk about a bubble. So those of us on our committee in particular will continue to push toward home ownership."

Barney Frank's reply to his quotes on the Daily Show July 13, 2009:
".... But not for low income people. Home ownership for people that could afford it"

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