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Video: Bill O’Reilly Blasts Barney Frank Over Fannie Mae and Freddie Mac
FOX News television host Bill O’Reilly took on House Financial Services Committee Chairman Barney Frank on Thursday night’s “O’Reilly Factor,” blasting the Rep. for his comments in July in which he appeared to assure the American people that mortgage giants Fannie Mae and Freddie Mac were “fundamentally sound” and were in no danger of failing.
O’Reilly blamed Frank for giving people the impression that the two financial institutions were sound investment decisions which led to catastrophic losses when both Fannie and Freddie collapsed.
Frank contended that he had fought for regulation of Fannie Mae and Freddie Mac but O’Reilly wasn’t letting him off the hook as he continued to point to the July statement in which Frank said,
“I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.”
“They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them.”
Frank tried to defend himself, saying O’Reilly had been misrepresenting what he said. O’Reilly then shot back, “Stop the BS here! Stop the crap. From August '07 to August '08, under your tutelage, this industry declined 90%. ... People lost millions of dollars, it wasn't your fault Come on you coward, say the truth.”
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