Seriously. Take a look. Frank is a bright guy, but he was seriously out to lunch on this issue. By 2005-2006, everyone knew that there was a housing bubble in the United States and everyone was getting ready for that bubble to burst. How Frank could have stood up and claimed that there was no bubble and that there would be no bubble is impossible to fathom.
Remember: People like Barney Frank want to increase government’s–and therefore, their own–control over the economy and the financial future of the American people. After seeing how clueless Frank was when it came to the question of the housing bubble, the prospect of placing more power in his hands–and in the hands of his allies in Congress and the White House–ought to fill one with dread.