How Moonbats Think: Frank Taking Rare Heat Back In His District

Keith In Tampa Thu, 02 Oct 2008 07:16:50 -0700

*Frank taking rare heat back in the district*

http://www.boston.com/news/local/articles/2008/10/01/frank_taking_rare_heat_back_in_the_district/?page=1

Hema Fonseka, like many people in Barney Frank's hometown of Newton, has
been a staunch supporter of the 14-term congressman. But lately the Newton
resident has found himself uneasy with what he sees from his representative.

"I hate to say bad things about Barney," said Fonseka, 55. "He's between a
rock and a hard place. What can you do?"

In Newton, the core of his left-leaning base, where many constituents
consider themselves on a first-name basis with the 14-term representative,
Frank has suddenly become synonymous with the subprime mortgage scandal and
stock market woes. Many yesterday said they were unsettled by his alliance
with the Bush administration on the bailout, and troubled that Frank seemed
to be trading in his outsider status to broker an inside deal.

A firebrand of the left, admired for his scathing wit and tenacious
partisanship, Frank has enjoyed unquestioned popularity in his sprawling
district, from affluent Newton to working-class New Bedford, where his
status as a scourge of conservatives is a badge of honor.

Now Frank, the chairman of the powerful House Financial Services Committee
who has emerged as one of the leading figures in the push for a massive Wall
Street bailout, faces criticism from the left and the right alike for
leading the charge for a $700 billion rescue plan of the nation's ailing
financial markets. Frank also faces opposition for his seat, as Republican
Earl H. Sholley of Norfolk is challenging him.

Most of those interviewed acknowledged that the financial mess is too vast
and complex for a single culprit, and that causes are not clear-cut. Many
did not have strong opinions of Frank's role.

But nearly everyone held strong opinions about the bailout, which suffered a
stunning defeat in the House Monday amid dwindling public support.

Most, even steadfast Frank supporters, said they had doubts about their
representative's aggressive backing of the colossal plan, which many saw as
a boondoggle for wealthy corporations at taxpayer expense. Frank, some said,
was sent to Washington to fight for working people, not the fat cats.

In an unsettling reversal, people who had long identified with and defended
the liberal icon in times of crisis found themselves squarely opposed to
perhaps the most pivotal political decision of his career.

"I feel the companies should bail themselves out," said Nathaniel Wilson, a
29-year-old administrator in a Newton law firm. "With businesses, there's
always a chance of failure, and they should have had a backup plan."

Many people placed the bulk of the blame for the mortgage meltdown on
financiers and Treasury Secretary Henry Paulson. The public, many said,
should not be responsible for Wall Street's reckless ventures.

Others took Frank and other government leaders to task for weak oversight of
the mortgage and banking industries, saying Frank's staunch backing of
mortgage giants Fannie Mae and Freddie Mac deepened the crisis. Frank and
other bailout supporters, they said, were essentially bailing out
themselves.Continued...<http://www.boston.com/news/local/articles/2008/10/01/frank_taking_rare_heat_back_in_the_district?page=2>

"It was a lot of smoke and mirrors," Papadopoulos said. "The banks were
greedy, but government played a big role. They weren't thinking about the
long-term. There was no foresight as to what was actually going on."

Yet in New Bedford, where fishing boats dot the city's inner harbor, support
for Frank appeared widespread. Many blamed Republicans for blocking the
bailout plan.

"Oh, I think he's done a tremendous job, considering what he's up against,"
said Heather Pope, 55. "He's limited in what he can do. It's not enough to
have a good plan for the country if you're trying to work with other
politicians who see things differently."

Nelia Raggiani, a cafe owner, said the government needed to intervene
immediately to help the ailing economy.

"Anything that would help me refinance my house would be good," said
Raggiani, clutching her preschool-age son. "Now I owe more than what the
house is worth. I don't know what I'm going to do if things continue the way
they are."

Frank was unavailable yesterday as he observed the Jewish holiday Rosh
Hashana. Steven Adamske, a spokesman in his Washington office, defended his
oversight record.

"In 2003 the Republicans were not making any statements about the financial
problems affecting Bear Stearns, AIG, Lehman Brothers, Goldman Sachs,
Wachovia, while they were turning a blind eye to lax regulatory oversight,
which could have prevented this crisis," Adamske said.

Others downplayed Frank's personal responsibility, saying the crisis had
countless causes.

"Truth be told, this goes well beyond one representative," said Ari Blumberg
of Brookline, a senior at Northeastern University. "It goes well beyond
Congress. It's the product of the market."

Though a decided minority, some said the bailout is necessary and applauded
Frank for taking an unpopular stance.

"They need to stop blaming each other and just do it," said Liz Dancause, a
24-year-old from New Hampshire.

Still, even as they shook their heads over their plunging pension funds,
some drew pleasure from Frank's partisan barbs.

On Monday, Frank mocked Republican lawmakers for saying they lost some votes
because of a partisan floor speech by House Speaker Nancy Pelosi.

"It was absolutely perfect," said Phil D'Agostino, 71, with a chortle. "It
was right on."

Still, like many ardent Frank supporters, D'Agostino couldn't help but turn
his criticism toward his own party.

"Being a liberal Democrat, he wanted more people to own their own homes," he
said. "But it got carried away, obviously."
(c) Copyright 2008 Globe Newspaper Company.

Demetri Papadopoulos, a 33-year-old hairdresser and former mortgage broker,
said the government helped create the housing bubble by lowering interest
rates and urging banks to adopt more lenient credit standards to expand home
ownership.
"It was a lot of smoke and mirrors," Papadopoulos said. "The banks were
greedy, but government played a big role. They weren't thinking about the
long-term. There was no foresight as to what was actually going on."