Rep. Barney Frank (D-MA) got a little too comfortable on MSNBC recently and let slip what many of Americans already fear. After taking a few moments to blame Republicans for ruining big government’s reputation, Frank said, “We are trying on every front to increase the role of government in the regulatory area.” This from a man whose fingerprints were all over the drive to force mortgage lenders to grant home loans to fiscally risky candidates in order to increase minority home ownership. The end result of that move was, of course, the subprime mortgage meltdown and the resulting economic mess we’re mired in today.
Frank, chairman of the House Banking Committee, is now one of the principal architects of sweeping regulatory changes to the financial services industry. These changes are meant to prevent the rampant speculation that caused the credit crisis; in reality they’re more likely to strangle our free market system and send wealth-creating capital investment overseas. What Frank said is all too true: Democrats aim to expand government in every area, period.