I Thought I would never see the day but I agree with Barney Frank: Abolish Freddie and Fannie

It is about time that this guy gets something right when it comes to financial matters.

Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, said Friday he supports replacing the two companies entirely.

"I believe this committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance," Frank said at a hearing on executive compensation issues. "That's the approach, rather than the piecemeal one."

They are a giant hungry maw that eats nothing but tax payer money and will probably do it in perpetuity. They should never have been allowed to grow into a 5.5 trillion dollar colossus in the first place. But guys like Barney Frank kept the money train going and they became sort of a mini-Democratic retirement home.

Now at long last the Dr. Franken-Frank wants to kill off his own monster. Too bad they couldn't have done this a few trillion dollars ago. In any case course corrections need to be put into place and this thing needs to get unwound.