Newton – Sean Bielat, candidate for Massachusetts' Fourth Congressional District, launched his fourth television ad which highlights Barney Frank's record of denying the crisis surrounding failed mortgage giants Fannie Mae and Freddie Mac. The ad features none of the grainy video, scary, distorted voice overs, or political spin typically associated with hard hitting campaign ads. Instead, the ad, entitled “Same Old Tune”, features a straightforward account of Barney Frank's record in his own words, as he ignores warnings that Fannie and Freddie threatened to collapse the economy.
“We see entities that are fundamentally sound financially,” says Frank, refering to Fannie and Freddie. “And even if they were a problem, the federal government doesn't bail them out.” According to a recent report by the Washington Post, Fannie Mae and Freddie Mac have received more than $150 billion in taxpayer funded bailouts, and the Congressional Budget Office has said it could be as much as $400 billion before it's all over.
“But you're not going to see the collapse,” says Barney. “Fundamentally, I don't think there is a crisis,” he said in 2006. Of course, the economy did collapse as a result of the housing crisis and unemployment has hovered at or near 10% for more than a year.
“The policies supported by Barney Frank have resulted in millions of people losing their homes and their jobs, and no one has been held accountable”, said Bielat. “Worse, when Barney had an opportunity to enact real reform, he instead made bailouts permanent and let CEOs walk away with billions in bonuses. The people have had enough. It's time for a real change in Washington.”
The ad will run on broadcast and cable television.
TEXT CREDIT: www.SeanforCongress.com
VIDEO CREDIT: BielatForCongress
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