2005 Barney Frank Caught in Lie: "This is Not a Bubble"

This clip from Barney Frank in a June 2005 speech is damning - and it helps show his complete cluelessness on the housing sector. From Gateway Pundit. Here are a few choice quotes on his view towards home prices as he argues for more home ownership:

"There was not the degree of leverage that we have seen elsewhere...this is not the dot com situation...you're not going to see the collapse that you see when people talk about a bubble and so those of us on our committee in particular will continue to push for home ownership."

Do we really want this guy providing forecasts and insights into what should be done with our banking and real estate sectors?