The Facts....

Discussion in 'Politics' started by Bro. Curtis, Sep 24, 2008.

  1. Bro. Curtis

    Bro. Curtis
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    ....At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn. Let's roll the audiotape:
    In 2000, then-Rep. Richard Baker proposed a bill to reform Fannie and Freddie's oversight. Mr. Frank dismissed the idea, saying concerns about the two were "overblown" and that there was "no federal liability there whatsoever."
    Two years later, Mr. Frank was at it again. "I do not regard Fannie Mae and Freddie Mac as problems," he said in response to another reform push. And then: "I regard them as great assets." Great or not, we'll give Mr. Frank this: Their assets are now Uncle Sam's assets, even if those come along with $5.4 trillion in debt and other liabilities.
    Again in June 2003, the favorite of the Beltway press corps assured the public that "there is no federal guarantee" of Fan and Fred obligations.



    A month later, Freddie Mac's multibillion-dollar accounting scandal broke into the open. But Mr. Frank was sanguine. "I do not think we are facing any kind of a crisis," he said at the time.
    Three months later he repeated the claim that Fannie and Freddie posed no "threat to the Treasury." Even suggesting that heresy, he added, could become "a self-fulfilling prophecy."
    In April 2004, Fannie announced a multibillion-dollar financial "misstatement" of its own. Mr. Frank was back for the defense. Fannie and Freddie posed no risk to taxpayers, he said, adding that "I think Wall Street will get over it" if the two collapsed. Yes, they're certainly "over it" on the Street now that Uncle Sam is guaranteeing their Fannie paper, and even Fannie's subordinated debt.
    By early 2007, Mr. Frank was in charge of the House Financial Services Committee, arguing that he had long favored some kind of reform. "What blocked it [reform] last year," Mr. Frank said then, "was the insistence of some economic conservative fundamentalists in the Bush Administration who, to be honest, don't think there should be a Fannie Mae or a Freddie Mac." What really blocked it was Mr. Frank's insistence that any reform be watered down and not include any reduction in their MBS holdings.
    In January of last year, Mr. Frank also noted one reason he liked Fannie and Freddie so much: They were subject to his political direction. Contrasting Fan and Fred with private-sector mortgage financers, he noted, "I can ask Fannie Mae and Freddie Mac to show forbearance" in a housing crisis. That is to say, because Fannie and Freddie are political creatures, Mr. Frank believed they would do his bidding.
    And this is exactly what Mr. Frank attempted to prove when the housing market started to go south. He encouraged the companies to guarantee more "affordable" mortgages, thus abetting their disastrous plunge into subprime and Alt-A loans. He also pushed for, and got, an increase in the conforming-loan limits to allow Fan and Fred to securitize and guarantee larger mortgages. And he pressured regulators to ease up on their capital requirements -- which now means taxpayers will have to make up that capital shortfall.
    But the biggest payoff for Mr. Frank is the "affordable housing" trust fund he managed to push through as one political price for the recent Fannie reform bill. This fund siphons off a portion of Fannie and Freddie profits -- as much as $500 million a year each -- to a fund that politicians can then disburse to their favorite special interests....




    [​IMG]


    Fannie Mayhem: A History

    Click here for a compendium of The Wall Street Journal's recent editorial coverage of Fannie and Freddie.



    http://online.wsj.com/article/SB122091796187012529.html?mod=googlenews_wsj


    Click the next link to see Barney tell the Americans that he is not in the business of making guarantees with their money.....

    http://www.youtube.com/watch?v=gjMOCDKTlgc


    Yes, the man makes me sick. I call for his immediate resignation, on the grounds that he is a criminal, and he does not respect our money.
     
  2. billwald

    billwald
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    Barney Frank may be the smartest person in Mass since Pat Moynahan
     
  3. carpro

    carpro
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    Frank's attitude is a reflection of the democrat party as a whole on what was a burdgeoning problem that has now blown up in their faces.

    Instead of fixing the problem, they continue to play the politics of cynicism and concentrate on making sure republicans get the blame for democrats refusal to regulate the mortgage giants.
     
  4. KenH

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    Which party controlled the Congress for most of the Bush administration?
     
  5. carpro

    carpro
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    Since neither party has been able to generate 60 votes in the Senate, Neither party has completely controlled Congress during the Bush Administration.

    Your rationalization for the irresponsibility of democrats is a lame excuse, at best.

    Can't you do better?
     
  6. Bro. Curtis

    Bro. Curtis
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    I'll tell you one thing, this mess has separated the men from the boys, in this forum. Facts, links, and research from one side, talking points and ignorance from the other.


    Who here thinks Barney Frank has done a good job ?
     
  7. carpro

    carpro
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    Frank is one of the chief architects of the Fannie/Freddie failure.

    He has steadfastly refused to accept his part of the blame.

    Yeah, right.:rolleyes:

    He thinks he can fix a problem ha has many times refused to believe existed.

    Barney Frank is a bleeding heart moron .
     
  8. Bro. Curtis

    Bro. Curtis
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