Posted on 07/06/2009 11:04:49 AM PDT by John Semmens
Chairman of the House Financial Services Committee, Representative Barney Frank (D-Mass) flatly rejected the idea that funds received from banks repaying government loans be used for tax relief.
Frank characterized the taxpayer role in the TARP program as “at best, passive.” “Sure, we used taxpayers’ money to finance the thing, but we didn’t get much support from them for our efforts,” Frank recalled. “Most of the taxpayers I’ve heard from opposed the TARP program. So, why should they get any benefit from it now?”
The congressman has proposed, instead, what he calls a “TARP for Main Street” bill that would channel repaid loans into “a special fund that members of congress can tap into as needs arise.”
“Congress did the heavy work to get the TARP legislation passed,” Frank bragged. “We deserve to be rewarded. This fund will enable essential members of congress to access these resources for critical needs in their districts and states.”
Charges that the set-aside amounts to little more than a political “slush fund” were rebuffed by Frank. “The critical factor in this endeavor was congress, or rather, key members of congress,” Frank argued. “The special fund is aimed at preserving and enhancing this critical factor. You could call it an investment in America’s future.”
(Excerpt) Read more at azconserv1.wordpress.com ...
How much longer will the Massholes keep electing this queen?
I got two words: term limits !!!
Mush-Mouth's statement is the pure definition of central management hubris.
I gotta quit reading these threads cause my blood pressure goes up quite high.
This is NOT satire. Satire should be distinguishable from truth.
“Most of the taxpayers I’ve heard from opposed the TARP program. So, why should they get any benefit from it now?”
Well, for starters, you fascist pig, IT IS OUR MONEY!!!!!
This is supposed to be satire; but is, instead, a crystal-clear expose of his actual thoughts. Doesn’t contain truth...it is true.
It is time to play “Heads On Poles”! Johnny, tell us, who is our first contestant?
Is this satire?
Someone did run against him last year and did fairly well. Frank actually had to spend money on TV ads which I’ve never seen. And I’m not in his district( Thank God)
Well Barney, it’s the taxpayers’ money, not the government’s, once given it can never be returned. Where’s your entrepenurial spirit, leave it that Gorgetown townhouse?
Vice-President Joe Biden Admits "We Misread the Economy"
Freedom's Lighthouse | July 5, 2009 | BrianinMO
FR Posted by Federalist Patriot
VP Biden admitted on This Week with George Stephanopoulos that the Obama Admin "misread" the economy when he pushed the stimulus bill. The admin thought unemployment would not exceed 8% this year (it is now at 9.5%). They also discussed economists who say we need another stimulus package.......(STUCK ON STUPID So if the first one did not work, do it again).....(Excerpt) Read more at freedomslighthouse.com. Watch video.
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POINTS TO PONDER Creating jobs was NOT the point of the stimulus.
POINT ONE On June 9 President Obama called a press conference to announce, "Several financial institutions are set to pay back $68B to taxpayers." While Mr. Obama's announcement was welcome news, it was assumed that any money or profit would be returned to the general funds from whence it had come in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Department-controlled slush fund.
POINT TWO We keep reading and hearing Congress rushed to approve the "$787 billion stimulus package" early this year, but very little of it has been used. Now uber-Lobbyist Thomas Hale Boggs, Esq (Patton Boggs) was interviewed by nightly network news last week. Boggs said there's $2 TRILLION federal stimulus waiting to be distributed..... AND that he is getting unprecendented numbers of calls from all over the US......from those who want a piece of it. Boggs is the son of former Cong Hale Boggs and sister of ABC-TV commentator Cokie Roberts.
POINT THREE Obama tapped VP Joe Biden to "allocate" the stimlulus $$trillions. Biden's family was involved with Texas financier H. Allen Stanford, now charged with an $8 billion offshore fraud, the WSJ said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to global investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.......... Paradigm Global Advisors is owned through a holding company by the VP's son, Hunter, and Joe Biden's brother, James, according to newspapers.
POINT FOUR How can this be legal? A jaw-dropping policy the White House released late on a Saturday afternoon........hoping we would not notice. "Following OMB’s review, the Obama Administration has decided to make a number of changes to the rules that we think make them even tougher on special interests and more focused on merits-based decision making. First, we will expand the restriction on oral communications to cover all persons, not just federally registered lobbyists. For the first time, we will reach contacts not only by registered lobbyists but also by unregistered ones, as well as anyone else exerting influence on the process. We concluded this was necessary under the unique circumstances of the stimulus program."
POINT FIVE The Reserve Primary Fund's recent failure was "a tragedy" said Crane Data. Without details, sounds like a very strange charge. It may just be a diversion and scapegoating in a broad "War on Wall Street" that Obama, Soros and FDIC's Sheila Bair, among others, are engaged in right now, to get complete control of our financial system.
POINT SIX Obama hid $17.5 BILLION in NJ. A June 22 editorial reported there is virtually no information on recipients of the $17.5 BILLION federal largess via a Web site. — www.recovery.nj.gov. The NJ Recovery Accountability Task Force was created to review every step of the process and ensure that $17.5B is awarded based on clear and appropriate criteria and then distributed in a prompt, fair and reasonable manner. The Web site, as currently constituted, does none of that. END EDITORIAL $17B cannot be accounted for. Hey, Obama---- are you gonna tell America why you hid $17.5B in NJ?
Americans demand to know what Obama is doing with trillions of tax dollars.
WASHINGTON -- Unqualified home buyers were not the only ones who benefited from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s. So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.
Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank's relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.
Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical."It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?
"If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane," added Gainor, a T. Boone Pickens Fellow. "But everybody wants to avoid it because he’s gay. It’s the quintessential double standard." A top GOP House aide agreed.
"C’mon, he writes housing and banking laws and his boyfriend is a top exec at a firm that stands to gain from those laws?" the aide told FOX News. "No media ever takes note? Imagine what would happen if Frank’s political affiliation was R instead of D?
Imagine what the media would say if [GOP former] Chairman [Mike] Oxley’s wife or [GOP presidential nominee John] McCain’s wife was a top exec at Fannie for a decade while they wrote the nation’s housing and banking laws."
Frank’s office did not immediately respond to requests for comment. Frank met Moses in 1987, the same year he became the first openly gay member of Congress.
"I am the only member of the congressional gay spouse caucus," Moses wrote in the Washington Post in 1991. "On Capitol Hill, Barney always introduces me as his lover." The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives.
According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs." Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.
Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis. "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently.
SOURCE http://www.foxnews.com/printer_friendly_story/0,3566,432501,00.html
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Let The Inquisition Start With Barney Frank
Investor's Business Daily | 3/6/09
FR Posted on 03/08/2009 by FreeManN
Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass.
Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he'll seek prosecutions for those behind the housing and financial crunch and for what he called "a strongly empowered systemic risk regulator." Frank: Fannie Mae and Freddie Mac's point man in Washington.
For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn't partisan hyperbole or historical exaggeration.
But first, a little trip down memory lane. (Excerpt) Read more at ibdeditorial.com ...
Seriously, did Bawney actually say this?
About time someone posted this. Not surprised it was you ;-)
he is the biggest thief in Congress
your gonna end up making me toss my wide screen out the window with one more post like that
G’ahead——but ya better have a replacement handy-———you’re gonna wanna get back on. LOL.
>G’ahead——but ya better have a replacement handy-———you’re gonna wanna get back on. LOL.<
Yup, your right, it’s a sickness now.
This man is a stone waste of air.
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