Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

What Caused the Financial Crisis? (BF)
Power Line ^ | 11-12-11 | John Hinderaker

Posted on 11/12/2011 6:19:50 AM PST by no-llmd

If there is a single face of the financial crisis, it is probably Barney Frank, Fannie Mae and Freddy Mac’s chief Congressional patron, who shouted down all warnings and resisted all efforts to bring those agencies under control. It is probably too much to hope that Frank will be evicted from Congress any time soon

(Excerpt) Read more at powerlineblog.com ...


TOPICS: Government
KEYWORDS: barneyfrank; barneysfannie; fanniemae; freddiemac
With Barney and company, you need to watch your back.
1 posted on 11/12/2011 6:19:52 AM PST by no-llmd
[ Post Reply | Private Reply | View Replies]

To: no-llmd
Absolutely must see video! C-SPAN: Democrats Cover Up Fannie Mae, Freddie Mac - Housing Crash (incredible comments by Maxine Waters, Gregory Meeks, Barney Frank, etc, etc)
http://www.youtube.com/results?search_query=fannie+mae+democrats+covering&aq=f
_____________________________________________________

Bailout Politics: The Congressional Dems who enabled this crisis are now being trusted to fix it?
Thomas Sowell, September 30, 2008
http://article.nationalreview.com/?q=OWE3OWU3OTExYzNlNTUzMzY2YmJmOWZjMzcwN2M1NjU=
_____________________________________________________

Guilty Party: ACORN, Obama, and the mortgage mess
Mona Charen, September 30, 2008
http://article.nationalreview.com/?q=Mzk4MmVkNzA1NGQ2NGRkZjQ2YjNmYjdlODZkMmQ4N2I=
_____________________________________________________

An ACORN Falls from the Tree: A congressional outrage
Ken Blackwell, September 29, 2008
http://article.nationalreview.com/?q=N2Y5MTc0ZTAyMmE1Mjk3NGE3OWRiY2FkMjZlN2YxYzc=

2 posted on 11/12/2011 6:24:16 AM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd

And your butt!


3 posted on 11/12/2011 6:24:48 AM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd

Media Mum on Barney Frank's Fannie Mae Love Connection:
Democratic House Financial Services Committee Chair promoted GSEs while former 'spouse' was Fannie Mae executive

By Jeff Poor
Business & Media Institute, 9/24/2008

excerpt...

"Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his "spouse." Another Washington Post report said Frank called Moses his "lover" and that the two were "still friends" after the breakup.

Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) – all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk."

http://www.businessandmedia.org/printer/2008/20080924145932.aspx
____________________________________________________________

Lawmaker Accused of Fannie Mae Conflict of Interest

By Bill Sammon, October 03, 2008

WASHINGTON -- Unqualified home buyers were not the only ones who benefitted 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.

Bill Sammon is FOX News' Washington Deputy Managing Editor.

http://www.foxnews.com/printer_friendly_story/0,3566,432501,00.html
____________________________________________________________

Rush Limbaugh's Barney Frank/"Banking Queen" parody of ABBA's "Dancing Queen" (fun-nee!):
http://www.youtube.com/watch?v=ZwVWXN0Pyq4

4 posted on 11/12/2011 6:25:50 AM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ETL

Dick Armey got in trouble for calling him “Barney Fag” in private.


5 posted on 11/12/2011 6:32:02 AM PST by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
[ Post Reply | Private Reply | To 4 | View Replies]

To: ETL
What Caused the Financial Crisis? (BF)

I guess Barney was for Herb Moses the Love Boat.
6 posted on 11/12/2011 6:32:17 AM PST by aruanan
[ Post Reply | Private Reply | To 4 | View Replies]

To: no-llmd

alice rivlen is really the face behind it all,
aided and abetted by the clintons.


7 posted on 11/12/2011 6:35:02 AM PST by gussiefinknottle (woof!woof!woof!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd

Frank helped Fannie & Freddie create worthless mortgages, but the banks created the investment intruments that shook the financial markets in a failed attempt to insulate themselves from their own stupidity in following FNMA’s guidelines. Government regulators looked the other way as banks sold billions of dollars of derivitaves backed by millions of dollars of mortgages.


8 posted on 11/12/2011 6:38:53 AM PST by csmusaret (The only borders Obama has closed is a bookstore.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: gussiefinknottle

Thanks for bringing up Alice Rivlin - almost forgot about her: She is a screaming socialist democrat party hack, headed the CBO from its establishment in 1975 until 1983 and was a very loud critic of President Reagan. She belongs in a nursing home, but obama brought her out to help screw things up more than even he could.


9 posted on 11/12/2011 7:03:26 AM PST by Ken522
[ Post Reply | Private Reply | To 7 | View Replies]

To: no-llmd

Don’t forget Chris Dodd......................


10 posted on 11/12/2011 7:13:02 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd
Frank, Dodd, and Franklin Raines
11 posted on 11/12/2011 7:14:12 AM PST by OrioleFan
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd
With Barney and company, you need to watch your [butt].


12 posted on 11/12/2011 7:19:29 AM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd
Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury

AP via Fox News ^ | November 03, 2011 | Associated Press

Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.

Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.

This quarter's $6 billion request from taxpayers is the largest since April 2010.

(Excerpt) Read more at foxnews.com ...

13 posted on 11/12/2011 7:22:40 AM PST by ETL (ALL (most?) of the Obama-commie connections at my FR Home page: http://www.freerepublic.com/~etl/)
[ Post Reply | Private Reply | To 1 | View Replies]

To: no-llmd

That was the first step, the second step was the rise in interest rates.


14 posted on 11/12/2011 8:02:25 AM PST by tiki
[ Post Reply | Private Reply | To 1 | View Replies]

To: ETL

——Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury-——

Translation.... The Obama campaign and the DNC see the need for more money to combat the Cain candidacy and long strong coat tails


15 posted on 11/12/2011 8:14:28 AM PST by bert (K.E. N.P. +12 ..... Crucifixion is coming)
[ Post Reply | Private Reply | To 13 | View Replies]




Click the Pic               Thank you, JoeProBono

Gary’s Chute Wasn’t Torn by the Shell Jacker! Great Luck!

Follow the Exciting Adventures of Gary the Snail!


Abolish FReepathons -- Go Monthly
If you sign up, a sponsor will donate $10

16 posted on 11/12/2011 8:46:14 AM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
[ Post Reply | Private Reply | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson