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Barney Frank 'Fesses Up on Financial Crisis
US News and World Report ^ | 9/23/2008 | Sam Dealey

Posted on 09/23/2008 2:34:16 PM PDT by markomalley

Over the past few weeks I've been skeptical of claims by Rep. Barney Frank, chairman of the House Financial Services Committee, that he's been a consistent and leading voice for reform of Fannie Mae and Freddie Mac, the two government-sponsored home-lending giants whose fall is the immediate cause of the current financial turmoil. The Massachusetts Democrat and I went at it here and here and here. Now, finally, Frank acknowledges that he dismissed ample warnings about Fannie and Freddie shenanigans five years ago.

Here's an exchange with CNN's John Roberts yesterday:

ROBERTS: Congressman, you know, a lot—big question that people asking is, how do we get to this point here. And minority leader John Boehner there in the House has pointed fingers at Senator Chris Dodd and you four years ago opposing reform of entities like Fannie Mae and Freddie Mac.

The Wall Street Journal says in the year 2000 when Representative Richard Baker proposed Fannie Mae and Freddie Mac reform you dismissed it. New York Times reports that an administration proposal in 2003 to reform Fannie Mae and Freddie Mac was met by response from you where you said, "I do not believe that we're facing any kind of crisis." Were you responsible for the delay—

FRANK: Of course not. Can I make a point here?

ROBERTS: Yes.

FRANK: In 2000 and 2003, who was in control of Congress? The Republicans—Mr. Boehner. The Democrats were in the minority. And yes, I did not think we were facing a crisis in 2003. But that didn't mean we didn't have to have reforms. Here's the deal. ...

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


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: 2008economy; 2008electionbias; bailout; barneyfrank; barneyfwank; congress; cultureofcorruption; democratscandals; failout; fanniemae; financialcrisis; housingbubble
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To: markomalley

Whose Bright Idea was it to put the Democrats in Charge of this CONGRESS anyway?

Oh thats right its the CHNAGE we need... I forgot they campaigned in 06 that they would bring change to D.C.

America Hoodwinked again by the do nothing liberals.


21 posted on 09/23/2008 3:06:40 PM PDT by tomnbeverly (Sarah Palin Conservative Voice of the 21st Century.)
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To: DoughtyOne

>>A pox on both these parties...Washington is a maggot infested cesspool.

Game, set, match.

I’ve been disgusted with most of them for most of my adult life.

I can’t believe Dodd is my senator. Everytime I ride by his house in East Haddam, I spit out a few choice words his way.


22 posted on 09/23/2008 3:28:31 PM PDT by Betis70
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To: Betis70

Thanks.

That sounds cathartic. I should find a local big wig’s house I can drive by and spew.


23 posted on 09/23/2008 3:37:22 PM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
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To: NoLibZone

Bahney Fwank, my favowite Democwat.

He talks like Elmer Fudd.


24 posted on 09/23/2008 3:39:07 PM PDT by West Texas Chuck (US out of the UN - UN out of the US)
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To: Betis70

I totally agree with your take on washington. Governors seem to make better presidents after having to deal with all the unfunded mandates that these DC bozos keep shoving down our throats. Maybe its time for participation government and run the country with the election of a governor. Anybody interested enough has a computer or access to a computer at any library from which they could vote. The present system reminds me of the biblical stories of the “money changers” who ended up being driven from the temple by God or someone at “his paygrade”. No meaningful legislation coming out of DC but plenty of money coming home to states that control the “temple”. This lack of legislation has now resulted in our judicial branch being out of control writing laws without the legal authority to do so. This is nuts.


25 posted on 09/23/2008 3:48:00 PM PDT by antidean
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To: markomalley
Glad to see some coverage leaking out.

Vanity: WHERE’S THE OUTRAGE? THE CLAMMORING FOR DISMISSALS? THE INVESTIGATIONS BY CONGRESS [OF CONGRESS]?

26 posted on 09/23/2008 4:30:20 PM PDT by Salvation ( †With God all things are possible.†)
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To: markomalley
No mention of the fact that Barney and Chris were taking huge BRIBES, er, I mean "campaign contributions" from the very industry they are charged with regulating and overseeing. These shameless, openly-corrupt lowlifes. And that goes for the Republicans who took bribes and turned a blind eye to this. The warning bell went off years ago.

Want to get away with murder? Get elected to Congress, you can make your corruption legal!

And these dirtbags will be reelected in a landslide.

27 posted on 09/23/2008 5:58:08 PM PDT by FlyVet
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