Posted on 09/24/2008 6:23:17 AM PDT by Hillary'sMoralVoid
Barney Frank had it precisely backwsard when he stated, “The private sector got us into this mess…The government has to get us out of it."
It was the government, fueled by political greed, not corporate greed, that got us into this mess. It was not a lack of regulation, but rather political correctness run amok, that forced bad regulations and political pressure on banks to make loans that were clearly a dangerous investment.
When Democrats look to greedy CEOs that use their "golden parachute" to rake in a huge retirement, they need to look no further than Franklin Raines and Jim Johnson.
The Democrats purchased minority votes by putting our nation's economy at risk. They need to be exposed, and an indepth and impartial team of investigators needs to explore the root cause of this crisis, which will point to the Democrats' role in the collapse of Freddie/Fannie.
“Barney Has It Backwards”
A perfect analogy for so many aspects of Barney Frank’s life ...
You can always trust Mr. Frank to say exactly the wrong thing at the right time.
For example, I’ll bet Barney would agree with this maxim:
“Wet streets cause rain.”
Ugh.
It was a combination of both.
It was a combination of things
Government interference in the market
Lack of enforcement on immigration policy (illegals were big buyers of subprime)
Lack of oversight on finance vehicles that left banks and other financial institutions royally screwed. Buying contracts on whether or not debts would fall into default??? What the hell is that?
Actually, I think, more precisely, he said, “The pwivate sectow got us into this mess…The govewnment has to get us out uv wit."
Oh, so many ways I could get myself banned . . .
Sounds like a game played in Vegas....
The Mother of All Bailouts has many fathers. As panicked politicians prepare to fork over a trillion dollars in taxpayer funding to rescue the financial industry, they’ve fingered regulation, deregulation, Fannie Mae and Freddie Mac, the Community Reinvestment Act, Jimmy Carter, Bill Clinton, both Bushes, greedy banks, greedy borrowers, greedy short-sellers, and minority home ownership mau-mauers (can’t call ‘em greedy, that would be racist) for blame.
But there’s one giant paternal elephant in the room that has slipped notice: How illegal immigration, crime-enabling banks, and open-borders Bush policies fueled the mortgage crisis. It’s no coincidence that most of the areas hardest hit by the foreclosure wave – Loudon County, Virginia, California’s Inland Empire, Stockton, San Joaquin Valley, Las Vegas, and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime (the accursed species of loan to borrowers with the shadiest credit histories). A quarter of all those subprime loans are in default and foreclosure.
We sleep well at night knowing that this pervert, along with 534 other imbeciles, are running things for us.
Barney was getting campaign contributions from Fannie Mae and Freddie Mac people. This should be illegal since they are working in the industry which his committee has oversight.........
We sleep well at night knowing that this pervert, along with 534 other imbeciles, are running things for us.
Government created Fannie Mae and Freddie Mac - the private sector would never have tried to make shell games like theirs work, but most importantly, the private sector would never have alloweed huge amounts of cash to siphoned off for “community activists”...
While that is mostly true, it's only one ingredient in the crap casserole we are now being force fed.
The political correctness you mention is obviously a reference to the Community Reinvestment ACT (CRA). This act was only the seed. The fertilizer, so to speak, was the Gramm-Leach-Bliley Act (GLBA). This legislation repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies.
The crop that grew were the Credit Default Swaps. These CDSs were written as private contracts by these same banks, securities companies and insurance companies.
They now owe the buyers of these Credit Default Swaps, on junk mortgage debt, trillions of dollars.
The fruit of that crop is the bottomless pit of liability we now see before us. And they don't have the assets to pay off these liabilities. Enter Uncle Sam with a bludgeon to take our money again to bail out these a-holes.
This position is complete and utter HS. If WS had been losing money on this mess they would have been spending gazillions in campaign contributions on the opponents of this mess, not the supporters of it.
Paulson has argued strongly that the bailout cannot include caps on compensation.
If you fall for this crap you need to be made a ward of the state because you are a danger to yourself.
Sure politicians are guilty, but the financial services industry that made gazillions off of the leveraging of America is not the innocent victim.
Thank you for some sanity.
Now why would they write $60T of these contracts. Lemme see, even at a small fee of 2% of $60T that is $1.6T in fees. Now there are expenses and risk of default, but the idiots who issued these things hedged them so that their overall risk was small and the whole thing was bloody good business, until it wasn't.
People like Barney Frank have been passing laws requiring the private sector to do their will for decades now.
One of the most outrageous things about Democrats is their continual lying about history.
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