Posted on 11/03/2008 4:51:00 PM PST by Libloather
Frank: U.S. is in worst economic crisis since Great Depression
By Ben Kossack/Correspondent
Mon Nov 03, 2008, 04:20 PM EST
SHERBORN - This is the worst economic crisis the United States has been in since the Great Depression, but it will likely not turn into a depression, a cautiously optimistic Congressman Barney Frank, D-4th, told a crowd of more than 100 during a recent visit to Sherborn.
Frank took the stage to explain how the country got itself into the current economic crisis, and how it will bring itself out of it.
Regulation was the watchword as Frank addressed the three questions that needed answers that night: How did we get into this crisis; how do we get out of it; and how do we prevent another from happening?
To answer the first question, Frank began with an explanation of sub-prime mortgages and securitization. These sub-prime mortgages were the “bullets” that shot the economy, Frank said. But, he added, bullets are nothing without a gun, and the “gun” was securitization.
Frank said the crisis “crystallized” in his head when he heard a story from a man whose family had been evicted from an apartment because they were unable to make rent. They looked for another place to rent, but with no luck. Nobody would rent to someone who couldn’t make rent payments. So, he got a loan and bought a house.
Frank lay partial blame for the crisis on not only the kinds of unwise loans that made buying a house easier than renting an apartment, but also the push towards an “ownership” society. Some people, he said, for social or economic reasons, simply should not be buying homes.
Near the end of the talk, Frank began to outline how the bailout plan helps not only the banks and other financial institutions that the money is being directly given to, but the economy as a whole, and what further measures are needed to continue to bring the economy out of its slump, including giving more money to states and towns for infrastructure work, which would not only maintain funding for much-needed projects already in the works, but also create domestic jobs to curb unemployment.
When the floor was opened for questions, they ranged far from the immediate topic, and reflected the range of people asking, from high school students to bankers. Generally, those who took the microphone seemed to be concerned with how the financial meltdown would affect other areas of the economy. There was a question on the auto industry, and one on credit cards. There was one on commodity futures, and one on the Cuban embargo. There were a few on clarifications of statements Frank had made earlier, and a few on how to preserve or rebuild trust relationships in the economy. One questioner asked Frank to assume some of the responsibility for causing the crisis.
In the end, Frank left to a standing ovation.
bump
Unbelievable! Simply unbelievable! This country has gone completely mad!!!!!
Sherborn has been Moonbat Central since I matriculated through the local schools in the late 60’s /early 70’s.
Luckily there are more sane folks in Dover.
Barney Frank is one of the people responsible for the financial collapse.
It’s like Alice and frakin’ Wonderland.
Yep, we’ve got 25+% unemployment, bread lines, mass migrations....
Oh, wait a minute- NO WE DON”T!
He’s exactly right... And it was caused by HIM.
And what kind of people would those be, Barney? Please tell.
History of Fannie Mae scandal
Associated Press, December 7, 2006
"Fannie Mae announces its long-awaited restatement, erasing $6.3 billion in profit from 2001 through June 30, 2004."
http://www.boston.com/business/articles/2006/12/07/history_of_fannie_mae_scandal/?page=1
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Guilty Party: ACORN, Obama, and the mortgage mess
Mona Charen, September 30, 2008
http://article.nationalreview.com/?q=Mzk4MmVkNzA1NGQ2NGRkZjQ2YjNmYjdlODZkMmQ4N2I=
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An ACORN Falls from the Tree: A congressional outrage
Ken Blackwell, September 29, 2008
http://article.nationalreview.com/?q=N2Y5MTc0ZTAyMmE1Mjk3NGE3OWRiY2FkMjZlN2YxYzc=
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Inside Obama’s Acorn:
By their fruits ye shall know them
Stanley Kurtz, May 29, 2008
"What if Barack Obama’s most important radical connection has been hiding in plain sight all along? Obama has had an intimate and long-term association with the Association of Community Organizations for Reform Now (Acorn), the largest radical group in America. If I told you Obama had close ties with MoveOn.org or Code Pink, you’d know what I was talking about. Acorn is at least as radical as these better-known groups, arguably more so. Yet because Acorn works locally, in carefully selected urban areas, its national profile is lower. Acorn likes it that way. And so, I’d wager, does Barack Obama."
http://article.nationalreview.com/?q=NDZiMjkwMDczZWI5ODdjOWYxZTIzZGIyNzEyMjE0ODI
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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=
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Massachusetts has been mad since the 1950’s. If “Massachusetts politics” does end up going national with a President Obama along with a continuation of a Democratic controlled House and Senate starting on January 20, 2009, then the entire U.S. really will be finished as a capitalistic country!
“WORST ECONOMY SINCE THE CARTER ADMINISTRATION”
LLS
I swear, West of the city is full of retards.
South Shore all you see are McCain signs.
Barney Frank is one of the most guilty people in the room. The people giving him a standing O are the Kool-aid drinkers. They deserve everything they get. Unfortunately, the Kool-aid drinkers have managed to get themselves in the drivers seat of state. They will drive us “sane” Americans off the cliff with ‘em.
I read last week that Clinton and his advisor Cisnarios (sp) actually Cissy, took the blame for his good intention policies that started this.
He said at the time they had a study that showed only 49% of Americans should own a home
Pelosi, Barney Frank, Feinstein, Boxer, Murtha, Schumer, Reid and the rest of their treasonous ilk are “Domestic Al Qaeda.” They are no different, IMO, than any of the foreign terrorists our military are facing in Iraq and Afganistan. All of them want to destroy America.
Barney, when you are home alone, look into your bathroom mirror and you will clearly see the responsible party that added to our problems!
My memory is a bit foggy on this, but just a few weeks back either Barney Frank of Henry Reid said that the fundamentals of the economy were solid, but the psychology of the economy was weak.
Heck it is the worst economic turn down since the FALL OF ROME....
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