Barney Frank - Don't Blame me for the Housing Bubble !!

Yahoo Finance ^ | Jul 20, 2009 | Yahoo Finance

[JosephSmithNAW]

Who’s to blame for the subprime housing bubble? A popular answer – especially on the right side of the aisle - is Massachusetts Democrat, Barney Frank.

Why?

The argument, best summed up in an Investor's Business Daily editorial published in March 2009, goes like this: "Starting in the early 1990s," Rep. Barney Frank "(and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control." It goes on to say in, "2002, Frank nixed reforms" of Fannie Mae and Freddie Mac and that in 2003, "led by Frank, Democrats stood as a bloc against any changes" that President Bush proposed making to Fannie and Freddie.

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LIAR

Barney Frank in 2005: What Housing Bubble?
http://www.youtube.com/watch?v=iW5qKYfqALE

Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs

[colorado tanker]

I've recently seen some interesting data suggesting subprime lending isn't the culprit - it was lending against insufficient equity or down payment. But I'll still blame Bwarney.

[Iron Munro]

[Bertha Fanation]

Back door Barney blows cool

[randog]

First, and it's a point Frank returned to several times, is he and the Democrats did not have the power to call the shots since they were in the minority during most of the Clinton and Bush years.

And the last two years don't count...?

Second, Democrats not only did not cause the crisis, they were aginst subprime lending all together: "The Bush administration made a big mistake; they were the ones that pushed home ownership for very poor people. Liberals wanted rental housing, we thought that was more appropriate," he claims.

BWAHAHAHAHAHAHAHAHAHAHAHAHA!!!!

Finally, the real estate crash was not something even the experts saw coming. "No one I know of - except Robert Shiller - saw the drop in conventional housing prices," he says.

Funny, all the Joe Sixpacks in my neighborhood saw it coming for years. Is Bawney saying he's blind to the common man's plight...?

[DenverCossack]

You can bet that Barney Frank kept his eye on Freddie Mac’s Fannie Mae.

[bareford101]

why would you think that he even knows any “common” men? /s

[MrPiper]

I've recently seen some interesting data suggesting subprime lending isn't the culprit - it was lending against insufficient equity or down payment.

If it looks like a duck and sounds like a duck, I don't care what you call it, its a duck.

Barney and his cohorts are guilty as sin!.

[mulligan]

Barney is just another typical Democrat liar.

[Chong]

Poo wittle Fwank. Yes you are to bwame, you, you, you!!! Ha!

[Snickering Hound]

[sfvgto]

It’s not 100 per cent fudgepacker Barney Frank’s fault but it’s close

[sickoflibs]

Frank was part of the problem but the bigger cause was Greenspan. Bush contributed too and others.

[colorado tanker]

It doesn't really matter as the Dims will never admit the cause of the recession was anything other than subprime lending because they cite that as a reason we need more regulation.

[Kandy]

http://frankwarner.typepad.com/free_frank_warner/2008/09/barney-frank-op.html

[CarWashMan]

Democrats will say they were in the minority so they couldn’t do anything about it. But weren’t they also in the minority when they stopped Bush from getting many of his court nominations approved?

[Iron Munro]

[bray]

He has delivered us from such a deadly peril, and will deliver us. On him we have set our Hope that he will continue to deliver us,... 2 Corinthians 1:10

If Bernie Madeoff is sentenced to 150 yrs in prison then Barney Frank should get 15000 yrs. The only problem is that Bawney would likely think it was weekends in his basement. Madeoff was made an example for wiping out the savings of a few hundred millionaires which is a pimple on a hippo compared to wiping out the entire Country’s savings. Millions of people across the Country have lost everything they had due to Bawney and his homosexual “husband” forcing banks to make loans to people who had no chance of paying them back. Why is Bernir in prison and Bawney is still in congress fleecing more Americans?

Bernie Madeoff was a crook that ran a ponzi scheme and preyed on the wealthy in the NE. He hurt hundreds of people that gave him $Millions to invest. They were receiving 15% returns and should have known that their $$ was at risk receiving those types of returns. These were sophisticated investors that knew what they were doing and should have been questioning their returns being higher than normal. Bawney on the other hand was putting the entire Country at risk and was warned numerous times by President Bush and Senator McCain that he was risking our financial security. Those who lost their life savings in this ponzi scheme weren’t receiving excessive returns and thought that their $$ was safe. Thanks to Frank & Co that was far from the truth. They lost their lives’ savings due to Bawney’s lust for power and greed.

Everybody knows the disappearance of the $Billions that was the Madeoff scandal and how he was borrowing from Peter to pay Paul until the $$ ran out leaving everybody w/worthless paper. We have seen the stories of the wealthy investors who worked their entire lives to see it become worthless. What PravdABDNC will never report is the scandal that Bawney Fag was involved in as a ranking member of the Banking committee. He was able to write and pass laws that handcuffed the Banking Industry to the point of selling and holding worthless mortgages that has gotten us to where we are now. This is another example of the gummit getting involved in commerce and making the environment toxic.

In 1995 after Bawney was questionably acquitted of his underage prostitution ring he became involved with Fannie Mae exec Herb Moses. They exchanged DNA and Bawney declared himself Moses’ ugly wife. No truer words ever escaped his over used lips. They were quite the couple in Boston as Herb was able to slip him some campaign $$ in exchange for services rendered. What Moses was working on was a program that would allow farmers to qualify for loans that they clearly couldn’t repay. Bawney pushed it through congress and w/the help of the Black Kookus expanded it into the inner city hoods.

Fannie Mae and Freddie Mac bought these mortgages up by Billions and overvalued them to make their books look better than they were. Congress had made the bonuses of all the Fannie/Freddie employees tied to the number of mortgages that they wrote. The more mortgages the bigger the bonus to the point that people like Moses and Jamie Gorlick of the 9/11 Gorelick Wall fame received over $25 Million in bonus money. Jim Johnson and Frank Raines the execs who cooked the books received over $300 Million in bonuses/golden parachutes. There couldn’t be a worse idea for corruption of this DNC money machine than to allow them to buy worthless mortgages for more than they are worth and to make all of the people in the scheme paid by how much of this worthless paper they can write. Bawney’s ponzi scheme makes Madeoff look like a jaywalker.

Whenever the Republicans wanted to investigate these corrupt gummit Corporations Fwank would sick the Black Kookus on them w/the Establishmedia Attack Machine and make them out to be KKK for forcing Blacks to qualify for loans. President Bush attempted to reform F/F a number of times and even when a whistleblower came forward w/proof that the Books were cooked, Bawney had the investigation shut down. There was no way he was going to have the DNC money factory get reformed. Just like Madeoff, as long as the $$ kept coming in and they could borrow from Peter/Paul then they could hide the fact that they were underwater. When the cost of gas/food went up and people stopped paying their mortgages then there was nothing they could do. When the paper was finally valued the entire banking system collapsed and millions of people lost $$Trillions.

The people who lost from Fwank’s fraud were not the NE wealthy, they were the people who owned 401Ks or had mortgages that were owned by banks that collapsed. This was money invested by retirement funds and people who had their life savings invested in banks that were thought to be rock solid. These were elderly retirees making 5% on their money and invested in safe securities to live through their golden years. This was money invested for college funds by people who salted away a little each month to send their kids to college. These were avg working guys & gals across the Country. If Madeoff gets 150 yrs for bilking some rich people than what should Frank get for defrauding everyday Joes? How many millions of Americans have lost everything including their jobs thanks to Bawney Fag, and Madeoff gets 150 yrs!

Now Bawney is up to his same ol tricks, no not underage boys; he is saying that Fannie needs to ease up on their loan requirements to allow people who have no chance of repaying loans to get loans. He is calling anybody who disagrees w/this legislation a racist and hater of the poor. He is again pushing for Fannie execs to get record bonuses for the great job they have done in the past year. He is claiming that they will leave if we don’t pay them a $100s of millions to keep them here. Don’t let the door hit ya where Bawney... never mind. Rather than Chairing the Banking Committee this corrupt politician should be sharing a cell w/Madeoff. Rather he is going to take this business model to Wall St, Detroit, Energy and Healthcare with the same results.

Pray for America

[a fool in paradise]

He shouldn’t have been asking questions on the collapse. He should have been under oath ANSWERING questions.

[popdonnelly]

Barney, if you keep insisting that financial institutions make bad loans, you set the stage for another financial crisis. The banks should return to sound banking practices. They are too critical to the economic system to function like charity institutions.