Posted on 10/12/2011 10:59:56 PM PDT by neverdem
In today’s Wall Street Journal:
Asked who was to blame for the 2008 financial crisis and whether any bankers should have been prosecuted, Mrs. Bachmann and former House Speaker Newt Gingrich put the onus on the federal government, with Mr. Gingrich suggesting that former Senate Banking Chairman Chris Dodd and Rep. Barney Frank, former chairman of the House Financial Services Committee, should both be jailed.
“It was the federal government that pushed the subprime loans . . . that pushed the community reinvestment act,” said Mrs. Bachmann, citing what she considered the causes of the housing meltdown.
Mr. Frank released an emailed statement in response: “In fact, Chris Dodd and I were in the minority from 1995 until 2006, so Gingrich is blaming us for Republican failures.”
So panicked is the response from Congressman “I want to roll the dice a little bit more in this situation towards subsidized housing” Frank that he forgets that from May 2001 to the end of 2002, Democrats controlled the Senate and Dodd was the second-ranking Democrat on the committee after chairman Paul Sarbanes.
It is also revealing that Frank believes that Bush-administration assent to policies he supported means that the consequences of those policies are, ipso facto, “Republican failures.” As Peter Wallison lays out on the Journal’s op-ed page, you can blame Wall Street for reckless gambling on mortgage-backed securities all you want, but the risk of the mortgage-backed securities never takes off unless the federal government starts pushing lenders to lower their standards for worthy borrowers. Sure, the big-bank investors never should have gone dancing in the minefield, but the minefield was set up by federal policies that encouraged massive loans to “borrowers with blemished credit, or were loans with no or low down payments, no documentation, or required only interest payments.”
It is rather amazing that with laughably inaccurate defenses like this, Frank is still considered a significant voice in the Democratic party today.
Yup - Illegals and "Holder's People."
The news media is complicit. They don’t want their darlings to suffer any repercussions.
It is rather amazing that with laughably inaccurate defenses like this, Frank is still considered a significant voice in the Democratic party today.
The DUH party. Dumb, UnHinged.
Talk about a guy who is in FULL retard mode...
It is rather amazing that with laughably inaccurate defenses like this, Frank is still considered a significant voice in the Democratic party today.
It is laughable, that Mr Frank and Mr Dodd, were not arrested, given a speedy trial, and jailed for a significant amount of time. When tshtf. Or maybe it is more likely that a certain party was in the majority, and what they did was not considered by some to be a criminal offense. Nevertheless, both those “gentlemen” are on my list. Their recorded words will at some point convict the guilty blastareds and perhaps truth will finally prevail.
That’s a lie. (period)
Barney the purple Fag and Chris Dodd Republicans? whoda thought?
And don't forget the CBC's defense of whathisname of the then-CEO of FannieMae, as well as GSE's in general.
There will never be a law against bad laws - Patrick Henry
If he´s talking, make sure you´re at least a hundred feet away.
That being said this problem goes back way before Bush or Clinton. It goes back to the days of .. CARTER, Jesse Jackass and FHA & HUD. And iirc Dems controlled congress then too.
Back then Jesse was moaning about Red Lining and new car loans to Blacks being denied. So the Fed Banking Laws were changed, Banks (GMAC, etc) gave Auto Loans - by force - and New Car Dealerships went .. tada .. Out Of Business! I saw this in my old stomping grounds in Chicago. One stretch of South Western Ave had dealership after dealership. Jesse 'fixed' all that. It seems repossessed cars aren't worth much. /s
Ditto for HUD & FHA. A friend of mine got married had a kid and wanted a house. He had no money saved (assets), just a steady job. He got a HUD or FHA Loan like *that*. Which went down the pooper a couple years later after his slut wife left him (or he kicked her out, can't recall now ) and my friend basically abandoned the house. Just walked away as he had no use for it and it only had bad memories for him.
But the bottom line is that the Dems did this then as they did it with Bush. It's not their money so they don't care as it buys votes and that's good enough.
Franklin Raines perhaps?
I think Barney-the-buttlicker Frank knows he is in trouble and will continue to lie his way out it. He has the support of like-minded rats and perverts throughout MA and much of the country.
If he´s talking, make sure you´re at least a hundred feet away.”
I have heard from people in MA that Frank’s breath smells like fecal material for some odd reason. Note the brown ring around his mouth.
A truly disgusting humanoid.
The Community Reinvestment Act was passed in 1977; it was preceded by the Home Mortgage Disclosure Act of 1975. Together, they provided the data that the Government needed to allowed it to play a direct part in the mortgage market. Both were Democrat bills.
“Cwiminal” = that’s a classic LOL.
That’s the guy. Last I heard, he was ensconced in some liberal organization, instead of a Federal Pen.
I don’t think he could be put in a panic mode, unless you took away his vaseline.
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