Posted on 05/07/2010 6:19:17 PM PDT by kristinn
Link to page with YouTube Video.
(Video caption: Rep. Barney Frank (D-Mass.) speaking at a forum on national housing policy on December 11, 2006. Three weeks after making this speech at the Treasury Department, Frank became Chairman of the House Financial Services Committee.
Frank on Democrats taking over regulatory reform:
“You will see far less difference with Democrats taking over in the Financial Services regulatory area than in virtually any other area of public policy, because we did work together on things like regulatory relief and we have more to do yet in the deregulation. One of the things we did was try to reduce the reporting requirements from the banks to the financial detectives.
“Far too much has to be reported now in my judgment.”
On Fannie Mae and Freddie Mac:
“We weren’t doing anything for Fannie Mae and Freddie Mac. The issue for me was housing. We were doing something for housing. And I agreed with those who argued that because of the markets’ perceptions, Fannie Mae and Freddie Mac got this great benefit to be able to borrow money cheaply yet the benefit was not being adequately returned to the public.
“There were two things you could have done about that. You could have reduced the benefit. You could have cut back on their ability to borrow as cheaply or you could leave that benefit in place and distribute it more fairly. That’s what we chose to do with the affordable housing fund.”
On the housing bubble in 2006, two years before the housing bubble burst:
“I do want to address this thing about the bubble. I think the bubble is an entirely inappropriate metaphor. Let me just be very clear, houses ain’t tulips. Houses today even with the drop in housing prices are more valuable than tulips were however many years ago when we had the tulip business.”
On plummeting housing prices:
“I think it’s a good thing that housing prices are dropping. A few speculators get stung, that’s icing on the cake. The cake is… the cake is that people can afford to buy houses now. A 10% drop in housing prices is a good thing. Housing was over-valued.
“But let me make this distinction on why it’s not a bubble. I was just thinking about this [unintelligible]… maybe housing suffered from irrational exuberance. But bubbles in history haven’t been cases of irrational exuberance. They have been cases of exuberant irrationality. And there really is a distinction.
“Irrational exuberance means you get a little carried away with something that is basically a good thing. But exuberant irrationality is when you start thinking that tulips or some of those dumb ideas on the internet when there were some of those things that nobody in their right mind wanted to buy, those were excessive.”
On why housing prices plummeting is a good thing:
“Fundamentally I don’t think that there’s a crisis, and I do think that the end result in a 10% drop in many parts of the country will be a more rational and healthier housing market.”
And finally… Frank on his own ability to deal with “things.”
“I’m pretty good with words but I’m not so good with things. I’ve had a lifelong struggle with things. And the less I am responsible dealing with them the better off everybody is.”
Tell us something we didn’t already know.
(h/t Scott McKay)
Good find kristinn. But in the vastly empty collective mind of Dumbocrats and Obamanoids it won’t make any difference. I mean, this guy ran a homosexual bordello out of his house and the immoral Democrat Party didn’t care. The corrupt media in America runs interference and protects Democrats against all kinds of things that would be considered scandalous and career ending for conservative politicians.
I was thinking the same thing. Haa ha ha ha.
I’m a Realtor in the Florida panhandle and have been doing business here for 15 years. My sellers wouldn’t bemoan a 10% loss at this point. It’s the 60 and 70% losses that are destroying them. When you paid $500,000 for a property in 2004 and can only sell it for $130,000 six years later, life is not good. The only consolation is in knowing a lot of other people are in the same boat.
Lord almighty...watching this video I can only think that the vampires have taken over this country..,and really much of the world.
Not all of it thank God.
November is a last chance to defang these zombies.
Hey Connie has been hitting them out of the park lately.
I downloaded the video. This sort of thing has a way of disappearing from You Tube.
We need to stay focused on November. we simply do not have enough votes to do much about it now.
It’s November or die.
*******************
Yes.
Thanks kristinn. Barney Frank isn’t the Teflon senator, but the K-Y accomplishes the same effect.
yeah but where did he plant his twolips...ewww...
Scott Brown won Frank’s district and did so decisively.
Maybe it MIGHT be worth a bit of effort, eh?
Great job Connie. And that was good story you did on the 401K’s the other day too.
Great find!
That's because words aren't tethered to reality.
Things are.
Frank is clueless about reality. Where the rubber meets the road...
Doesn't matter, because it will never be widely reported and thus the ignorant masses will never know. Reality is that you can lay almost the entire global economic crisis at the feet of U.S. Democratic politicians. They (at a minimum) encouraged lenders to make mortgage loans to people who had no chance of making the payments. That was bad enough and caused the mortgage crisis.
Even WITH the mortgage crisis, however, we did NOT have a larger economic crisis. The larger crisis was created by Democrats (politicans and the MSM) in order to swing the 2008 election. Unfortunately for the world, these idiots fanned the flames so much that a fictional crisis became very real. Now here we are, with yet more evidence coming out, and it won't matter one bit.
Barney Frank wins in landslide!
-headline this Nov
This is damning. This needs to be played over and over again on the airwaves...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.