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Is Barney Frank?

Sandokan

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Is Barney Frank?Is Barney Frank? - Thomas Sowell - Townhall Conservative

Thomas Sowell
October 21, 2010

You would be hard pressed to find a politician who is less frank than Congressman Barney Frank. Even in an occupation where truth and candor are often lacking, Congressman Frank is in a class by himself when it comes to rewriting history in creative ways. Moreover, he has a lot of history to rewrite in his re-election campaign this year.

No one contributed more to the policies behind the housing boom and bust, which led to the economic disaster we are now in, than Congressman Barney Frank.

His powerful position on the House of Representatives' Committee on Financial Services gave him leverage to force through legislation and policies which pressured banks and other lenders to grant mortgage loans to people who would not qualify under the standards which had long prevailed, and had long made mortgage loans among the safest investments around.
Politicians promise their voters the moon, and they will vote for them. They will not ruin their careers telling the constituents the real thing. Massachusetts voters back up the lies and failures that Barney Frank brings to the table. Because in their view he represents the oppressed, they give him a very broad range to fail again and again, in the name of helping the poor. The nation economy is in bad shape due to politicians like him, and still he is around. Do the Massachusetts voters have a death wish?
 

Sandokan

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There is no need to tell the truth when lying work so well for Barney Frank. Massachusetts voters keep electing him year after year. Seem that the voters are oblivious; they should give him the boot this time around. The same thing happened with the likes of John Kerry, Ted Kennedy, Michael Dukakis and Tip O,Neill.

In order for politics to change is necessary to change the way politicians are hold accountable. It is necessary to dismantle Washington’s political machine. What is needed isn’t more politicians, is more elected officials that remain accountable to the electorate.
 

ARealConservative

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he is also the scumbag that held up the audit of the fed knowing if it made it out of committee it would pass easily.
 

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Barney Frank, chairman of the Banking Committee in 2007, push for easy mortgage rules for people who couldn’t afford them and shouldn’t have getting mortgages.

The evidence shows that Frank prevented oversight and regulation of the mortgage industry, preparing the stage for the economic meltdown we are in. From his powerful position in Congress he did nothing to restraint Fannie Mae and Freddie Mac poor mortgage lending practices that trigger the housing industry crash.
 

Kali

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Barney Frank, chairman of the Banking Committee in 2007, push for easy mortgage rules for people who couldn’t afford them and shouldn’t have getting mortgages.

The evidence shows that Frank prevented oversight and regulation of the mortgage industry, preparing the stage for the economic meltdown we are in. From his powerful position in Congress he did nothing to restraint Fannie Mae and Freddie Mac poor mortgage lending practices that trigger the housing industry crash.
Are you a fan of personal responsibility? If you cannot afford something? How about not getting a mortgage.
 

Goshin

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I dunno....


Does Terry Drinkwater?

Is this Ronald's Raygun?

Is Brad a Pitt?

:)
 

Deuce

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Due to the strange formatting of the first quoted line, I misread it as "Is Barney Frank Barney Frank?" Which led me to wonder if there was some allegation of Barney Frank being replaced with a clone or impersonator or something.

...that would have been way more interesting of a topic.
 

Sandokan

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Barney Frank deserves the recognition as the father and mother of the mortgage lending meltdown. He supported the self-destructive environment of liar loans with no down payments. He, as well as Wall Street, deserves credit for their role in the financial sector crash. He gave to many people the opportunity to screw themselves big time.
 

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Massive frauds were committed by Fannie and Freddie when they bundled mortgages into mortgage securities. Those securities were sold to banks and other financial companies, and before the sale Fannie and Freddie failed to disclose to buyers critical information with regard to high risk mortgages included in those packages. Since Fannie and Freddie were backed by the government, investors believed the securities were safe and would increase in value, borrow the money to pay for them.

The high risk, sub-prime mortgages that were fraudulently included in the securities were among those that went into foreclosure. When the economy slow down the number of foreclosures went up. The defaults kept increasing and the cause the credit market crisis.

This sequences of events cause the economical recession. In my opinion, Barney Frank did more to cause the recession than any other person anywhere. It baffles me that Massachusetts voters keep re-electing Barney Frank.
 

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Thomas Sowell is full of ****, Barney Frank had nothing to do with the mortgage meltdown. It was Wall Street the big banks and regulation failure.


1. The repeal of Glass-Steagall

2. Off-the-books accounting for banks

3. CFTC blocked from regulating derivatives

4. Formal financial derivative deregulation: the Commodities Futures Modernization Act

5. SEC removes capital limits on investment banks and the voluntary regulation regime

6. Basel II weakening of capital reserve requirements for banks

7. No predatory lending enforcement

8. Federal preemption of state enforcement against predatory lending

9. Blocking the courthouse doors: Assignee Liability Escape

10. Fannie and Freddie enter subprime

11. Merger mania

12. Credit rating agency failure
The details can be found at:

Robert Weissman: Wall Street's Best Investment II: 12 Deregulatory Steps to Financial Meltdown
 

TurtleDude

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Thomas Sowell is full of ****, Barney Frank had nothing to do with the mortgage meltdown. It was Wall Street the big banks and regulation failure.




The details can be found at:

Robert Weissman: Wall Street's Best Investment II: 12 Deregulatory Steps to Financial Meltdown
Anyone who defends barney fruit is really out there. And Sowell's position is held by many

your list misses many important things such as Carter forcing banks to give mortgages to underqualified minorities

something from the Huffer post written by the head of a far left organization is hardly credible.
 

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Anyone who defends barney fruit is really out there. And Sowell's position is held by many

your list misses many important things such as Carter forcing banks to give mortgages to underqualified minorities

something from the Huffer post written by the head of a far left organization is hardly credible.
Yes something the Carter admin passed in the 70s somehow caused the housing bubble 30 some odd years later

The CRA had no power over the majority of subprime originators

Countrywide, GMAC etc the other large subprime lenders were not subject to the CRA and made subprime loans out of their own initiative, not because the government forced them.
 

TurtleDude

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Yes something the Carter admin passed in the 70s somehow caused the housing bubble 30 some odd years later

The CRA had no power over the majority of subprime originators

Countrywide, GMAC etc the other large subprime lenders were not subject to the CRA and made subprime loans out of their own initiative, not because the government forced them.
lots of bad policies cause problems years after t hey were implemented.

like the New Deal or the Great Society
 

Lord Tammerlain

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lots of bad policies cause problems years after t hey were implemented.

like the New Deal or the Great Society
How did the CRA cause Countrywide to make subprime loans that it knew were going to be defective?
 

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Lord Tammerlain

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that's the sole source of the problems?
no of course not, nor was the CRA anywhere near the main problem that caused the housing bubble and now economic crisis
 

pbrauer

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Yes something the Carter admin passed in the 70s somehow caused the housing bubble 30 some odd years later

The CRA had no power over the majority of subprime originators

Countrywide, GMAC etc the other large subprime lenders were not subject to the CRA and made subprime loans out of their own initiative, not because the government forced them.
That exactly right, this yarn they tell about the CRA, Barney Frank and Chris Dodd is a smokescreen to keep the heat off of Wall Street and the mega lending institutions.
 

Helvidius

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Thomas Sowell is full of ****, Barney Frank had nothing to do with the mortgage meltdown. It was Wall Street the big banks and regulation failure.




The details can be found at:

Robert Weissman: Wall Street's Best Investment II: 12 Deregulatory Steps to Financial Meltdown
I agree that the Gramm-Leach-Bliley Act was the number one cause of the current economic crisis, but Frank definitely does not come out of this whole thing with his hands clean. For years Frank said Fannie Mae and Freddie Mac were fine and encouraged greater risk when dealing with loans. It isn't much of a shock. Frank is corrupt and has been in bed with these institutions for a while. I hope he sees retribution at the polls.
 

pbrauer

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I agree that the Gramm-Leach-Bliley Act was the number one cause of the current economic crisis, but Frank definitely does not come out of this whole thing with his hands clean. For years Frank said Fannie Mae and Freddie Mac were fine and encouraged greater risk when dealing with loans. It isn't much of a shock. Frank is corrupt and has been in bed with these institutions for a while. I hope he sees retribution at the polls.
I think you need some evidence to show that Barney Frank is corrupt, he is a legislator not a regulator. From my link above.

10. Fannie and Freddie enter subprime

At the peak of the housing boom, Fannie Mae and Freddie Mac were dominant purchasers in the subprime secondary market. The Government-Sponsored Enterprises were followers, not leaders, but they did end up taking on substantial subprime assets -- at least $57 billion. The purchase of subprime assets was a break from prior practice, justified by theories of expanded access to homeownership for low-income families and rationalized by mathematical models allegedly able to identify and assess risk to newer levels of precision. In fact, the motivation was the for-profit nature of the institutions and their particular executive incentive schemes. Massive lobbying -- including especially but not only of Democratic friends of the institutions -- enabled them to divert from their traditional exclusive focus on prime loans.

Fannie and Freddie are not responsible for the financial crisis. They are responsible for their own demise, and the resultant massive taxpayer liability.
 

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Anyone who defends barney fruit is really out there. And Sowell's position is held by many

your list misses many important things such as Carter forcing banks to give mortgages to underqualified minorities

something from the Huffer post written by the head of a far left organization is hardly credible.
The way to fix a problem is to admit you have a problem. Barney Frank and other Democrats refuse to admit there was a problem. Yet many knowing that he was lying and not addressing the issue still voted for him. His supporters will blame somebody else as the culprit of the mortgage lending crash. Frank didn’t miss-speak, he simple lie.

Barney Frank Caught Lying About Fannie Mae
YouTube - Barney Frank Caught Lying About Fannie Mae
 

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Is Barney Frank?: Part II
Is Barney Frank?: Part II - Thomas Sowell - Townhall Conservative

Thomas Sowell

Among long-time politicians who are being seriously challenged for the first time this election year, Congressman Barney Frank of Massachusetts best epitomizes the cynical ruthlessness which hides behind their lofty rhetoric.

Having been a key figure in promoting the risky mortgage lending practices imposed by the federal government on lenders, and on Fannie Mae and Freddie Mac to buy these risky mortgages from the lenders, Barney Frank blamed the resulting collapse of financial markets and the economy on everybody except Barney Frank.

In February 2009, as chairman of the House Financial Services Committee, Congressman Frank summoned the heads of some of the biggest banks in the country before his committee. In the words of the Los Angeles Times, these bankers "endured hours of hectoring" by "indignant lawmakers" on that committee.
Since 1991 Frank was pushing Fannie Mae to break its rules, lower its standards, and buy risky loans. The Boston Globe reported in November 1992, that he “helped to convince Fannie Mae to make ‘substantial concessions’ on its rules regarding multiple-family-home mortgages, despite data from Fannie itself showing that the default rate on mortgages on two-family homes is twice that of single-family homes, and the rate for three-deckers is five times the rate for single-family dwellings.”

During the Clinton presidency Fannie and Freddie grown by leaps and bounds underwriting more than a trillion dollars in mortgages. Fannie reported double-digit growth, every year during that period.

Clinton told ABC News’s Chris Cuomo, assessing the responsibility his administration had for the financial crisis, that “I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president to put some standards and tighten up on Fannie Mae and Freddie Mac.”

During the early years of the Bush administration, from 2001 to 2003, Fannie Mae dropped its lending requirements and began buying zero-down-payment and interest-only mortgages.

On September 10, 2003, the House Committee on Financial Services met to hear the Treasury Department’s plea for a new, tougher regulator to oversee Fannie Mae and Freddie Mac. In Frank’s opening statement to the committee, he said:

"I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government-sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.”

Democrats were WARNED of Financial crisis and did NOTHING


YouTube - Democrats were WARNED of Financial crisis and did NOTHING
 

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I think you need some evidence to show that Barney Frank is corrupt, he is a legislator not a regulator. From my link above.
Barney Frank - Corruption Database

Barney Frank’s pattern of disgrace and corruption

JW Sues Treasury for Records on TARP Funds Distributed to Boston Bank after Intervention by Rep. Barney Frank | Judicial Watch

YouTube - Barney Frank in 2005: What Housing Bubble?

The last link I suppose could be seen as Frank simply making a huge mistake, but I believe he is a very intelligent man and has benefited greatly from this financial mess at the expense of the taxpayer.
 

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That exactly right, this yarn they tell about the CRA, Barney Frank and Chris Dodd is a smokescreen to keep the heat off of Wall Street and the mega lending institutions.
House Financial Services Committee hearing, Sept. 10, 2003. Rep. Barney Frank (D., Mass.):

"I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. . . . I do not think at this point there is a problem with a threat to the Treasury. . . . I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals."

"These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis. . . . The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. .
What They Said About Fan and Fred - WSJ.com

"The Fannie Mae Dice Roll Continues". The Wall Street Journal. 11 November 2009

"I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing." —Representative Barney Frank, September 25, 2003
Fannie and Freddie Waste Taxpayer Money - WSJ.com

In 2004 he said “I believe that we, as the federal government, have probably done too little rather than too much to push them to meet the goals of affordable housing.”
“Homes that are occupied may see ebb and flow of price at a certain percentage level, but you're not going to see the collapse that you see when people talk about a bubble. So those of us on our committee will continue to push for home ownership.” - Barney Frank June 27, 2005

News Headlines
Video: News Headlines
 

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House Financial Services Committee hearing, Sept. 10, 2003. Rep. Barney Frank (D., Mass.):

"I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. . . . I do not think at this point there is a problem with a threat to the Treasury. . . . I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals."

"These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis. . . . The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. .
What They Said About Fan and Fred - WSJ.com

"The Fannie Mae Dice Roll Continues". The Wall Street Journal. 11 November 2009

"I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing." —Representative Barney Frank, September 25, 2003
Fannie and Freddie Waste Taxpayer Money - WSJ.com

In 2004 he said “I believe that we, as the federal government, have probably done too little rather than too much to push them to meet the goals of affordable housing.”
“Homes that are occupied may see ebb and flow of price at a certain percentage level, but you're not going to see the collapse that you see when people talk about a bubble. So those of us on our committee will continue to push for home ownership.” - Barney Frank June 27, 2005

News Headlines
Video: News Headlines
In the meeting Sept 10, 2003 John Snow and Mel Martinez were talking about moving regulatory function from Congress to the Executive Branch to be specific - the Treasury. Why was that? Read through the speech President gave about minority home ownership and you can guess why he wanted to move the regulatory function Fannie an Freddie to the executive branch. Enjoy :mrgreen:

790 KABC: 2002 President Bush Speech Offering Road to Home Ownership

THE PRESIDENT: Thank you, all. Thanks, for coming. Well, thanks for the warm welcome. Thank you for being here today. I appreciate your attendance to this very important conference. You see, we want everybody in America to own their own home. That's what we want. This is -- an ownership society is a compassionate society.

More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a homeownership gap.

I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.)
By the way, how was Barney Frank to know there was any problems with Fannie & Freddie back in 2003?
 
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