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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?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.
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.
I dunno....
Does Terry Drinkwater?
Is this Ronald's Raygun?
Is Brad a Pitt?
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
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.
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
How did the CRA cause Countrywide to make subprime loans that it knew were going to be defective?
that's the sole source of the problems?
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.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.
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.
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.
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.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.
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.”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.
I think you need some evidence to show that Barney Frank is corrupt, he is a legislator not a regulator. From my link above.
House Financial Services Committee hearing, Sept. 10, 2003. Rep. Barney Frank (D., Mass.):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.
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: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
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.)
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