View Full Version : Wrecks, Lies and Barney Frank
http://www.americanthinker.com/2008/10/wrecks_lies_and_barney_frank.html
SonOfLe-loLang
10-01-2008, 01:40 PM
Americanthinker seems like a real liberal site, eh:)?
watermock
10-01-2008, 01:42 PM
Let's be perfectly Frank
In truth, the Bill that would have likely averted the Fannie/Freddy failure -- the Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190) -- was Republican legislation introduced by Sen. Charles Hagel [R-NE] in January of 2005. And it was the Democrats who opposed it in committee, fearing that its restrictions and portfolio caps might impair mortgage market liquidity, and subsequently, affordable housing. Despite the "nay" votes of all 9 Democrats on the Senate Committee on Banking, Housing, and Urban Affairs, the bill moved to the Senate floor, where it died in limbo lacking a filibuster-proof majority. The Bill was reintroduced in the 110th Congress as S. 1100, but was kept on ice by committee chairman Chris Dodd, who, coincidently, received $133,900 in grease from Fannie and Freddie over the past decade.
What's more, the "regulation" Frank now takes credit for was not his (H.R.1427 passed the House last year but never escaped Senate committee) but rather Nancy Pelosi's (H.R. 3221 - The Housing and Economic Recovery Act of 2008). And Pelosi's version, not surprisingly and unlike its Republican predecessors, was signed marked up with over 66 pages of Liberal wealth redistribution wish-fulfillment under the guise of assuring "affordable housing." While it did establish (and way too late, Barney) the Federal Housing Finance Agency, with regulatory authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance, it's bogged down with tons of pork-fat. This oinker even increased the national debt limit from $9.82 trillion to $10.62 trillion, and commissioned a boatload of programs for low income families to spend it on.
Frank did, however, introduce legislation of his own in October of last year. Would you believe that H.R. 3838 was actually an attempt to temporarily increase the caps on Fannie/Freddie portfolios and to mandate the "use of 85% of such increase for refinancing subprime mortgages at risk of foreclosure?"
http://www.americanthinker.com/2008/10/wrecks_lies_and_barney_frank.html
epicSocialism4tw
10-01-2008, 02:00 PM
Everyone and their dog should know that this cat is wearing the dunce cap here.
TheDave
10-01-2008, 02:24 PM
Americanthinker.com... Might as well of quoted Rush Limbaugh.
ScottXray
10-01-2008, 02:34 PM
I note this info from wikipedia.
http://en.wikipedia.org/wiki/Barney_Frank
Political Experience:
Chairman, Financial Services Committee, 2007-present
Representative, United States House of Representatives, 1981-present
Representative, Massachusetts House of Representatives, 1972-1980.
So he was not Chairman at the time of the 2005 vote, and in fact the Republicans, although holding majorities in BOTH houses did not pass it.
also this:
Chair of the House Financial Services Committee
As Chairman of the House Financial Services Committee, Frank "sits at the center of power".[27] Thomas Mann, a senior fellow at the Brookings Institution, was quoted as saying, "He is one of the giants of Congress, a real legislator," in his new role.[27]
In 2003, Frank opposed Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. [28] Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that were the two largest players in the mortgage lending industry. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said. He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[29]
As chairman, Frank steered the major housing relief bill of 2008 to passage, which aims to protect thousands of homeowners from foreclosure.[27] This law, H.R. 3221, The American Housing Rescue & Foreclosure Prevention Act, was the most important and complex issues on which he worked.[27][30] Frank was also instrumental is the passage of H.R. 5244, the Credit Cardholders’ Bill of Rights Act of 2008.[31]"
He HAS been on the wrong side of the fence in this , at least in 2005. Still the Republicans failed to pass it. Blame goes to both sides since they never even brought it to a vote.
L.A. BRONCOS FAN
10-01-2008, 05:44 PM
Americanthinker.com... Might as well of quoted Rush Limbaugh.
W*GS is showing his true colors again.
"Poisoning the well"...
"Attacking the messenger and pretend you've discredited the message"...
No refutations...
Now where have I heard those kinds of comments before?
Some folks are stinking hypocrites 'round these parts.
ScottXray
10-01-2008, 08:20 PM
"Poisoning the well"...
"Attacking the messenger and pretend you've discredited the message"...
No refutations...
Now where have I heard those kinds of comments before?
Some folks are stinking hypocrites 'round these parts.
Pot ....meet kettle.
Another American Thinker reference.
And how does creating a new federal Agency fall in line with your Libertarian principles?
(Small "l" on the libertarian, please).
I don't support any kind of bailout or increase in the bureaucracy. It's the kind of thinking that got us into this mess in the first place.
Among other things, I'd set the FDIC amounts the other way - to 0.
Bronco Bob
10-01-2008, 09:14 PM
Among other things, I'd set the FDIC amounts the other way - to 0.
So, you keep your money stuffed in a mattress?
Up where do you keep yours?
Bronco Bob
10-01-2008, 09:22 PM
Banks and credit unions. Which is why I'm glad the Senate increased
FDIC from $100,000 to $250,000. Just for the hell of it, do you
even know what the FDIC is? Or is it just some letters strung
together and therefore "sum evil gubment thang."
It's not often one comes across someone who's happy to be a leech on the taxpayer.
L.A. BRONCOS FAN
10-01-2008, 09:33 PM
Wait a minute...
I thought that according to W*GS and his crew (LoneBolt, et al) "it all starts with credibility?"
:D
You have no credibility, LABF, so you know not of what you speak.
L.A. BRONCOS FAN
10-01-2008, 09:44 PM
Hilarious!
W*GS the "magic hand of the free market" ideologue lecturing others about "credibility?"
That's priceless.
We already know, and know well, that you're a liar, LABF.
You can't lecture anyone on anything - well, except chutzpah.
Bronco Bob
10-01-2008, 11:26 PM
It's not often one comes across someone who's happy to be a leech on the taxpayer.
Still waiting for your explanation of what the FDIC is.
Judging by your comment it seems you don't have a clue.
*And you never did answer where you keep your money.
**Assuming you even have any at the end of the day.
SJ Bronco
10-02-2008, 12:49 AM
"leech on the taxpayers?"
why bother to pay taxes if we don't use them to subsidize the federal economy. Why not just screw democracy and buy a gun, hunker down, and defend the homestead from Bandits? YEEEEEE HAW!! I mean for goodness sakes!
Still waiting for your explanation of what the FDIC is.
Federal Deposit Insurance Corporation. "Guarantees" some kinds of deposits in some kinds of banks up to an arbitrary amount, i.e., will take money from taxpayers to give to depositors when said depositors are at risk of losing their deposits because they're too effing stupid to examine their banks' financial worthiness.
And you never did answer where you keep your money.
Safe places.
Pseudofool
10-02-2008, 10:05 AM
Absurd. We don't know why the Dems killed the bill--it's speculation. Democratic platform has always been for oversight of the economy, making an argument contrary to this because some bill died in committee for unexplained reasons is just plain stupid.
W*GS it's people with your ideology that have froze line credits, not the meddling gov't. Here's one to unmitigated greed. And another to the magic of the invisible hand.
This current mess has much much more to do with governmental manipulation of markets (interest rates, Fannie Mae/Freddie Mac, &c &c) than it does with "greed".
An unmanipulated market would not have allowed debt levels to go anywhere near as sky-high as they have.