Let Them Kill Frank
Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he’ll seek prosecutions for those behind the housing and financial crunch and for what he called “a strongly empowered systemic risk regulator.”
Frank: Fannie Mae and Freddie Mac’s point man in Washington.
For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn’t partisan hyperbole or historical exaggeration.
But first, a little trip down memory lane.
It was Fannie Mae and Freddie Mac, the two so-called Government Sponsored Enterprises (GSEs), that lay behind the crisis. After regulatory changes made to the Community Reinvestment
In November 2000, President Clinton’s Housing and Urban Development Department would trumpet “new regulations to provide $2.4 trillion in mortgages for affordable housing for 28.1 million families.” The vehicles for this were Fannie and Freddie. It was the largest expansion in housing aid ever.
Still, from the early 1990s on, many people both inside and outside Washington were alarmed by what they saw at Fannie and Freddie.
Not Barney Frank: Starting in the early 1990s, he (and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control.
He opposed reform as early as 1992. And, in response to another attempt bring Fannie-Freddie to heel in 2000, Frank responded it wasn’t needed because there was “no federal liability there whatsoever.”
In 2002, Frank nixed reforms again. See a pattern here?
Even after federal regulators discovered in 2003 that Fannie and Freddie executives had overstated earnings by as much as $10.6 billion in order to boost bonuses, Frank didn’t miss a beat.
President Bush pushed for what the New York Times then called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”
If it had passed, the housing crisis likely would have never boiled over, at least not the extent it did, taking the economy with it. Instead, led by Frank, Democrats stood as a bloc against any changes.
“Fannie Mae and Freddie Mac are not facing any kind of financial crisis,” Frank, then the ranking Democrat on the Financial Services Committee, said. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
It’s hard to say why Frank did all this. It could be his close ties to the Neighborhood Assistance Corp., a powerful housing activist group based in Boston, which controls billions in loans. Or that he received some $40,100 in campaign donations from Fannie and Freddie from 1989 to 2008. Or that he has been romantically linked to a one-time executive at Fannie during the 1990s.
Whatever the case, his conflicts are obvious and outrageous, and his refusal to countenance reforms of Fannie and Freddie contributed mightily to today’s meltdown. If you’re looking for a culprit in the meltdown to prosecute, no one fits the bill better than Frank.
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About effin’ time!!!
I know he’s lying cause his lips are moving, but why are they always so chapped? Oh..wait a minute…
He will avoid this issue at all costs. Liberalism has two tenants.
1. Avoid facts.
2. Tax.
That picture looks like Bawney Fwank is showing off how big the last cock he stuck in his mouth was.
he was involved with this collapse! fanny and freddie were pushed into giving loans to people without jobs. Frank was as involved in this as anyone could be and now hes going to prosecute. the fox watching the hen house.
ABOUT FUCKING TIME that the Frank story gets a wider audience!!
:eek:Bone Smoker:eek:
and so was the MSM….all those idiots need to be prosecuted along with Frank himself!
That fucker is tied for first place on my “Tar and Feather” list along with Schumer.
My belief is that if the people of our great country woke up, paid attention and put aside the D or R after these idiots names, Mr. Frank would already be in prison (although hanging would also fit the crime).
Dead on.
He is a queen what do you expect
It gets better than just buy up old loans.
http://www.youtube.com/watch?v=ivmL-lXNy64
What a low life piece of shit that buffoon is.
Best thing I’ve read today.
Looks like Bahney might bite the…dust.
BYE BYE BARNEY BONE SMOKER, AND HOW DID THIS FAG GET SO FAR IN LIFE, WITH A SPEECH IMPEDIMENT.
LOL Political.fish
Hate to say it but I don’t think anything will happen to the pole smoker. He has already been caught running a prostitution ring out of his Apartment.
Bwarney Blew and the Economy Flew!
Hey tlk!!
When the dims took the house over the last 2 years of the Bush admin. there intention was to bust the bubble they created in order to blame it on Bush.
They also say it was Bush who ushered in socialism
Nothing is going to happen to bawney but maybe a promotion
look at rangel and the rest of the dimocRATS.
The GOP needs to get better at running ads, they need to run a shit load of ads in all the fuckers districts so to not get them reelected.
The GOP seem to have no fight in them, Rush cant carry the water forever