Don’t Be Downwind From Barney Frank
By Larry Doyle on April 26, 2009 at 1:40 PM in Barney Frank, Current Affairs, Fannie Mae, Freddie Mac
Barney Frank may try to rewrite his Congressional record on housing finance, but he will forever be linked to supporting the activities of Freddie Mac and Fannie Mae which drove irresponsible sub-prime lending. A review of a WSJ article, What They Said About Fan and Fred, is truly damning. I strongly recommend your reading it. Who can ever forget Barney Frank’s 2003 Congressional testimony addressing Freddie and Fannie specifically and housing finance:
House Financial Services Committee hearing, Sept. 10, 2003:
Rep. Barney Frank (D., Mass.): 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. . . .
Tension? Threat of safety and soundness? Financial losses? Fundamentally sound? Disaster scenarios? With a “watchdog” like Barney is there really any surprise how and why Freddie and Fannie were plundered by their own executives and the sub-prime lending industry? It is not a stretch in stating that Barney had the welcome mat out and held the door open. Note: There are two great video clips after the fold.
I am not stating that Barney was directly complicit in the fraudulent sub-prime lending, but he certainly defines naivete and incompetence on this front. His Democratic sidekicks - Dodd, Schumer, and Waters - were complicit and also drinking from the same punch bowl.
What about Barney’s comment regarding oversight of Freddie and Fannie:
House Financial Services Committee hearing, Sept. 25, 2003:
Rep. Frank: 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. . . .
Again in 2005, Barney continued to stand his ground on the housing front despite rampant signs at that point of irresponsible lending and incipient fraud:
Well now that Barney and our entire country have “crapped out” on his roll of the dice, Barney decides homeownership may not be the best thing for all concerned. In a height of pandering well beyond the Washington norm, Barney offers the following in this excerpt from an interview on the Tavis Smiley show on PBS on April 20, 2009:
Is there any doubt that the burgeoning wind power industry in our country should engage Barney as their spokesperson? In so doing, Barney’s hot air may actually become a source of revenue for our great country rather than such an enormous expense.
Barney’s hot air should come with a warning, though, “Don’t Be Downwind!!”
LD
(Release: November 13)
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is it just me but doesn’t frank look like he is heading for a mental break? or at least time off for bad behavior?
Yes, we do not need windmills when we have Barney Frank. You’re kinder than I am, Larry. I think there are many in Congress who were and still are complicit in the pillaging of the country’s finances. It reaches across the aisle, both parties, all quarters.
If we truly want a witch hunt of substance, one that affects our present situation and our security in the future, this is where it should be directed.
The fraud, the lies, the absolute theft is stunning. And chilling!
Not to mentioned his relationship with a Fannie exec when he was voting on these matters relating to Fannie.
And according to National Mortgage News, Moses - Frank’s boyfriend at the time - “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
He’s one reason why I’m an Independent.
There are lots of fools on both sides of the isle — and they all need to go down (lose elections & perhaps go to jail if there was deliberate criminal intent etc.)
Is there any doubt that the burgeoning wind power industry in our country should engage Barney as their spokesperson?
*********
I have a cousin who has “upper” level job for a major producer of wind turbines. They haven’t sold one since Jan….She is now laying off employees. Barney is not doing a good sales job.
Is Barney off-gassing again? That must be a foul odor.
not again that’s YET…
always been a blowhard always will be..
Here is his campaign commercial after his run-in with O’Reilly.
http://www.unitedliberty.org/videos/something-new-barney-frank-spreading-lies-in-campaign-commericals
(This is his second campaign commercial; the first one, which I am unable to find, said essentially the same thing. That is, the Republicans messed things up for the last 8 years and now that I am Chair of the House Financial Services Committee, re-elect me so that I can continue to clean things up. He beat his opponent by 43 percentage points.)
Here is a 2003 NYT (I know) article on R proposals to regulate Fannie and Freddie.
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=print
This is another reason I’m no longer a Democrat after 30 years of being a member of the Party. These people were supposed to be in charge of overseeing these financial institutions and WTF? Whenever something disastrous happens on their watch, NO ONE is held accountable, no one takes responsibility. All they do is point fingers at others. Yeah, I know - it’s the same with the other Party, but I always thought the Democrats were different. They’re not - they’re exactly the same - no morals, no values, no ethics - it’s all about money, power, prestige and me, me, me and how much they can squirrel away in their pockets for their future when they’re out of power. They stand up at a lecturn and lie their asses off, while looking you square in the face and expect you to be so dumbed down by the complicit media goons that you cheer them on.
I don’t know what it’s going to take to vote these vile THIEFS out of power, but I’ll NEVER vote for any of them again!
its time to vote all these old, corrupt,entrenched politicians (of both parties) out in the next election (pelosi, dodd, frank, etc) and bring in some fresh new faces with no partisan grievances. at the next tea party lets bring signs that say this. im sure it will scare the crap out of them.
word, steel.
I didn’t know Barney was part of oZero’s energy plan! Bonus!
Oh my God Frank is an embarrasment to the country how he is still in his seat is way beyond..
I hope there is someone else running who can pip him at the post next time around……
With all the intelligent people in this country why oh why is the 4th Congressional District of Massachusetts stuck with this clown?
…and he looks and acts like Mr. Magoo.
Indeed. Only, I can’t call Barney naive. He’s leader of the committee that is responsible for making policies and laws and oversight and he’s been doing it far too long. I find him complicit in a cover up to allow this to happen.
Not to mention the conflict of interest. He was voting on these matters regarding Fannie when his boyfriend is an exec at that company.
According to National Mortgage News, Moses (Frank’s then boyfriend) “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”
A couple of threads down people are talking swine flu, and swines running our government. Is it only me or does anybody else feel Barney Frank really starts to look like one?
he is one of the head pigs..
Oh, yes, indeed. Don’t get downwind of Barney. He’s not only a pompous poobah, but he’s downright stinky in his hypocrisy, and his arrogance. I despise a hypocrite. Chair of Banking? You must be kidding me. Who, on the Dems’ team thought of that one!? It’s a joke–a bad joke.
Not only that, but I am sorry to have to be the one to say this, but Tavis Smiley is one of the WORST journalists I’ve ever seen! He’s HORRIBLE; I cannot watch the man interview anyone; he makes me CRINGE at his lack of journalistic skill. He’s awful.
I felt sorry for the guy when the Bots attacked him and his family, but having tried to watch him several times on PBS, he’s probably the WORST interviewer I’ve ever seen.
I am listening to people calling in to Rush that went to the web site Obama set up to help people avoid foreclousure and work with the banks. These people went to the web site thinking that they would be dealing with government people to help them. Instead Obama is giving their information to lawyers who are inundating these people with offers to help them for a fee. So these people are taking their payment money and giving it to these scam people and then not receiving any help. This is Obma’s idea of helping people? Or is it that the people calling Rush are working, and white? Not the right ethnicity to qualify for help.
What a rip off! They could have received this kind of help by calling any lawyer’s number from the side of a bus!
“Or is it that the people calling Rush are working, and white? Not the right ethnicity to qualify for help?”
OOOOopppps…sounds like someone is playing the race card!