1) For those of you who persist in saying that the housing/financial crisis was strictly a Republican foul-up............. http://www.youtube.com/watch?v=y4A0RuXhnQA.............2) For those of you who continue to take as gospel everything that Barney Frank mutters............. ttp://www.youtube.com/watch?v=Jdi6QUDnCN4.............3) Just for the record, people starve to death from Communist governments, too. Just take a look at what happened during Chairman Mao's brutal tenure in China. MILLIONS AND MILLIONS of people starved to death as the result of his idiotic policies. And even today in North Korea, for Christ. Maybe we can all just call a spade a spade on this one and mosey on.............4) After he lies on CNN, Mr. Frank goes on over CNBC and lies AGAIN.............http://www.youtube.com/watch?v=GRVIeCYAJFk&NR=1.............5) Congresspersons Waters and Meeks - proof-positive that person can be both black AND stupid; "Under the outstanding leadership of Mr. Franklin Raines."
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Your videos are cherry picked snippets with no dates attached. Barney Frank says he changed his mind regarding F&F when things started going downhill during the bush administration.
The snippets in your videos when he says everything is OK is before he changed his mind.
Watch my videos if you're interested in the truth....
What really happened.
Here's another one.
FYI, I never said the crisis was "strictly a Republican foul-up". I've pointed out MULTIPLE times that I lay a lot of the blame at the feet of Bill Clinton... a Conservative Democrat who, while he did RUN as a liberal, governed as a Conservative.
The videos are dated. The first one in which Waters and Meeks talked like idiots was from 2004. The one in which Frank says that he was FOR home ownership was 2005. Face it, dude, Barney Frank lied on national television TWICE.
These self-serving statements by Mr. Frank which you've provided are after the crisis erupted. Show me something in which he actually showed cognizance and foresight before the damn thing happened (I'll save you some time here - it doesn't exist).............Barney Frank went on Larry King and CNBC and told one of the bald-faced lies in modern American political history. He said that he had only pushed for rental properties with Fannie and Freddie. He didn't. He also pushed for home ownership and willingness to "roll the dice" on Fannie and Freddie. The fact that anybody still listens to this absolute miscreant is nothing short of mind boggling.......And it wasn't JUST Clinton. 38 Democratic Senators also voted for that Gramm bill, many of which actually argued to make it even more reckless.
The Village Voice piece on how the Democrats created the housing bubble and the economic meltdown is quite educational. I've linked to it before.
No, the Village Voice is NOT Fox News.
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WD said: "Barney Frank says he changed his mind regarding F&F when things started going downhill during the bush administration."
No. Frank still hasn't learned. There have been calls to eliminate F&F, which are unnecessary and destructive. Frank has said no. He wants the status quo.
Will said: "Face it, dude, Barney Frank lied on national television TWICE."
I used to see him on Larry King a lot. He has a major credibility problem, and he told many lies per interview.
dmarks and Will, if you are interested in THE TRUTH, I suggest reading this article...
"The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession".
The article correctly points out that "Fannie and Freddie did not cause the housing bubble or the Great Recession... Fannie and Freddie did not have that kind of power. Most of their loans were not subprime".
The article also points out that "The Republican Congress of 2003 passed any bill it wanted with simple majority votes. If Fannie or Freddie were out of control they could have reigned them in".
They did not. Despite the fact that Barney Frank warned of the problems that might arise as a result of F&F getting involved in the subprime nonsense.
Conclusion? "Fannie and Freddie may have cheated a bit with their discount loans, but enough to sink the entire economy and at Rep. Frank's direction? You have to be high on wing-nut loon juice to believe that".
Will and dmarks could not be more wrong regarding the role of F&F and Barney Frank in creating the housing bubble (they didn't).
Paul Krugman says, "Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago, an explosion that dwarfed the S&L fiasco. In fact, Fannie and Freddie, after growing rapidly in the 1990s, largely faded from the scene during the height of the housing bubble".
These are the facts... which I'm sure you'll continue to deny, but they're still the facts.
As for Mr. Frank... I've always had (and will continue to have) a lot of respect for him. Mr. Frank is a truth teller, not a liar. I'm going to continue to listen to him.
Still waiting for evidence of that in-time testimony from Barney Frank warning ANYBODY of the problems of Fannie Mae and Freddie Mac. Still can't find any, huh, wd?......And, wd, yes, the Republicans had a majority in 2003, but there were more than enough spineless Republicans in those chambers who were unwilling to stand up to Fannie and Freddie, for fear of being called a racist (a la Meeks and Waters). Add to that the fact that Mr. Bush simply didn't try hard enough to push his regulatory reform. As I've stated on many occasions, there is more than enough blame to go around.......And, no, Fannie and Freddie weren't the only problem. But a 154 billion dollar taxpayer bailout (which could grow to 3-400 billion if the market continues to tank) isn't exactly chopped liver, dude.
Yes, wd, he, Frank, does seem to have a veracity problem at times. And doesn't he know that whenever he speaks on the floor of the House, there's a tape/permanent record of it? Duh!
Will: Still waiting for evidence of that in-time testimony from Barney Frank warning ANYBODY of the problems of Fannie Mae and Freddie Mac.
I can't provide the "evidence" to you in the format you demand... so that means it didn't happen?
Where's the video of you about to clean up a spilled soda with a towel and being told you couldn't? I don't think it happened.
Will: "Under the outstanding leadership of Mr. Franklin Raines".
Wikipedia\Franklin Raines\Role in the subprime mortgage crisis...
"Multiple analyses have debunked the theory that the GSEs either caused or greatly contributed to the financial crisis of 2008. The Financial Crisis Inquiry Commission (FCIC) completed its thorough analysis of the financial crisis and found that the GSE's only minimally contributed to the collapse of the financial markets".
The article goes on to say, "Franklin Raines, while Chairman and CEO [of Fannie Mae], began a pilot program in 1999 to issue bank loans to individuals with low to moderate income, and to ease credit requirements on loans that Fannie Mae purchased from banks".
"[However] ...these loans DID NOT result in major losses and performed significantly better than private label subprime loans".
It appears as though everything Will (and dmarks) believe to be true about the housing bubble and economic downturn is false. I do not expect Will (or dmarks) to admit that, however.
You're calling me a liar, ass-hole? And, just for the record, we don't allow cameras and video equipment into convalescent homes. There's a little something called confidentiality. Compare this to the floor of the U.S. Congress where literally EVERYTHING gets taped and/or put on the record. The reason that you can't find anything is because Barney Frank never warned ANYBODY about Fannie and Freddie.............And maybe in your tax the rich to solve everything world, a 154 billion dollar bailout (which is projected to grow significantly, btw) is peanuts. But to the rest of it's damned REAL money................Add to that the fact that I have NEVER said that the financial crisis was strictly a Democratically caused fiasco. I've only said that it was a bipartisan screw-up. Get your ever-loving frigging facts straight.
Will: You're calling me a liar, ass-hole?
No, I'm just saying there is no way for me to know for certain unless you got some proof other than your word. I'm taking Barney Frank's word that he did warn of potential problems with F&F, and you say that's not good enough. You say he's lying. Why should I believe you based solely on your word?
Not everything that happens in Congress gets taped. How many millions of hours of footage would that be? When they're speaking on the House or Senate floor... I think a lot of that gets taped. But what about when they're working behind closed doors in committee or in their offices? I think very little to none of that is taped.
Will: I have NEVER said that the financial crisis was strictly a Democratically caused fiasco. I've only said that it was a bipartisan screw-up. Get your ever-loving frigging facts straight.
What Republicans are responsible? You keep telling us (over and over and over and over and over...) that Barney Frank and some black Democrats are responsible... and bush and McCain tried to warn everybody. I'm not clear what Republicans you are blaming or the amount of blame you think they deserve.
Are Republicans to blame just because they didn't try hard enough to stop the Democrats?
Will: maybe in your tax the rich to solve everything world, a 154 billion dollar bailout (which is projected to grow significantly, btw) is peanuts. But to the rest of it's damned REAL money.
F&F lost money because of the housing bubble. Homes lost a significant amount of their value. Do you not know this?
There were also some accounting improprieties. And it appears as though nobody is going to be prosecuted. Why aren't we looking into that... instead of scapegoating poor people?
F and F lost money because they gave out risky loans to people who couldn't afford to pay them. Yes, the fact that the market went further south and they were stuck with these toxic loans is currently making the price tag rise even more. But the initial problem with them was risky lending.
Bush's ownership society prompted institutions to make additional risky loans. Alan Greenspan got a reputation on Wall Street as "Mr. Bailout". I mean, the man basically took the risk out of risky behavior because a lot of these institutions figured that Mr. Bailout would bail them out. And I believe that SEC chairman, Christopher Cox, was a Republican, too.
wd, Mr. Frank went on Larry King and CNBC in 2009 and said that he NEVER pushed for home ownership for lower income families at Fannie and Freddie. There is taped evidence of him saying just the opposite on the House floor in 2005. Mr. Frank was either lying on those shows in 2009 or the man has dementia.......And there IS a record for those hearings. If Mr. Frank had ever had any sort of official change in his position, there would have had to have been some sort of record of it. There isn't.
WD said: "Barney Frank says he changed his mind regarding F&F when things started going downhill during the bush administration."
Actually, things started going downhill when F&F started its program to force banks to make bad loans. This was prior to Bush.
And no he has not changed his mind. A recent NPR story detailed how Frank still thinks that F&F and the destructive programs are a good idea.
When it is clearly time to dismantle all of it.
Banks were not forced to make bad loans. That simply did not happen. Some right-wing columnists may be lying about that (I believe you or someone else here linked to an article that said this), but it's simply not the case. The banks made the loans enthusiastically. They were not forced.
Also, I didn't say that Barney Frank changed his mind about F&F. If he thinks they are still a good idea I say, "bravo!"
What he changed is mind about was that there was a problem. Which there was, due to the deregulation legislation signed by the conservative 3rd way Democrat Clinton (not this imaginary "forcing" nonsense you keep bringing up).
The reason that the banks made the risky loans is that they knew that the tax-payer would ultimately pick up the tab (Alan Greenspan's reputation preceded him here) - the same reason that those idiots at Fannie and Freddie gobbled up a lot of these toxic loans.
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