Skip to comments.Barney Frank gets clarity. Finally
Posted on 02/01/2010 2:13:36 AM PST by wmposh
WASHINGTON - Barney Frank has been one of the staunchest defenders of Fannie Mae and Freddie Mac and their mission to increase access to affordable housing. Now hes helping to lead the charge to dismantle the troubled mortgage giants.
The US representative from Newton recently made it clear that Fannie and Freddie have little support left in Washington when he said they should be abolished. As chairman of the House Financial Services Committee he could be a leading architect in their possible demise, working with his committee colleagues and the Obama administration to rebuild the mortgage finance industry.
(Excerpt) Read more at boston.com ...
Freddie Mac sounds like one of Franks male escorts. That being said since Bwarney Fwank is to blame for their problems to begin with.. abolishing them may be a tactic to cover his a$$ (no pun intended).
bawney fwank wants to really keep these entities—he’s just going to change their names so that citizens don’t get it.
Heard last week on The John Batchelor Radio Show that if Freddie & Fannie fail, there would be a world wide ripple as the Chinese & many other foreign governments own a lot of it.
You have to wonder what will succeed Fannie and Freddy. If Barney and Teh ONe are involved we’re probably going from the frying pan into the fire.
Of COURSE Bwaney FWANK wants to dismantle Fanny/Freddie.. He Needs to get RID of the EVIDENCE of his and DODDS, Explicit INVOLVEMENT in this SCAM.
The latest payoff check to Barney must have bounced.
The Patron Saint of Fannie and Freddy has a long history of promoting and protecting these two mortgage-hungry monsters.
All his dodging, ducking and back-filling cannot cover his big share of guilt in the financial collapse of the American housing markets.
Check out the September 9, 2008 issue of The Wall Street Journal
Taxpayers are now on the hook for as much as $200 billion to rescue Fannie Mae and Freddie Mac, and if you want to know why, look no further than the rapid response to this bailout from House baron Barney Frank. Asked about Treasury's modest bailout condition that the companies reduce the size of their high-risk mortgage-backed securities (MBS) portfolios starting in 2010, Mr. Frank was quoted on Monday as saying, "Good luck on that," and that it would never happen.
At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn. Let's roll the audiotape:
In 2000, then-Rep. Richard Baker proposed a bill to reform Fannie and Freddie's oversight. Mr. Frank dismissed the idea, saying concerns about the two were "overblown" and that there was "no federal liability there whatsoever."
Two years later, Mr. Frank was at it again. "I do not regard Fannie Mae and Freddie Mac as problems," he said in response to another reform push. And then: "I regard them as great assets." Great or not, we'll give Mr. Frank this: Their assets are now Uncle Sam's assets, even if those come along with $5.4 trillion in debt and other liabilities.
The connection between the GSEs and the government helps isolate the GSE management from market discipline. This isolation from market discipline is the root cause of the recent reports of mismanagement occurring at Fannie and Freddie. After all, if Fannie and Freddie were not underwritten by the federal government, investors would demand Fannie and Freddie provide assurance that they follow accepted management and accounting practices.
Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.
Despite the long-term damage to the economy inflicted by the governments interference in the housing market, the governments policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.
And just how disingenuous is the congressman now?
From the article; Nobody saw this coming, he said in an interview.
WASHINGTON - Barney Frank has been one of the staunchest defenders of Fannie Mae and Freddie Mac and their mission to increase access to affordable housing. Now hes helping to lead the charge to dismantle the troubled mortgage giants. [snip]
[Would that be because of Paulson’s book now revealing the Russia/China negotiations to sabotage our economy?]
Russia Urged China to Dump FANNIE, FREDDIE Bonds...
“This is indicative of how dangerous the Chinese holdings of U.S. debt are. It is a huge financial weapon ...”
[In light of Russia’s attempt to manipulate Fannie/Freddie bailout during China’s Olympics ...]
YouTube:Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our
Another hot news item:
Even Saturday Night Live Agrees, Obama Blaming Bush
SNL makes fun of the SOTU address, taking swipes at the many blame games happening in DC right now. From Martha Coakleys defeat to blaming Republicans super minority to Bush making a mess of the White House. See Video Here
[More news coming as the morning progresses. Feel free to contribute. I’ll respond to this post after a while. FRegards ....]
[Want on LINK-BLAST PING LIST? Most will advise you, just say “no”. Want off? Just cuss me out. Light volume, but might ping twice in a day if news is hot.]
I believe this move by Barney Chickenhouse Frank is due to Paulson’s book now revealing the Russia/China negotiations to sabotage our economy through orchestrating a Fannie/Freddie bailout. Yes, the meltdown WAS orchestrated [according to Bloomberg’s quote of Paulson].
Link provided to the Bloomberg report in post 13.
Link to the rats defending fannie/freddie also in post 13.
I’ll respond to this post regarding other news after I have some coffee. FRegards ....
There is no telling what this miscreant is up to. He needs to be watched in every move he makes(as disagreeable as that may sound).
Barney just wants to eliminate the evidence.
He can’t receive gifts from them anymore. People are too aware of his previous ties to them. So now, they are fair game and taking them down is a way for him to win some votes in November.
[JustPiper links used in ‘misc’]
Three sections: 1. Economic Meltdown links. 2. Misc. 3. War Drums Around Iran [already top headline in Drudge and FR]
1. Economic Meltdown:
Swiss warn UBS bank could collapse...
[Note that Canadian anti-regulation led to stable banks dating back to 1927]
Watchdog: Bailouts created more risk in system
Orchestrated Meltdown Review:
Computer-driven trading raises meltdown fears; Control of trading algorithms questioned...
The [2008 Financial] Meltdown Orchestrated?
“Sure, it could be pure coincidence that exactly at 11 a.m. a wave of concerned investors all decided it was time to electronically withdraw their funds thus creating this crescendo drawdown effect setting in motion a worldwide panic. It could be coincidence. But, its doubtful. The fact that the identities of those who simultaneously decided to withdraw their money at 11 a.m. on Sep. 18, precipitating this panic, were never released, does lead one to question whether or not something sinister was at work.”
Other meltdown links:
- - - -
Part 2. Misc.
Putting our protectors on trial [Navy Seals]
Tougher Jon Stewart Obama Jokes May Signal Collapse of Remaining Vestiges of Obama Support
Infowars Headline [This for real?]
Senate Burglary: CIA Domestic Black-op Team Arrested
[Gordon Duff | Last weeks break-in at Senator Mary Landrieus office in the New Orleans Federal Building]
Brainwashing Americas Youth: Using Public Schools To Indoctrinate Students;Alinsky Required Reading
The Progressive Caucus The Socialists In The United States Congress
Under Investigation Rep. Maxine Waters (D-CA)
For more information about progressives and Maxine Waters, check up JustPiper:
- - - -
Part 3. War Drums in Iran
AHMADINEJAD: ‘Iran will deliver telling blow to global powers on Feb. 11’...
Pentagon Expands Defenses in Persian Gulf...
MORE SHIPS AND MISSILES TO MIDEAST; IRAN THREAT
I agree. I’m not sure how much I believe him. I’ve seen him on multiple shows completely incapable of defending his actions in regard to this case, and lying his arsss off. Just like saying nobody saw this coming. They saw it coming moron, why do you think they were trying to reform it!