Skip to comments.Stunning 2006 Barney Frank Video Surfaces (The Tulip Tapes)
Posted on 05/07/2010 6:19:17 PM PDT by kristinn
Link to page with YouTube Video.
(Video caption: Rep. Barney Frank (D-Mass.) speaking at a forum on national housing policy on December 11, 2006. Three weeks after making this speech at the Treasury Department, Frank became Chairman of the House Financial Services Committee.
Frank on Democrats taking over regulatory reform:
You will see far less difference with Democrats taking over in the Financial Services regulatory area than in virtually any other area of public policy, because we did work together on things like regulatory relief and we have more to do yet in the deregulation. One of the things we did was try to reduce the reporting requirements from the banks to the financial detectives.
Far too much has to be reported now in my judgment.
On Fannie Mae and Freddie Mac:
We werent doing anything for Fannie Mae and Freddie Mac. The issue for me was housing. We were doing something for housing. And I agreed with those who argued that because of the markets perceptions, Fannie Mae and Freddie Mac got this great benefit to be able to borrow money cheaply yet the benefit was not being adequately returned to the public.
There were two things you could have done about that. You could have reduced the benefit. You could have cut back on their ability to borrow as cheaply or you could leave that benefit in place and distribute it more fairly. Thats what we chose to do with the affordable housing fund.
On the housing bubble in 2006, two years before the housing bubble burst:
I do want to address this thing about the bubble. I think the bubble is an entirely inappropriate metaphor. Let me just be very clear, houses aint tulips. Houses today even with the drop in housing prices are more valuable than tulips were however many years ago when we had the tulip business.
On plummeting housing prices:
I think its a good thing that housing prices are dropping. A few speculators get stung, thats icing on the cake. The cake is the cake is that people can afford to buy houses now. A 10% drop in housing prices is a good thing. Housing was over-valued.
But let me make this distinction on why its not a bubble. I was just thinking about this [unintelligible] maybe housing suffered from irrational exuberance. But bubbles in history havent been cases of irrational exuberance. They have been cases of exuberant irrationality. And there really is a distinction.
Irrational exuberance means you get a little carried away with something that is basically a good thing. But exuberant irrationality is when you start thinking that tulips or some of those dumb ideas on the internet when there were some of those things that nobody in their right mind wanted to buy, those were excessive.
On why housing prices plummeting is a good thing:
Fundamentally I dont think that theres a crisis, and I do think that the end result in a 10% drop in many parts of the country will be a more rational and healthier housing market.
And finally Frank on his own ability to deal with things.
Im pretty good with words but Im not so good with things. Ive had a lifelong struggle with things. And the less I am responsible dealing with them the better off everybody is.
Tell us something we didnt already know.
(h/t Scott McKay)
In all seriousness, these statements by Frank are damning to him and the Democrats. It casts the financial crisis in a new light of responibility. Bill O'Reilly should be ready to blow a gasket over this on Monday--as should the rest of the country.
We need to stay focused on November. we simply do not have enough votes to do much about it now.
It’s November or die.
The question isn’t if Bill blows a gasket. The question is if Bill covers it at all.
If you haven’t noticed, Barney Frank and the Democrats are up for reelection this November.
Heh, kristinn thanks for cross-posting this on FR, this one is going to get juicy in the coming weeks.
I’ll leave it at that, Frank is on record along with all those Dems and Reps, and the businessmen who rent them out by the bill, and can be hoisted upon their own petards by the few media outlets not owned by the aforementioned businesses.
Bubble? Oh, thath nothing. Do I think the thing is in trouble, I keep thinking, or maybe you keep athking? You did athk me, that, right? Well, let me thay no, I don’t think that thing ith in trouble, that mortgage, thing (unintelligible) but if it were in trouble, the Democrat Congreth would know and I am thure that I or thomeone, would (uninteligible) tell you.
>In all seriousness, these statements by Frank are damning to him and the Democrats.<
NOTHING can be damning to him and the RATs considering that they own the MSM.
Yep, but what are the odds that wasting money on Barney is going to do anything. Too many other high probablity targets.
But if you have the time, leave no stone unturned. I would love to see him back in the line.
Sadly, for the most part his constituents Are pathetically proud and they will continue to be when faced with the tornadoes of truth. Bwaney is their man.
Sick, twisted and pathetically ignorant...oops forgot dangerous
Read this with your best Mr. McGoo voice in mind, and you’ve only scratched the surface of what an idiot he sound like.
“or you could leave that benefit in place and distribute it more fairly. Thats what we chose to do with the affordable housing fund.”
So basically, Barney Frank WAS responsible for forcing bad loans to be made.
Talk about a smoking gun....
I love it when Dems and their friends across the aisle, Rinos, get caught telling the truth for a moment. Great find!
Our only hope is that the Obama zombies change channels, FROM Oprah and Judge Judy TO Fox news (Like that’ll ever happen).
I usually don’t see the words stunning and Barney Frank in the same sentence.
And isn’t it humorous that his parents put an “R” in both his names :>)
What is amazing is that there is a District so screwed up that they keep returning him to Congress.
In all seriousness, these statements by Frank are damning to him and the Democrats.
I’m still amazed that people think that Democrats will be held accountable for anything. What planet are you from?
They’re going to label you a ‘homophobe’ and nothing you say,from that moment on, will be given any credibility .
‘Play the Game’