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 weren’t 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. That’s 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 ain’t 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 it’s a good thing that housing prices are dropping. A few speculators get stung, that’s 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 it’s not a bubble. I was just thinking about this [unintelligible]… maybe housing suffered from irrational exuberance. But bubbles in history haven’t 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 don’t think that there’s 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.”
“I’m pretty good with words but I’m not so good with things. I’ve had a lifelong struggle with things. And the less I am responsible dealing with them the better off everybody is.”
Tell us something we didn’t already know.
(h/t Scott McKay)
Don’t bother Barney Frank with petty details of consequences. His aim is to install socialism, and if given more opportunity, pure communism.
If he remains in office and the GOP regains control the old and new media should be reminded of this man’s actions, crimes and callous statements that bleed totalitarianism.
Frank loves the little guy as much as he loves pooty tats.
You guys are making for some really yukky imagery...
Let me make a prediction: nothing will be made of this. Yes, he "fragged" himself, but he's been doing that for the last three years. Nobody is going to make the Dems responsible (Frank and Dodd) for the housing crisis and the consequent financial crisis accountable. They've managed to point the spotlight at those evil, nasty bankers and financial speculators and their derivatives. Big Media is more than willing to be an accomplice. Nothing will happen to Frank.
You also need B-I-G- bucks Fwankie......
If you can't get the financial industry to handover the bucks .......fugeddabatit. Better yet, ask your pal Dodd why he dropped out of the running.
MEMO TO FWANKIE We will demand investigations into any financial entity that contributes to your campaign.
“...these statements by Frank are damning to him and the Democrats...”
Kristinn, it’s only “damning” when you have:
a. An actual, real media concerned with doing an impartial job - instead of the democratic socialist hack operatives who currently run it.
b. A public paying attention - our current public has the attention span of an American Idol contestant’s 15 seconds of fame.
c. A majority of the public NOT directly benefitting from the conspiracy...
and
d. An opposition party that has the B*LLS to use the information for what it is - a political WEAPON that should be wielded with brutal, blunt force to drive the enemy to his knees and surrender (like the Dems try to do to us).
As far as I can see, the only option is “e” - none of the above.
Am I wrong?
“...If he remains in office and the GOP regains control...”
As far as the GOP “getting back in control”, see my post #65, option d.
Good luck.
-Hale
Nothing sticks to that gressed pig.
bttt
bookmark
‘Atlas Shrugged’ scenario where the tyrant politicians have taken over everything and then realize they can’t run anything but still defend their plans and objectives in the name of ‘doing good’. It’s uncanny the similarities—Ayn Rand was a Russian immigrant and reviled it’s communism!
Re: The “Tulip Tapes”
Remember this guy?
“Tiny Tim” performs Tiptoe Through the Tulips on Rowan & Martin’s Laugh-In:
http://www.youtube.com/watch?v=skU-jBFzXl0
Ding, Ding, Ding, we have a winner!
I am floating an idea with my conservative friends to fly out to his district and man the phones etc. for a weekend to unseat, work for his (R) challenger to win the district and send Barney home.
Any other Freepers want to make it a nation-wide event?
That's just priceless. I love it when he says "referee" out three times in a sentence.
Yes Rand did revile Communism but failed in not embracing its polar opposite - Christian Orthodoxy.
Objectivism without a faith in the Lord is just as tyrannically inhuman...and leads to equally vicious human systems.
Raines cooked the FM books creating losses of $9B (that we know of) to create bonuses for himself .......The Securities and Exchange Commission said Raines broke accounting rules by playing with risky derivatives.
Yet he walked away w/ $90 million dollars, a $26 million parachute PLUS a MONTHLY pension of $116,300 for life.
Raines owns options giving him $5.8 million in net profit after redeeming them, plus another $8.7 million in deferred compensation for his six years at the helm. Raines has already collected $4.87 million in special performance shares this year.
He keeps $5 million of paid-up life insurance. He and his spouse get free medical and dental benefits for life, worth over $1 million.
Raines earned $20 million in salary, bonuses and stock awards (that we know of) in one year.
After he was fired, Raines told the FM board that he’s entitled to get paychecks until next June 22 giving him another $600,000, which triggers a $2,000 monthly raise in his lifetime pension. He also says he’s entitled to disputed options with a gross value of about $5.6 million.
To keep Raines happy within philanthropic circles, Fannie Mae will match Raines’ charitable contributions by $10,000 a year.
Franklin Raines looted and pillaged Fannie Mae
New media was more of where I was going. Only 15 people watch CNNMSNBC
Ping
Too bad for him that we live in a Republic, not a Democracy.
There is another course....November or slay
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