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Stunning 2006 Barney Frank Video Surfaces (The Tulip Tapes)
Human Events ^ | Friday, May 7, 2010 | Connie Hair

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)


TOPICS: Breaking News; Business/Economy; Crime/Corruption; Culture/Society; Government; News/Current Events; Politics/Elections; US: Massachusetts
KEYWORDS: 111th; 2006; bankingqueen; barneyfrank; bubble; corruption; democratcorruption; democrats; demofvipers; economy; fanniemae; frank; freddiemac; housing; housingbubble; liberalfascism; partyofcorruption; queerqueenofbutts; stunning; surfaces; tapes; tulip; video; vipers; wicked
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I think Barney Frank fragged himself.

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.

1 posted on 05/07/2010 6:19:17 PM PDT by kristinn
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To: kristinn
“Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select
individuals in the "green" movement were inventing a patented system to trade residential carbon credits.
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 --
the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H.,
criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable."

"It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation."

2 posted on 05/07/2010 6:21:36 PM PDT by Diogenesis (Article IV - Section 4 - The United States … shall protect each of them against Invasion)
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To: kristinn

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.


3 posted on 05/07/2010 6:22:18 PM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: kristinn

bookmark.

The question isn’t if Bill blows a gasket. The question is if Bill covers it at all.


4 posted on 05/07/2010 6:23:32 PM PDT by IrishCatholic (No local Communist or Socialist Party Chapter? Join the Democrats, it's the same thing!)
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To: Tarpon

If you haven’t noticed, Barney Frank and the Democrats are up for reelection this November.


5 posted on 05/07/2010 6:24:10 PM PDT by kristinn (A conspiracy of silence speaks louder than words.)
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To: Tarpon
It’s November or die.

I like it. That should be our rallying cry!
6 posted on 05/07/2010 6:24:28 PM PDT by TSgt (We will always be prepared, so we may always be free. - Ronald Reagan)
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To: kristinn

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.


7 posted on 05/07/2010 6:24:42 PM PDT by JerseyHighlander
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To: kristinn
Nice find! His constituents should be proud!

Ready....Aim.....FIRE!

8 posted on 05/07/2010 6:25:31 PM PDT by RasterMaster (The only way to open a LIEberal mind is with a brick!)
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To: kristinn

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.


9 posted on 05/07/2010 6:25:31 PM PDT by unspun (PRAY & WORK FOR FREEDOM - investigatingobama.blogspot.com)
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To: kristinn

>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.


10 posted on 05/07/2010 6:27:33 PM PDT by 353FMG (Islam -- America's road to destruction.)
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To: kristinn

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.


11 posted on 05/07/2010 6:29:52 PM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: RasterMaster

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


12 posted on 05/07/2010 6:30:39 PM PDT by acapesket
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To: kristinn
I've been blowing a gasket re bawney fwank for years. He describes libtards in a nutshell though; style(talk) over substance(doing). Wake up America!!!


13 posted on 05/07/2010 6:31:14 PM PDT by ForGod'sSake (You have just two choices: SUBMIT or RESIST with everything you've got!)
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To: kristinn

Read this with your best Mr. McGoo voice in mind, and you’ve only scratched the surface of what an idiot he sound like.


14 posted on 05/07/2010 6:34:07 PM PDT by fwdude (It is not the liberals who will destroy this country, but the "moderates.")
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To: kristinn

“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.””

So basically, Barney Frank WAS responsible for forcing bad loans to be made.
Talk about a smoking gun....


15 posted on 05/07/2010 6:34:34 PM PDT by HereInTheHeartland (Chairman Mao was a community organizer)
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To: kristinn

I love it when Dems and their friends across the aisle, Rinos, get caught telling the truth for a moment. Great find!


16 posted on 05/07/2010 6:38:15 PM PDT by SaraJohnson
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To: 353FMG

Our only hope is that the Obama zombies change channels, FROM Oprah and Judge Judy TO Fox news (Like that’ll ever happen).


17 posted on 05/07/2010 6:41:09 PM PDT by historyrepeatz
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To: kristinn

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 :>)


18 posted on 05/07/2010 6:44:18 PM PDT by irishtenor (Tag line is on vacation.)
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To: kristinn

What is amazing is that there is a District so screwed up that they keep returning him to Congress.


19 posted on 05/07/2010 6:50:10 PM PDT by Anti-Bubba182
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To: kristinn

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’


20 posted on 05/07/2010 6:53:24 PM PDT by griswold3
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