Skip to comments.Barney Frank, Czar of His Domain
Posted on 08/19/2011 4:41:19 AM PDT by Kaslin
Barney Frank (D-Fannie Mae) is king of the banking business.
Hes got the kind of clout that only money can buy. Thats why he was able to shield mortgage giants Fannie Mae and Freddie Mac during his tenure as Chair of the House Banking Committee.
Being a House banking member has always had its rewards. While still a junior member on the House Banking Committee in 1991 he secured a big-time job at Fannie Mae for his then-husband. Or was it his wife? OK, lets not go there.
But Frank has definitely moved on to bigger things. His new husband is a surfer. Oops. I just went there.
Hes also now the author of a banking reform bill known as Dodd-Frank, which has the distinction of being some of the most costly legislation ever written.
How costly? We just dont know yet. But besides the $3 billion that the legislation will cost to implement a story in the Atlantic, hardly a right-wing mouthpiece, estimates that the costs could approach $1 trillion.
Oh, and it also failed to address the too-big-to-fail syndrome that put the countrys real estate market in the mess it finds itself in which was the point of Dodd-Frank to start with.
Gotta love the Democrats when they pass laws that dont even attempt to solve the problems the laws were intended to address in the first place.
If they solved problems then they wouldnt get to write the outrage letters.
Because Frank has written an outrage letter asking that the Federal Reserve hold up the merger of Capital One and ING.
Capitol One was the high bidder in the forced sale of INGs banking division. The sale of the division was a condition of a European bailout of INGs parent company.
A disappointed bidder in the deal was Obama favorite, GE Capital.
Capital One outbid rival GE to secure the coveted ING retail banking business that Capital One says will help reduce the amount of risk they have because it adds more direct banking and less credit risk. But still any suitor had to be willing to take on the additional mortgage risk in the ING portfolio, which apparently, Capital One was willing to do this while the other suitors, reportedly, were not.
Frank and his liberal friends have a powerful reason to be outraged by the deal: GE donated $3.2 million to Democrats during the 2008 and 2010 election cycles, far more than they donated to the GOP.
In a letter sent on Wednesday to Ben Bernanke, the chairman of the Federal Reserve, Mr. Frank, Democrat of Massachusetts, called on the Fed to hold public hearings to examine the possible deals impact on consumers and the economy, writes the NYTs Deal Book. Mr. Frank also asked that the Fed grant the public at least two additional months to weigh in on the acquisition. The comment period is otherwise scheduled to end on Thursday.
This proposed purchase would create the fifth-largest bank in the United States, said Mr. Frank, according to the Times article. For this reason alone, care should be taken to thoroughly examine the impact of this purchase with respect to the consolidation of banking assets, the provision of credit by the resulting bank and compliance with the Community Reinvestment Act.
The Times also cites a consumer advocate who opposes the deal: We already have four too-big-to-fail banks, why make a fifth? said John Taylor, president of the National Community Reinvestment Coalition.
Why indeed? I thought at $3 billion to implement, Dodd-Frank was supposed to solve the too-big-to-fail problem.
At the same time Democrats are calling for the merger of Fannie Mae and Freddie Mac to marry the king and queen of too-big-to-fail into one uber-mortgage failure sponsored by the government and managed by Congress.
Democrats have powerful reasons for doing that deal, just as they have for holding up the merger of Capital One-ING. Fannie Mae gave Democrats over $1 million in contributions in the 2006-2008 election cycles.
And lets face it: $4.2 million in contributions is way too big to fail.
No, Barney Frank is the Banking Queen.
I couldn’t believe they did not remove Barney Franlk fromthe banking committee after the Freddie and Fannie debacle. After playing his part in the greatest financial collapse in history, he continued on that committee.
When you're a czar, you can pass gas whenever, and wherever you like.
'Man the Harpoons!' (politically speaking)
“Banking Queen”. That’s good.
I assume the “Dancing Queen” song parody has alreday been done?
every time i see him , i see a man gorging at the trough. its an image i just cannot shake.
Yep, Paul Shanklin did this around the time of TARP (another big Barney Frank project).
I assume the Dancing Queen song parody has alreday been done?
Here it is, complete with closed captions.
Actually Fwank has been pulled out.
There’s a new Sheriff in town named Spencer Baucus (R-AL) He promises to review and lay to waste much of the moslem’s “financial reforms” including “Dodd-Frank”.
According to the Washington Times:
>>He has vowed to comb the 2,300-page law...title by title to correct, replace or repeal job-killing provisions that unnecessarily punish small businesses and community banks that did nothing to cause the financial crisis.
Weve lost 2,000 small banks in this country in the last 10 years, and we need to make sure that the regulations are creating competition, not eliminating competition, he said<<
That was from Dec 2010. Let’s see what has transpired since then (with no help from the drive-bys)
Not only did they keep him on the committee, he was the chair of the banking committee until the Republicans took back the house in 2010.
I couldnt believe they did not remove Barney Franlk fromthe banking committee after the Freddie and Fannie debacle. After playing his part in the greatest financial collapse in history, he continued on that committee.
PS: are you advertising for Obama with that Winning The Future reference there at the end of your comment?
Sometimes a cigar is just a cigar: Sigmund Freud
(And the other times it AIN'T!)
20. Then the LORD said, "The outcry against Sodom and Gomorrah is so great and their sin so grievous
21. that I will go down and see if what they have done is as bad as the outcry that has reached me. If not, I will know."
4. Before they had gone to bed, all the men from every part of the city of Sodom--both young and old--surrounded the house.
5. They called to Lot, "Where are the men who came to you tonight? Bring them out to us so that we can have sex with them."
6. Lot went outside to meet them and shut the door behind him
7. and said, "No, my friends. Don't do this wicked thing.
Isaiah 3:9 The look on their faces testifies against them; they parade their sin like Sodom; they do not hide it. Woe to them! They have brought disaster upon themselves.
2 Peter 2:13b Their idea of pleasure is to carouse in broad daylight. They are blots and blemishes, reveling in their pleasures while they feast with you.
49. "`Now this was the sin of your sister Sodom: She and her daughters were arrogant, overfed and unconcerned; they did not help the poor and needy.
50. They were haughty and did detestable things before me. Therefore I did away with them as you have seen.
1. But there were also false prophets among the people, just as there will be false teachers among you. They will secretly introduce destructive heresies, even denying the sovereign Lord who bought them--bringing swift destruction on themselves.
2. Many will follow their shameful ways and will bring the way of truth into disrepute.
3. In their greed these teachers will exploit you with stories they have made up. Their condemnation has long been hanging over them, and their destruction has not been sleeping.
4. For if God did not spare angels when they sinned, but sent them to hell, putting them into gloomy dungeons to be held for judgment;
5. if he did not spare the ancient world when he brought the flood on its ungodly people, but protected Noah, a preacher of righteousness, and seven others;
6. if he condemned the cities of Sodom and Gomorrah by burning them to ashes, and made them an example of what is going to happen to the ungodly;
7. and if he rescued Lot, a righteous man, who was distressed by the filthy lives of lawless men
8. (for that righteous man, living among them day after day, was tormented in his righteous soul by the lawless deeds he saw and heard)--
9. if this is so, then the Lord knows how to rescue godly men from trials and to hold the unrighteous for the day of judgment, while continuing their punishment.
10. This is especially true of those who follow the corrupt desire of the sinful nature and despise authority. Bold and arrogant, these men are not afraid to slander celestial beings;
11. yet even angels, although they are stronger and more powerful, do not bring slanderous accusations against such beings in the presence of the Lord.
12. But these men blaspheme in matters they do not understand. They are like brute beasts, creatures of instinct, born only to be caught and destroyed, and like beasts they too will perish.
13. They will be paid back with harm for the harm they have done. Their idea of pleasure is to carouse in broad daylight. They are blots and blemishes, reveling in their pleasures while they feast with you.
But there IS hope!!!
1 Corinthians 6:9-11
9. Do you not know that the wicked will not inherit the kingdom of God? Do not be deceived:
Neither the sexually immoral nor idolaters nor adulterers nor male prostitutes nor homosexual offenders
10. nor thieves nor the greedy nor drunkards nor slanderers nor swindlers will inherit the kingdom of God.
11. And that is what some of you were. But you were washed, you were sanctified, you were justified in the name of the Lord Jesus Christ and by the Spirit of our God.
If you could NOT change, you would be in most pitiful shape...
Of course, with Bawney howling away with his flaming accent. As heard on Rush, done by White comedian Paul Shanklin.
Frank is suffering from two mental illnesses: Marxism and Homosexuality.
I guess he COULD squeal like a piggy!
Sigmund never met Bill Clinton.
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