Thanks Barney!

[spence]

Originally Posted by RIJIMMY

apparently they are. Diversifying their product base, seeking new revenue streams. You know "business stuff"
Dont forget, in ADDITION to the economic mess, banks are being hit with the credit card rules and other regualtion that Fannie/Freddie do not have to contend with. You cant have beuacrats running businesses or wars. It always fails. This is all Barney Spence, he is and has been at the helm.

Both organizations existed long before Frank. As we've discussed at length, he's only a player in a much larger production.

-spence

[RIJIMMY]

Originally Posted by spence

Both organizations existed long before Frank. As we've discussed at length, he's only a player in a much larger production.

-spence

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

[scottw]

Originally Posted by RIJIMMY

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

Sowell has a good article on Barney's lies today...here's an excerpt

"When financial analyst Maria Bartiromo asked Congressman Frank who was responsible for the financial crisis, he said, “right-wing Republicans.” It so happens that conservatives were the loudest critics who had warned for years against the policies that Barney Frank pushed, but why let facts get in the way?

Ms. Bartiromo did not just accept whatever Barney Frank said. She said: “With all due respect, congressman, I saw videotapes of you saying in the past: ‘Oh, let’s open up the lending. The housing market is fine.’” His reply? “No, you didn’t see any such tapes.”

“I did. I saw them on TV,” she said. But Barney Frank did not budge. He understood that a good offense is the best defense. He also understands that rewriting history this election year is his best bet for keeping his long political career alive."

[spence]

Originally Posted by RIJIMMY

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

This is the talking points version.

The reality is that both Clinton and Bush had pushed Fannie and Freddie to expand low income lending. In 2003 when Frank remarked about their solvency there certainly was no consensus by Democrats or Republicans on the issue. Bush had plenty of opportunities but couldn't get enough GOP support. Frank has also admitted recently (go figure) at the time he missed the warning signs.

It looks like in 2007 when Frank actually became chairman (not just a ranking Dem), the first thing he did was to pass tougher regulations. He's since worked to pass even more regulations...

Like I said, he's been a player in all of this, he's made some mistakes, but to ignore the Republicans contribution and the influence of Wall Street is just partisan politics and not an attempt to understand the problem.

-spence