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TMFEditorsDesk (< 20)

Barney Frank pulls a Shaggy: "It wasn't me"

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July 21, 2009 – Comments (9)

The Barney Frank video (courtesy of Yahoo!'s Tech Ticker...if my embedding doesn't work, I'll post in the comments section): 

The Shaggy video: 

http://www.youtube.com/watch?v=cQ4axo9rmJY

Which person named after a kid's show character do you believe more: Barney or Shaggy?

-Anand

9 Comments – Post Your Own

#1) On July 21, 2009 at 12:21 PM, TMFEditorsDesk (< 20) wrote:

In case the Barney Frank video link breaks (or if you want to read the written summary):

http://finance.yahoo.com/tech-ticker/article/285683/Barney-Frank-Don't-Blame-Me-for-the-Housing-Bubble?tickers=len,fnm,fre,kbh,tol,xhb,hd

-Anand

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#2) On July 21, 2009 at 12:30 PM, clanza875 (34.10) wrote:

He is so full of it. Hopefully his constituents vote him out.

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#3) On July 21, 2009 at 1:50 PM, 4everlost (29.53) wrote:

This is just unbelievable.  It's astonishing to hear him say he was an advocate of more regulation.  I just don't understand how he gets reelected.  There are videos and articles all over that show he's not being straightforward with everyone.  Here are some facts:

September 11, 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

__________________________________________________________

Do Facts Matter?

Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years-- including the present year-- denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.

It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.

It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today's financial crisis.

Alan Greenspan warned them four years ago. So did the Chairman of the Council of Economic Advisers to the President. So did Bush's Secretary of the Treasury, five years ago.

Yet, today, what are we hearing? That it was the Bush administration "right-wing ideology" of "de-regulation" that set the stage for the financial crisis. Do facts matter?

__________________________________________________________

 

October 2, 2008In 2003, President Bush warned Congress about the risky activities of Freddie Mac and Fannie Mae and proposed putting both entities under the Treasury Department for oversight.  Bush cited a July 2003 report by outside investigators that Freddie Mac had manipulated its account procedures to fool investors. 

However, Rep. Barney Frank (D-MA), who was the ranking Democrat on the House Financial Services Committee shot back at Bush: “These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

“Clearly, President Bush was right and Frank was wrong,” said TVC Executive Director, Andrea Lafferty. “President Bush saw the danger five years ago, and his warnings were ignored. Now, Frank is blaming Reagan economics and President Bush for this current crisis.  But, it was his advocacy five years ago that helped create this disastrous situation.  

New White House Fire for Fannie, Freddie

By David S. Hilzenrath
Washington Post Staff Writer
Friday, November 7, 2003; Page E03


A top White House economist called yesterday for stronger regulation of Fannie Mae, Freddie Mac and other government-sponsored housing financiers, saying that "even a small mistake" in managing their risks "could have ripple effects throughout the financial system."



N. Gregory Mankiw, chairman of the Council of Economic Advisers, told a group of state bank supervisors that the companies are so large and complex "that it is hard even for the companies themselves to keep track of their own situations." He was joining the administration's push for legislation that appears to have stalled in Congress.

______________________________________________________________

New White House Fire for Fannie, Freddie

By David S. Hilzenrath
Washington Post Staff Writer
Friday, November 7, 2003

Rep. Barney Frank (D-Mass.), the ranking Democrat on the House Financial Services Committee, said the administration's position is driven by concerns about the financial safety and soundness of the companies "to the exclusion of concern about housing." Committee members were ready to support legislation that would give the Treasury Department oversight of Fannie and Freddie, as the administration has sought, Frank said, not power over the companies' housing activities, which are regulated by the Department of Housing and Urban Development. 

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#4) On July 21, 2009 at 1:59 PM, 4everlost (29.53) wrote:

I forgot one:

 

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#5) On July 21, 2009 at 2:04 PM, BMFPitt (77.46) wrote:

He got a (not quite as good to read a quote vs. show a video) nice Jim Cramer/Crossfire treatment on the Daily Show last week.

At least Cramer stopped pimping Bear after they went under.  Barney Frank is still a huge cheerleader for our two most cancerous GSEs.

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#6) On July 21, 2009 at 2:10 PM, beatnik11 (< 20) wrote:

The bubble was caused by more than just Frank and dems, both parties and the selfish reckless practices of wallstreet are what is to blame.  By only blaming the dems or reps, a person will inevitably miss half the issue

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#7) On July 21, 2009 at 2:15 PM, eddietheinvestor (< 20) wrote:

Barney Frank has no credibility.  Neither does Dodd.  They are shameless--and very quick to blame others for political gain.  It would be nice if members of both parties put the American people before the interests of their own party.

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#8) On July 21, 2009 at 2:24 PM, mas113m (< 20) wrote:

I can understand how Barney got elected. In his district, a Dem was going to win regardless. Here's the part I do not understand. How did he win the primary? Was the other Dem really so bad that slobbering Barney seemed the better choice?

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#9) On July 23, 2009 at 12:44 AM, AbstractMotion (53.87) wrote:

I like how Frank can never admit he's ever done anything wrong or made a mistake.  To be fair Phil Gramm was worse, but Barney Frank has routinely denied anything was wrong with Freddie & Fannie, there's always his famous "roll the dice" line too.  He was a big supporter of Frank Raines too during the whole book cooking incident.  This is just more of the partisan "hot potato" blame game that's come to define any issue of importance in recent years.

 

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