Massachusetts Congressman Barney Frank’s post bail-out bill failure comments.
The stock market was watching.
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I guess the Dems that voted no, had their feelings hurt too?
It’s too damn bad dueling is not legal.
Well, Barney Frank should be in jail! Along with his other crooked friends, but alas the other crooked friends will fight like dogs to protect his ass as well as their own.
Libel and slander is not hurt feelings, Barney.
But Barney is indeed a purple dinosaur.
Hey Barney, can you explain why 40% of your Dimocrats voted against it?
Are their feelings hurt as well?
The strategy of presenting themselves to Congress as the champions of affordable housing appears to have worked. Fannie and Freddie retained the support of many in Congress, particularly Democrats, and they were allowed to continue unrestrained. Rep. Barney Frank (D., Mass), for example, now the chair of the House Financial Services Committee, openly described the “arrangement” with the GSEs at a committee hearing on GSE reform in 2003: “Fannie Mae and Freddie Mac have played a very useful role in helping to make housing more affordable . . . a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing.” The hint to Fannie and Freddie was obvious: Concentrate on affordable housing and, despite your problems, your congressional support is secure.
In light of the collapse of Fannie and Freddie, both John McCain and Barack Obama now criticize the risk-tolerant regulatory regime that produced the current crisis. But Sen. McCain’s criticisms are at least credible, since he has been pointing to systemic risks in the mortgage market and trying to do something about them for years. In contrast, Sen. Obama’s conversion as a financial reformer marks a reversal from his actions in previous years, when he did nothing to disturb the status quo. The first head of Mr. Obama’s vice-presidential search committee, Jim Johnson, a former chairman of Fannie Mae, was the one who announced Fannie’s original affordable-housing program in 1991 — just as Congress was taking up the first GSE regulatory legislation.
In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.
Now the Democrats are blaming the financial crisis on “deregulation.” This is a canard.
Sorry, so long. But Barney can keep his gay feigned indignation for somebody else. Too bad we’ll have to pay to clean-up another one of his messes.
That was from the WSJ, by the way.
LOL Tut!!!
To alter a quote from the great movie ‘Scaramouche’:
“Mr. President – the Congressman from the Commonwealth of Massachusetts will be absent from this assembly……permanently!!!”
It is also too bad there there isn’t a hunting season for fat-ass Dumocrats that were against curbing the run away, no money down, unrestricted, low interest Mortgages like Bush, McCain and a few others wanted to do. This whole crap shoot can be blamed on nobody but the Dumocrats. Now these Idiots try to blame everyone but themselves. Barney Franks & his fellow dumb bells should be paying for it, not us. I paid off my own 20 yr mortgage in 14 yrs by working my own Fannie off & no Freddy either. Carter started it, Clinton finished it & we will be paying for it.
Damn, I wish I had some cash to invest, there are some real bargains out there on stable companies that will pop right back up after this is over.
Unless Obama wins.
Yeah Mauser, that’s a big if.