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Barney 'BF' Frank blames capitalism for what the liberal congress has done to us (the US):
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Unregulated ‘Private Market … Caused a Lot of Problems,’ Says Financial Services Chair
Monday, February 09, 2009 By Terence P. Jeffrey, Editor-in-Chief
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(CNSNews.com) - House Financial Services Chairman Barney Frank (D.-Mass.) said yesterday that an unregulated “private market” in the financial industry caused a lot of problems that the Democratic Congress now needs to fix.
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Frank also suggested that Americans now “hate” banks and that helping people stave off foreclosure on their mortgages, government scrutiny of executive compensation, higher taxes, and prodding banks to lend more money may all be part of the solution to what ails the U.S. economy.
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“Well, there is no very good approach because, frankly, a philosophy of let the private market do whatever it wants, don’t regulate capital, keep capital--keep the, the government out of it--Alan Greenspan acknowledged, the leader of that philosophy, it caused a lot of problems,” said Rep. Barney Frank (D-Mass.) on NBC’s “Meet the Press. “And we now have to try and fix them.”
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Spoken like a true socialist. And... wasn't it "prodding banks to lend more money" by Ms. Frank that got us into this mess to begin with? Hmmm. You've got a slit wrist, so you slit the other one so you won't bleed as bad? It makes perfect since to liberals.
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16 comments:
Good try on Barney's part, "A" for Effort, "F" for Truth and Accuracy.
It was OVER regulation, pushing lenders to make questionable loans that caused this.
lookie here
click my report
62% of voters want more tax cuts, less spending in stimulus
think Obama will start governing by the polls, the way Clinton did?
he asked rhetorically
answer: if he wants to be re-elected in 2012 he better
gee - sounds like the voters really wanted me & John
vote Republican 2010 & 2012
ok here is my new paln
1) tell the sheep, err I mean voters, that I will eliminate all taxes on those making less than $250,00 year and I will tax those who make more than $250K at a 99% rate
2) tell the voters that I am raising minimum wage to $150/hour.
think they will fall for it?
they were dumb enough to elect me, so maybe......
Ya. Captaliz ta blame. It all Bush's falt. Nothin' iz our falt. Bama be fixin' da prolem. He gonna pay fo ma house. Ya' know what I be sayin'?
Why is anyone surprised at what this idiot has to say?
And why does anyone listen?
Why does anyone listen?
Because his party runs things now.
We better be listening.
Hey - Goober's back.
Did you discover the meaning of life?
:-)
The minute they put Barney (tube steak) Frank in charge of clearing up this financial mess, the mess he created, you should've known it was all going to be just more congressional bullshit.
Did you guys see Yomama's "town hall" meeting today? If you did, what you were seeing wasn't a town hall meeting at all, but the start of his 2012 campaign!
I hear Barney Frank's going to play a solo on the meat whistle right after President Obama's press conference tonight.
Let's see if you can explain this.
You people say that the meltdown was caused by banks being forced to make loans to people who couldn't pay them back and that caused the banks to fail, right? That is was all those CRA & Fannie/Freddie loans, right? (Even though Fannie & Freddie don't originate loans!)
Ok, then perhaps you can tell me why the investment houses were so eager to buy this supposed "bad debt" from the banks to bundle into mortgage-backed securities for sale to investors? Did those great Wall Street minds not perform their due diligence on these loans? Did Bear Stearns, Merril Lynch, Lehman Brothers and AIG buy toxic debt so they could fail and cease to exist?
See, that's where your little fable falls apart.
Go ahead. Give it a try. Explain why the supposed finest financial minds in America, working for PRIVATE FIRMS would intentionally buy bad debt and get stuck with it.
Give it a shot.
Bzzt. Bzzzzzzztt...Bzzzzzzzzzzzzzzzztttt
*THWACK!*
Ahh.
HLF asks "Did those great Wall Street minds not perform their due diligence on these loans? Did Bear Stearns, Merril Lynch, Lehman Brothers and AIG buy toxic debt so they could fail and cease to exist?"
We did not due due diligence because the liberals in the government passed laws saying that Fannie & Freddie had to buy the subprime loans from the original sellers. The Gov't was 'guaranteeing them.
The 'big boys' bought the toxic debt because they were greedy. They thought they could unload them at a huge profit to the unsepcting public before the bottom fell out.
That explained NOTHING.
So you're saying the big Wall Street firms invested in bad debt out of a death wish? How come F&F's share of new mortgages dropped from 48% to 24% duriing the bubble?
Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.
During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.
In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.
http://www.mcclatchydc.com/251/story/53802.html
Poor stupid as shit cons! Trapped in their own web of ignorance!
HAHAHA
Poor stupid as shit cons! Trapped in their own web of ignorance!
The above must have been written by someone who was born of a slattern in a barnyard and taught the manners and morals of a weasel by grunting, wallowing sows.
If one believes he can come here and blame this diverse group of people, along with their divergent p[olitical beliefs for the failings of George W. Bush and his cronies and the greed of the financial system at large, he is either collosally ignorant, incredibly deluded or vastly overestimates the power that such a small group of people possess.
And, now for something from another discussion thread.
Yet again, we are treated to more immature, idiotic, infantile frothing at the mouth;... more unthinking ignorance evincing an appaling lack of critical thinking skills; and best of all, more thuggish, profane hyperbole that would not rate a passing grade in a freshman high school English composition class.
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