Conservative Harvard student challenges Barney Frank on the financial crisis

[Iriemon]

Most impressive is that he is, unlike you, willing to "pin the tail on the Donkey."

You Dem apologists love using terms like 'fundemental," as though there is some profound thinking going on.

When Democrat responsibility for the crisis was first brought up, there was squealing and screaming. Now that more and more sources are nailing you, the fall back position is "both parties..." or "how dare this ignorant 'kid' attack our high priest"...

Reminder: the 'kid' is backed up by the WSJ, Baltimore Biz Journal, Boston Globe, American Spectator, etc.

How ya like them apples?

See question asked in prior post. What exactly was Frank supposed to have done prior to Jan 2007 when the Republicans controlled the House, the Senate, and the executive, other than co-sponsor a bipartisan bill with the Republicans that the WH shot down?

Consider the Investors Business Daily editorial, which includes NYTimes reference:
"President Bush pushed for what the New York Times then called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."… led by Frank, Democrats stood as a bloc against any changes."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

"Barney Frank (D-MA) Blocked Multiple Attempts At Reforming Fannie Mae And Freddie Mac Spanning Back To 1992…"
Truth On Target: Obama's Financial Friends: Schumer, Dodd and Barney Frank

Enough?

No.

1. Whose opinions are these, and why are they more trustworthy to believe tha Republican Oxely's account of a bill to regulate Fannie/Freddie that was actually passed by the House in 2005 with bi-partisan support including Frank's?

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House.

 

[MaggieMae]

Again, the kid's question about his responsibilty for the crises and then pointing out the bailout bill as the example of Franks supposed malfeasance shows a fundamental lack of understanding between the difference of cause and cure.

What is so impressive about him?

Most impressive is that he is, unlike you, willing to "pin the tail on the Donkey."

You Dem apologists love using terms like 'fundemental," as though there is some profound thinking going on.

When Democrat responsibility for the crisis was first brought up, there was squealing and screaming. Now that more and more sources are nailing you, the fall back position is "both parties..." or "how dare this ignorant 'kid' attack our high priest"...

Reminder: the 'kid' is backed up by the WSJ, Baltimore Biz Journal, Boston Globe, American Spectator, etc.

How ya like them apples?

I can only agree with you about the student's question being proper. But your continued intimation that those 4 publications represent the gospel truth only shows that your knowledge is limited to right wing opinions. There have been numerous television documentaries outlining the history of the financial collapse none of which place the blame squarely on Democrats OR Republicans as political influences, but rather a pattern of quick bucks to be made by an unregulated process. PERIOD.

 

[PoliticalChic]

Based on that transcript Barney dismantled that kid's obviously disengenuous rhetorical question.

First, if you saw the interview on 'Greta,' this student described a journey on which you should have embarked by now: he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing.

As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

As to the bigger question, the student's point, that the crisis should be laid at the steps of CRA, GSE's, Clinton, Dodd, Frank, has been documented by Baltimore Business Journal, IBD, The Hill, USNews, BostonGlobe, American Spectator, WSJ, among others.

On the other side we have apologists for the Democrats, self-styled experts, and you.

The "crisis" can be laid at the feet of the regulators, period, who were on vacation apparently. You can cite as many OPINIONS as you wish, but thems the facts, admitted to by Alan Greenspan (and Christopher Cox, Chairman of the SEC, who also admitted to his own failure to monitor these new "securities" that were being traded).

Greenspan Concedes Error on Regulation - NYTimes.com

The "crisis" should be laid at the base of liberal philosophy, which is based on being "good" to folks, giving things away, instant gratification.

Political pressure as represented by the CRA (Democrat) and going back to the GSE's (Democrat) and thouroughly endorsed and amplified by Clinton, Cuomo, Dodd and Frank (Democrats all) with the collusion of financial institutions who were allowed to profit in risky ways, are the cause.

Litmus test: would there be a mortgage meltdown (beyond a normal business recession) if there had been no CRA, Fannie or Freddie?

 

[Truthmatters]

Typical Barney "Da Fag" Frank! Great politician, great arguer, but he is also a great socialist, who knows dick about sound fisical policy, dick about business and refuses to take responsibility for his role in the mortgage mess (for starters his protection to the bitter end of Fannie Mae and Freddie Mac). Glad to see a Jew that isn't blindly liberal, standing up to another one that blindly is!

And Congressman Frank, why when you are cornered is it always some grand right-wing conspiracy against you?

So you hate gay people and love the wise CEOs who Fucked us all and made this mess.

BTW that video you assholes keep showing of Frank saying FM is fine is from 2003 when It was fine.

Frank was protesting the Bush admin taking over FM and creating a new government entity to "police" it.

We all know pretty well how Bush "policing" of any market worked huh?


Also when will you idiots realise that the FMs were a tiny party of the sub prime debacle?

 

[WillowTree]

I prefer the kick in Barney's nutz delivered by Bill Oreilly.

Except that O'Reilly has about as much credibility on the national stage as any other fanatic from the right. If you're a rightie, you love him. If you're a leftie, you laugh at him.

Yes, no credibility. that's why he has been NUMBER ONE for 100 straight months..

 

[MaggieMae]

The kid got his lunch ate.


Frank is not to blame , its been the republican party who sought for decades the deregulation of all markets.

They got a few dems to help them and Clinton is one of them. This is what happens when dems help Rs with their agenda. They demonize them wether they work with them or not. When dems work with them they end up harming the US.

No doubt Bush, Greenspan and the Republican congress for 6 yrs have their share of the fault (I would say the main culprits), but so does Da Fag and the liberals that force the lending to lower economy individuals down their throats!

Which Bush, of course, reinforced by announcing even further considerations to be given to low-income minorities in his 2004 edict found in his Homeownership Program. Everyone conveniently forgets that he called for ZERO downpayments, which the government would subsidize if requested, and more lax restrictions on income to debt formula. While subprime lending had been going on for years, that policy announcement, to me, set the stage for every loan shark wannabe in the country to go out and yank people off the streets and sign 'em up. (After all, at that point in time, Bush could do no wrong.)

 

[Iriemon]

Based on that transcript Barney dismantled that kid's obviously disengenuous rhetorical question.

First, if you saw the interview on 'Greta,' this student described a journey on which you should have embarked by now: he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing.

As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

As to the bigger question, the student's point, that the crisis should be laid at the steps of CRA, GSE's, Clinton, Dodd, Frank, has been documented by Baltimore Business Journal, IBD, The Hill, USNews, BostonGlobe, American Spectator, WSJ, among others.

On the other side we have apologists for the Democrats, self-styled experts, and you.

The "crisis" can be laid at the feet of the regulators, period, who were on vacation apparently. You can cite as many OPINIONS as you wish, but thems the facts, admitted to by Alan Greenspan (and Christopher Cox, Chairman of the SEC, who also admitted to his own failure to monitor these new "securities" that were being traded).

Greenspan Concedes Error on Regulation - NYTimes.com

The agency responsible for oversight of Fannie and Freddie is the Office of Federal Housing Enterprise Oversight (OFHEO):

OFHEO's mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

How is oversight of Fannie Mae and Freddie Mac divided between OFHEO and HUD? The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 created a regulatory oversight structure for the housing government-sponsored enterprises of Fannie Mae and Freddie Mac. The regulatory oversight was divided to address two functions – their financial safety and soundness and their affordable housing mission. The financial safety and soundness regulation is vested in the Office of Federal Housing Enterprise Oversight (OFHEO). OFHEO implements, monitors and enforces capital standards for Freddie Mac and Fannie Mae.

Fannie Mae and Freddie Mac's loan limits adjust every year in accordance with the results -- as determined by Office of Federal Housing Enterprise Oversight (OFHEO)
The Director of the OFHEO:

James B. Lockhart, III, is the Director (CEO) and Chairman of the Oversight Board of the Federal Housing Finance Agency, regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. ... He was nominated by President Bush to that position and confirmed by the Senate in June 2006.
The agency that oversees the OFHEO:

The U.S. Department of Housing and Urban Development (HUD) carries the oversight responsibilities for the housing mission of the GSEs. Effective January 1, 2005, HUD established new and increasing affordable housing goal levels for the GSEs for the years 2005 through 2008. These goals require that a certain percentage of the mortgages purchased by Fannie Mae and Freddie Mac support financing for housing low – and moderate – income families.

Office of Federal Housing Enterprise Oversight

Prior to Housing and Economic Recovery Act of 2008 (HERA), the Secretary of HUD was the mission regulator for the GSEs, with oversight authority to ensure that both GSEs complied with the public purposes set forth in their charters. HUD had general regulatory authority for oversight responsibilities, which included establishing housing goals; monitoring and enforcing compliance with housing goals; new program approval; collecting loan-level data from the GSEs on their mortgage purchase activities; making available to the public a database on non-proprietary GSE loan purchase data; and ensuring GSE compliance with fair lending requirements. An independent office of HUD, the Office of Federal Housing Enterprise Oversight (OFHEO) regulated the GSEs for safety and soundness by ensuring that they were adequately capitalized and operating their businesses in a financially sound manner

General Resources - Legistraight

Secretary of HUD: Nominated by President Bush, affirmed by the Senate:

Jan 21, 2001-Mar 31 04: Mel Martinez
Mar. 31, 2004 - April 18, 2008: Alphonso Jackson

+++

Here's a report of the OFHEO director, appointed by president Bush, on JUne 30, 2006, doing his job of overseeing the safety and health of Fannie and Freddie.

Fannie Mae, Freddie Mac capital levels adequate: Ofheo - MarketWatch

 

[PoliticalChic]

See question asked in prior post. What exactly was Frank supposed to have done prior to Jan 2007 when the Republicans controlled the House, the Senate, and the executive, other than co-sponsor a bipartisan bill with the Republicans that the WH shot down?

Consider the Investors Business Daily editorial, which includes NYTimes reference:
"President Bush pushed for what the New York Times then called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."… led by Frank, Democrats stood as a bloc against any changes."
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Let The Inquisition Start With Frank

"Barney Frank (D-MA) Blocked Multiple Attempts At Reforming Fannie Mae And Freddie Mac Spanning Back To 1992…"
Truth On Target: Obama's Financial Friends: Schumer, Dodd and Barney Frank

Enough?

No.

1. Whose opinions are these, and why are they more trustworthy to believe tha Republican Oxely's account of a bill to regulate Fannie/Freddie that was actually passed by the House in 2005 with bi-partisan support including Frank's?

2. And most importantly, please explain how Frank, as a member of a then minority party of the House of Representative, was able to supposedly "stand as a bloc" against changes, presumably sought by the Republicans, who controlled majorities in the House of Representatives, Senate, and White House.

You use the name Oxely as though he were the burning bush.

I don't know who he is and why this one opinion outweighs those of the many whose work is reported in the Boston Globe, WSJ, NYTimes, Baltimore Business Journal, Investors Business Daily, American Spectator, ect.

And I wish you would recall that when you posted the same response on an earlier thread, my response stated that President Bush, a politician, and not a Conservative one at that, didn't show the courage to confront the Dems when they threatened to call him a 'racist' if he tried to block risky GSE loans and reform the system.

 

[MaggieMae]

Just want to point out one think humorous about this. The student's last name is Pollak, which is very close to Pollock! The lefties are going to have a field day with this!

You seem to have a problem with anyone who isn't perfect. Maybe next time you should run for president. We could have ourselves a Ken Doll with a nice white, macho American sounding name (but dumb as a box of rocks).

 

[WillowTree]

[ame=http://www.youtube.com/watch?v=_ROOriYvJM4&feature=related]YouTube - John McCain Warned Us About Fannie and Freddie[/ame]

 

[Truthmatters]

If you dont know who Oxley is then you dont understand the situation enough to give a reliable estimation of whos fault this is.

 

[Iriemon]

Harvard student takes on Rep. Frank

If the video doesn't load on that page you can see it at the link below as well.

Townhall.com Blog : Greg Hengler : Conservative Harvard Student Battles Barney Frank Over His Role In Financial Crisis

Is there a text version as oppose to the Fox News clip? I hate watching videos.

Edit: OK I watched it. The kid was an idiot and I wonder how he got into Harvard. He asks Frank what reponsibility he had for the financial crises, and when Frank says what do you claim I should have done, the kids starts talking about the bailout. One has nothing to do with the other. The bailout was the response, not the cause of the financial crises.

Frank sounded knowledgeable, informed and logical, IMO.

I disagree. It's time Barney took his licks (no pun intended) on being at least part of the financial crisis. While Fannie & Freddie can't be blamed for all of it, they too went unregulated with the blessings of Frank and Dodd.

I think that kid showed bravery by not flinching under what must have been enormous pressure. It was a good question.

What does Frank's involvement with the 2008 bailout bill have to do with what role if any he played in the cause of the financial crisis.

 

[GHook93]

Just want to point out one think humorous about this. The student's last name is Pollak, which is very close to Pollock! The lefties are going to have a field day with this!

You seem to have a problem with anyone who isn't perfect. Maybe next time you should run for president. We could have ourselves a Ken Doll with a nice white, macho American sounding name (but dumb as a box of rocks).

If I can't point out the humor in something then I won't live to long! Where do you get where I think everyone needs to be perfect!

 

[Iriemon]

As usual, wrong on every point.

Only a yellow-dog Democrat, such as your self, would feel that this grad student was beaten in some way in requesting a response to a constituents query.

The great Ronaldus Maximus said "We are a country with a government, not a government with a country."

Since you seem to have missed this, let me repeat: "the student's point, that the crisis should be laid at the steps of CRA, GSE's, Clinton, Dodd, Frank, has been documented by Baltimore Business Journal, IBD, The Hill, USNews, BostonGlobe, American Spectator, WSJ, among others."

Oh please... do grow up.

The kid attempted to editorialize behind a rhetorical question.

Now that's s sophomoric debating technique which Barny Frank saw though, and took advantage of to make the kid look like the idiot he was.

It doesn't matter what I think of the argument itself.

Anyone with a clue can see that the kid got hammered by a superior intellect.

He set a stupid trap and Barney handed the kid his ass.

Rep. Frank tries to intimidate the student, interrupts him repeatedly, and you refer to the student as using a " sophomoric debating technique "???? Bogus.

Only, and I am sorry to repeat the term, but it is so appropriate, 'yellow dog Democrat' would call asking a legitimate question of an elected official "set[ting] a trap."

And how telling it is that you seem to overlook the media sources that back the students' points.

Busted.

How is a question about Frank's involvement with the bailout bill related to the issue of what responsiblity Frank has with the cause of the financial crises?

 

[MaggieMae]

First, if you saw the interview on 'Greta,' this student described a journey on which you should have embarked by now: he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing.

As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

As to the bigger question, the student's point, that the crisis should be laid at the steps of CRA, GSE's, Clinton, Dodd, Frank, has been documented by Baltimore Business Journal, IBD, The Hill, USNews, BostonGlobe, American Spectator, WSJ, among others.

On the other side we have apologists for the Democrats, self-styled experts, and you.

The "crisis" can be laid at the feet of the regulators, period, who were on vacation apparently. You can cite as many OPINIONS as you wish, but thems the facts, admitted to by Alan Greenspan (and Christopher Cox, Chairman of the SEC, who also admitted to his own failure to monitor these new "securities" that were being traded).

Greenspan Concedes Error on Regulation - NYTimes.com

The "crisis" should be laid at the base of liberal philosophy, which is based on being "good" to folks, giving things away, instant gratification.

Political pressure as represented by the CRA (Democrat) and going back to the GSE's (Democrat) and thouroughly endorsed and amplified by Clinton, Cuomo, Dodd and Frank (Democrats all) with the collusion of financial institutions who were allowed to profit in risky ways, are the cause.

Litmus test: would there be a mortgage meltdown (beyond a normal business recession) if there had been no CRA, Fannie or Freddie?

I can see it's pointless to argue with someone who has such serious tunnel vision. Facts just get in your way.

 

[Truthmatters]

The regualtion Frank spoke out against was the taking of the FMs from the congressional oversite and placing it with a newly created gov body.

Imagine what Bush would have done with that one.

 

[WillowTree]

It has been announced that FM and FM employees will be receiving very large "retention" bonus' this year. Now AIG got their ass kicked for that. Anyone in the Democratic party shouting that FM and FM should have their asses kicked? What? I can't hear you.. I can't hear you.. Hello?? End of fucking story on Bawney!

 

[Iriemon]

First, if you saw the interview on 'Greta,' this student described a journey on which you should have embarked by now: he began as a very left-wing radical in his undergraduate years, such that he though that Bill Clinton was too right-wing.

As a result of many meeting in Dem circles where attacks on the right substituted for answers to questions, he moved from the darkside and became a Republican.

As to the bigger question, the student's point, that the crisis should be laid at the steps of CRA, GSE's, Clinton, Dodd, Frank, has been documented by Baltimore Business Journal, IBD, The Hill, USNews, BostonGlobe, American Spectator, WSJ, among others.

On the other side we have apologists for the Democrats, self-styled experts, and you.

The "crisis" can be laid at the feet of the regulators, period, who were on vacation apparently. You can cite as many OPINIONS as you wish, but thems the facts, admitted to by Alan Greenspan (and Christopher Cox, Chairman of the SEC, who also admitted to his own failure to monitor these new "securities" that were being traded).

Greenspan Concedes Error on Regulation - NYTimes.com

The "crisis" should be laid at the base of liberal philosophy, which is based on being "good" to folks, giving things away, instant gratification.

Political pressure as represented by the CRA (Democrat) and going back to the GSE's (Democrat) and thouroughly endorsed and amplified by Clinton, Cuomo, Dodd and Frank (Democrats all) with the collusion of financial institutions who were allowed to profit in risky ways, are the cause.

Litmus test: would there be a mortgage meltdown (beyond a normal business recession) if there had been no CRA, Fannie or Freddie?

Sure. It wasn't CRA, Fannie or Freddie that lent trillions based on shoddy mortgages based on the incorrect belief they were not risky because they were securitized, that was the huge investment banks. It wasn't CRA Fannie or Freddie that induced speculators to buy houses to flip for a profit (with all those get rich quick ads running full time you don't see any more). It wasn't CRA or Fannie or Freddie that wrote shoddy underwritten loans with teaser interest rates.

You act as if a real estate boom and bust had never happened before CRA or Freddie or Fannie. Those organizations as you pointed out, had existed for decades before the speculative frenzy in 06-07 without causing a meltdown of the market.

 

[MaggieMae]

I prefer the kick in Barney's nutz delivered by Bill Oreilly.

Except that O'Reilly has about as much credibility on the national stage as any other fanatic from the right. If you're a rightie, you love him. If you're a leftie, you laugh at him.

Yes, no credibility. that's why he has been NUMBER ONE for 100 straight months..

Only because the entire right-wing of the country needs its Fox Fix. If you take all the other cable news channels combined, most THINKING people come away with a much broader personal analysis of ANY subject. If I ONLY watched MSNBC, I would most definitely lean toward ONLY liberalism. Get it?

Watch more C-Span in order to truly sort it all out.

 

[PoliticalChic]

Again, the kid's question about his responsibilty for the crises and then pointing out the bailout bill as the example of Franks supposed malfeasance shows a fundamental lack of understanding between the difference of cause and cure.

What is so impressive about him?

Most impressive is that he is, unlike you, willing to "pin the tail on the Donkey."

You Dem apologists love using terms like 'fundemental," as though there is some profound thinking going on.

When Democrat responsibility for the crisis was first brought up, there was squealing and screaming. Now that more and more sources are nailing you, the fall back position is "both parties..." or "how dare this ignorant 'kid' attack our high priest"...

Reminder: the 'kid' is backed up by the WSJ, Baltimore Biz Journal, Boston Globe, American Spectator, etc.

How ya like them apples?

I can only agree with you about the student's question being proper. But your continued intimation that those 4 publications represent the gospel truth only shows that your knowledge is limited to right wing opinions. There have been numerous television documentaries outlining the history of the financial collapse none of which place the blame squarely on Democrats OR Republicans as political influences, but rather a pattern of quick bucks to be made by an unregulated process. PERIOD.

I like your posts, and you are fairly even handed, and well written, but show the leftie slant when you refuse to acknowledge the financial perspectives of IBD, WSJ, and the rest, and call them right wing. They are legitimate and respected journal in the field.

The same is true of your back-hand of O'reilly, who is not laughed at by any means. His huge audience is made up of those of all political perspectives, and, unlke frauds like Olbermann, he is not afraid to have dissenting opinion.

If the " numerous television documentaries outlining the history of the financial collapse " are produced by PBS, NBC, ABC or CBS, then we do have a disagreement on validity.

Also, it depends on the time frame. My thesis is that 1938 is the place to start looking for the crisis: GSE's.