Democrats controlled both Chambers

You are aware that the Gramm Leach Biliey act of November 1999 was sponsored by one Chuck Shumer and Chris Dodd who guaranteed the democratic party would fall in behind the act, furthermore that Barney was a big supporter? Or did you just overlook this small bit of fact? Furthermore you are aware that the effort to remove the GSE from government control proposed by Reagan in the early 1980's was shut down by what party and by whom? take flying guess? My assumption that the cumulative effect of 60 plus years of government meddling in the housing industry was all the republicans fault? As one Milton Friedman once stated, the role of government is to govern not to meddle control, and intrude in the free market for it has the mechanisms built in to punish and reward poor management.
But heck when you have nothing to stand on why not blame someone else for your miserable record.



I think we all bought the free market crap at least a little bit, the smart ones wised-up long ago.


Give us the name of ONE Democrat who stood up against these practices.


Don't hold your breath sniper, he can't. Free market crap is his or her worst enemy, because deep inside every living person is the desire to succeed and receive compensation in keeping with the sweat that rolls down their back and they don't want to give that compensation up so some fool can sit on their ass. But then again there are those that feed off people that work, social parasites, who see the government as their savior and life blood.
 
For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......:)

Having a slim majority during a period of hyper partisanship is tantamount to having very little power.

Democrats won in 2006 and entered into a new congress in 2007.

you are either incredibly stupid or being disingenuous, either way it reflects badly on you and your argument
 
I guess when you live in the past and don't accept responsibility for your current actions you have nothing left to stand on. As for the financial melt down of the housing industry you had better do some research before you get too carried away.

Fannie and Freddie are absolutely sound.

'Live in the past and don't accept responsibility'



Boooooosh



:lol:
 
The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.

Three F+F regulation bills 2005, 2006, 2007, guess which one finally got passed and who sponsored it.


You are aware that the Gramm Leach Biliey act of November 1999 was sponsored by one Chuck Shumer and Chris Dodd who guaranteed the democratic party would fall in behind the act, furthermore that Barney was a big supporter? Or did you just overlook this small bit of fact? Furthermore you are aware that the effort to remove the GSE from government control proposed by Reagan in the early 1980's was shut down by what party and by whom? take flying guess? My assumption that the cumulative effect of 60 plus years of government meddling in the housing industry was all the republicans fault? As one Milton Friedman once stated, the role of government is to govern not to meddle control, and intrude in the free market for it has the mechanisms built in to punish and reward poor management.
But heck when you have nothing to stand on why not blame someone else for your miserable record.

propaganda again? lying by omission. highlight support for things while ignoring fights over regulation of markets and the conservative's assaults (with some Dem assist) on the regulatory system(s)
 
The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.

I have consistently argued that the push for homeownership that existed in the Clinton administration, but was significantly upgraded in the Bush administration, made the mistake of assuming that virtually all people could be homeowners. In contrast, I argued that the majority of low-income people should be aided by policies that promoted affordable rental housing.

For example, on February 18, 2002, at a hearing on the budget I said "I am in favor of trying to help lower-income people get the advantages of homeownership...but almost by definition, the large majority of poor people are going to need rental housing." On March 6, 2004, the National Journal reported that "When the FHA's plan to insure subprime loans was included in a Senate-passed appropriations bill, Frank...a staunch supporter of low-income housing, wrote a highly critical letter urging that the measure not be included ... Not only had the House committee not examined ...the proposal he said then, but the measure also offered no protection against lenders inappropriately steering people towards these high-cost loans. Nor did it offer safeguards to ensure that participants 'were fully suitable for homeownership.'"

That same year, when the Bush administration insisted that Fannie Mae and Freddie Mac raise the percentage of below-median income homeowner mortgages they bought, I was correctly quoted in a Bloomberg article on June 17th as saying that this would "do some harm," and the writer noted that "Frank's comments echo concerns...that the new goals will undermine profits and put new homeowners into dwellings they can't afford."

Rep. Barney Frank: Wall Street Journal Editorial Board Does It Again
 
Barney Frank - Wikipedia, the free encyclopedia

In response to criticism, Frank said, "In 2004, it was Bush who started to push Fannie and Freddie into subprime mortgages, because they were boasting about how they were expanding homeownership for low-income people. And I said at the time, 'Hey — (a) this is going to jeopardize their profitability, but (b) it's going to put people in homes they can't afford, and they're gonna lose them.'"[8]


In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[53] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[53] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.

"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[8] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53] Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover,


just the facts ma'am
 
Last edited:
Barney Frank - Wikipedia, the free encyclopedia

In response to criticism, Frank said, "In 2004, it was Bush who started to push Fannie and Freddie into subprime mortgages, because they were boasting about how they were expanding homeownership for low-income people. And I said at the time, 'Hey — (a) this is going to jeopardize their profitability, but (b) it's going to put people in homes they can't afford, and they're gonna lose them.'"[8]


In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[53] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[53] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.

"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[8] Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53] Frank further stated that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover,


just the facts ma'am

In 2003, while the ranking minority member on the Financial Services Committee, Frank opposed a Bush administration proposal, in response to accounting scandals, for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal, supported by the head of Fannie Mae, reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities ...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."[47] In 2003, Frank also stated what has been called his "famous dice roll":[48] "I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the Office of the Comptroller of the Currency and the Office of Thrift Supervision. I want to roll the dice a little bit more in this situation towards subsidised housing."[49] In July 2008, Frank said in an CNBC interview, "I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward."[50]

Selective facts it seems, funny how you lean Barney's way, must be gay...
 
For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......:)

can you spell F-I-L-I-B-U-S-T-E-R???

eh... probably not.

So how is insults helping you out..........eh probably not..Obama got his health care passed with no republican support...Your little comment is what makes this board less attractive to discuss anything...:cuckoo:
 
I guess when you live in the past and don't accept responsibility for your current actions you have nothing left to stand on. As for the financial melt down of the housing industry you had better do some research before you get too carried away.

Fannie and Freddie are absolutely sound.

'Live in the past and don't accept responsibility'



Boooooosh



:lol:

Thanks for the reminder of that. Even as Bush want to do something with the two, the democrats was against that and now we know why.......a money maker for some of the lawmakers.........:(
 
Dem's controlled both house and senate in 2007 that explains things I would think. Anyway, I understand there are still tons of supporters for Obama and this administration and I just can't understand how there are people that still want to keep us in this horrible state of affairs. I just don't understand how there are people out there, still incapable of seeing how hard this administration is making it for our livelyhoods and want more of it. These are the voters that put us in this mess, and I guess they wanna keep us in it longer. It will be a nasty election and a close one from what I hear.
 
Dem's controlled both house and senate in 2007 that explains things I would think. Anyway, I understand there are still tons of supporters for Obama and this administration and I just can't understand how there are people that still want to keep us in this horrible state of affairs. I just don't understand how there are people out there, still incapable of seeing how hard this administration is making it for our livelyhoods and want more of it. These are the voters that put us in this mess, and I guess they wanna keep us in it longer. It will be a nasty election and a close one from what I hear.

Thanks for the comment. I know it will be a difficult election. But we already know what tactics they will use. Class war fare. Once again, it is only for show that Obama is attacking "rich" people, he is rich himself. I am sad to see the first African-American president also be one of the worst presidents we have had when it comes to dividing the country.
 
For several years starting when Bush was still in office and a couple of years into Obama's term. Why republicans get all the blame is beyond me, not to mention Bush who had to deal with a democratic controlled Congress. So if Obama didn't get much done the two first years, well that is not the fault of republicans.......:)

Having a slim majority during a period of hyper partisanship is tantamount to having very little power.

Democrats won in 2006 and entered into a new congress in 2007.

you are either incredibly stupid or being disingenuous, either way it reflects badly on you and your argument


So I am stupid for pointing something out.....well it says more about you than me...:lol:
 
The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.

I have consistently argued that the push for homeownership that existed in the Clinton administration, but was significantly upgraded in the Bush administration, made the mistake of assuming that virtually all people could be homeowners. In contrast, I argued that the majority of low-income people should be aided by policies that promoted affordable rental housing.

For example, on February 18, 2002, at a hearing on the budget I said "I am in favor of trying to help lower-income people get the advantages of homeownership...but almost by definition, the large majority of poor people are going to need rental housing." On March 6, 2004, the National Journal reported that "When the FHA's plan to insure subprime loans was included in a Senate-passed appropriations bill, Frank...a staunch supporter of low-income housing, wrote a highly critical letter urging that the measure not be included ... Not only had the House committee not examined ...the proposal he said then, but the measure also offered no protection against lenders inappropriately steering people towards these high-cost loans. Nor did it offer safeguards to ensure that participants 'were fully suitable for homeownership.'"

That same year, when the Bush administration insisted that Fannie Mae and Freddie Mac raise the percentage of below-median income homeowner mortgages they bought, I was correctly quoted in a Bloomberg article on June 17th as saying that this would "do some harm," and the writer noted that "Frank's comments echo concerns...that the new goals will undermine profits and put new homeowners into dwellings they can't afford."

Rep. Barney Frank: Wall Street Journal Editorial Board Does It Again

from your article which is seriously challenged since barney is writing for himself I am not surprised but you should always take anything any pol says, dem or rep wiht a grain of salt, for instance-
For all the demonizing, about eighty percent of even subprime loans are being repaid on time and another ten percent are only thirty days behind. Most of these new homeowners are low-income families, often minorities, who would otherwise not have qualified for a mortgage.

a) that article was written in 2008, which leads to b) go look it up now ,and take a gander at whats in holding right now, as to foreclosure abatement and what will have to come c) with all of the money thrown at F&F since, its a a money pit. d) barneys own words on the record also having him rah rahing F&F and rolling the dice as late at late 2007....d)in 2007, he took over what committee? and kept his foot firmly on the pedal right to the bitter end....
 
The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.



Rep. Barney Frank: Wall Street Journal Editorial Board Does It Again

from your article which is seriously challenged since barney is writing for himself I am not surprised but you should always take anything any pol says, dem or rep wiht a grain of salt, for instance-
For all the demonizing, about eighty percent of even subprime loans are being repaid on time and another ten percent are only thirty days behind. Most of these new homeowners are low-income families, often minorities, who would otherwise not have qualified for a mortgage.

a) that article was written in 2008, which leads to b) go look it up now ,and take a gander at whats in holding right now, as to foreclosure abatement and what will have to come c) with all of the money thrown at F&F since, its a a money pit. d) barneys own words on the record also having him rah rahing F&F and rolling the dice as late at late 2007....d)in 2007, he took over what committee? and kept his foot firmly on the pedal right to the bitter end....

[ame=http://www.youtube.com/watch?v=BC88oox9TBo]Barney Frank Freddie Fannie Flip - YouTube[/ame]
 
quote=SniperFire;5154243] Clinton and his revisions to the CRA uncoupled mortgage lending from creditworthiness and ability to repay. Worse, by inserting the power of the Federal gubmint to back the loans, he gave birth to the 'too big to fail' mentality in the financial community which was the real enabler behind the subprime and deriviative boom. If not for his legacy of being first elected POTUS to be shamefully impeached, his catalystic actions that destroyed our credit and mortgage markets would be his enduring legacy. But 100 years from now he will only be remembered for forcing little girls who worked for him to give him sex.[/QUOTE]

To think the evil Clinton with the evil Republican majorities in the House and the Senate took "catalytic actions" to destroy "credit and mortgage markets."

This obviously is how SniperFire analyzes and gives credit for information: poorly.,
 
The Housing bust brought down the Market and guess who defeated 3 attempts by Bush and McCain to regulate said market more? Barney Frank in the House and Chris Dodd in the Senate. Hell Barney Frank was on National TV just before the collapse stating that the market was sound and the ONLY danger it faced was more regulations. Further the deregulation and the bad loan practice was created while Clinton was President he signed the bills and he and the Democrats including Obama as a lawyer pressured banks to make bad loans. The person in charge of the Government agencies doing housing loans were Democrats.



Rep. Barney Frank: Wall Street Journal Editorial Board Does It Again

from your article which is seriously challenged since barney is writing for himself I am not surprised but you should always take anything any pol says, dem or rep wiht a grain of salt, for instance-
For all the demonizing, about eighty percent of even subprime loans are being repaid on time and another ten percent are only thirty days behind. Most of these new homeowners are low-income families, often minorities, who would otherwise not have qualified for a mortgage.

a) that article was written in 2008, which leads to b) go look it up now ,and take a gander at whats in holding right now, as to foreclosure abatement and what will have to come c) with all of the money thrown at F&F since, its a a money pit. d) barneys own words on the record also having him rah rahing F&F and rolling the dice as late at late 2007....d)in 2007, he took over what committee? and kept his foot firmly on the pedal right to the bitter end....

Barney did indeed, aided by his GOP friends who did the same thing when the had the majority.
 

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