Barney Frank and the US economy

Discussion in 'Economics' started by Aaron Copland, Jan 21, 2009.

  1. You need to watch this guy on C-SPAN. This knuckle head is running the show in finance.
  2. Don't mess with Barney Fag. He will scratch your eyes out. :D
  3. harkm


    Sickening isn't it? I also hate the way CNBC kisses his butt during interviews. How does this guy get elected?
  4. olias


    wholeheartedly agree
  5. 377OHMS



    Ricerocket, I'm taking you off my ignore list. :D
  6. skylr33


    That clueless pillow biter is a joke. It amazes me that we allow such idiots to draft laws in this country.... On second thought, it doesn't surprise me!!!
  7. Cesko


  8. gangof4


    One of Barney 'roll the dice' Frank's gems from the 2003 hearing. read the whole thing to see the quote that McCain and his people were too fucking stupid to use in the campaign to show where the blame really should be placed. this was a hearing, called by the Bush admin, because of worries that fannie and freddie were out of control. Maxine Waters sparkles in this hearing as well.

    Mr. FRANK. "Well, I agree. I think my colleague may be asking you whether you think the regulator here, in fact, should more resemble the OTS and the OCC than some of the proposed statutes do.
    But I would say this, yes, there is that same tension. But it is not the mission of either the OTS or the OCC to promote low-income housing. And that's the difference.
    I don't want to treat Fannie Mae and Freddie Mac the same as I treat a regular bank. If I wanted them to be just like a regular bank, then we wouldn't need a Fannie Mae and a Freddie Mac. We could have a regular bank.
    The theory is that we have these separate government-sponsored enterprises that do have some statutory advantages in return for which they focus on housing, and, specifically, we give them goals. We have the Community Reinvestment Act. Maybe if I filed a bill that gave every bank the same kind of low-income housing goals as Fannie and Freddie and some ability to—maybe I could get it passed. I don't think so.

    And they are very different. OCC and OTS have a safety and soundness mandate entirely, with a little bit of social consciousness with the CRA. But the CRA basically says, ''Do not suck too much money out of the community and do not put any back in.''
    It should be qualitatively different than the mandates we have given to Fannie and Freddie.
    So I guess that may sum up to me why some of us have some differences on this. I do not want Fannie and Freddie to be just another bank. If they were not going to do more than another bank would because they have so many advantages, then we do not need them.
    And so therefore, I do think I do not want the same kind of focus on safety and soundness that we have in OCC and OTS. I want to roll the dice a little bit more in this situation towards subsidized housing."

    now, if you want to really be sick, go to the catcher's website to see him position himself as the regulatory hero who, if only head of the committee earlier, would have stopped this mess b4 it got started. i have no idea how this POS can even show his face, muchless revise history to put himself 180 degrees from where he stood.
  9. How do we get this turd burglar out of office?
  10. You get the government you deserve, and there's a lot of dumb f$%ks in Mass (and in a lot of other places in the country) - - - They don't even know theyre getting screwed up the a$$
    #10     Jan 21, 2009