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Bawney Fwank refutes his role in Housing Bubble:

Discussion in 'Political Discussion' started by Run DMC, Jul 20, 2009.

  1. Run DMC

    Run DMC In the Starting Line-Up

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    #24 Jersey

  2. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I don't agree with those who say the housing crisis is an old phenomenon. The fact is the lending policies worked quite well for many years and many people are far better off now than they were thanks to these policies. But, policies should never be set in stone. They have to change when their are warning bells.

    The last opportunity to change the policies was when Bush had a Republican Congress. I believe their were warnings be raised at that time. That is when lending and banking regulations and rules should have been changed.

    The fact is, from what I can find, the mortgage crisis was first predicted in 2004. Ron Paul was among the first. The Republicans controlled Congressed and the Presidency from 2003-2007, but did not do so; nor did the Bush administration. If the Democrats had called for tough regulation, investigations, and changes in the Fed, do you think the Republicans would have listened? No way.

    Had anyone acted prior to 2003, it would have been original thinking because the signs of the mortgage crisis were not in place.
     
  3. State

    State In the Starting Line-Up

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    #70 Jersey

    I think his district is gerrymandered and looks like a raccoon after being driven over by a sixteen-wheeler.

    Check this out, New York Times, 11 Sept. 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae - The New York Times
    The media's role is a disgrace. About three or four months ago Sixty Minutes did a puff piece that was nearly a hagiography on Barney Frank.

    It's amazing. Like Clinton never being called on not releasing his medical records. Or Obama, his birth certificate.

    Congress held hearings on McCain's status to be prez, since he was born to military parents in Panama. Not for Barry, though, even though his grandmother gave sworn testimony he was born in Kenya.
     
  4. PatriotsReign

    PatriotsReign Hall of Fame Poster

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  5. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    The issue was not really known until fairly recently, and frankly was not issue until that time. The laws worked very well for us for a number of years.

    Consider that a conservative Republican Congressman from Ohio, Pat Tiberi, introduced the Zero Down Act of 2004, which was approved by the Republican-controlled committees.

    The first link is to a Heritage Foundation article criticizing the very conservative Pat Tiberi (R-OH):

    Congress's Risky Zero Down Payment Plan Will Undermine FHA's Soundness and Discourage Self-Reliance

    It's not a particularly harsh critique, since it only urges Congress to be skeptical.

    Tiberi's voting record:

    Project Vote Smart - Representative Patrick J. 'Pat' Tiberi - Voting Record

    The fact is the first knowledge of the crisis came during a time when Republicans controlled Congress and the White House. They did nothing about it. Now that Democrats control Congress and the White House, they are donig something. You may not like what theyr'e doing, but we've ready seen what happens when you do nothing. Those who think we should have waited the crisis out are simply ignoring the real life realities on the ground. There are many honest, hard working people who are suffering. How can you ignore that and do nothing?
     
    Last edited: Jul 20, 2009
  6. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    :singing: Thanks for the laugh :singing:
     
  7. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    Good little liberal schill :singing:
     
  8. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Typical conservative lack of substance :singing:
     
  9. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Your gonna screw them all up with that one about Barry's birth certificate, they don't know how to handle a well educated, well read guy like yourself daring to mention "the birth certificate thing" it's a$s holes like me they like to hear it from so they can laugh it off.

    Nobody cares about Jug Ears Birth Certificate they have their Poster Boy thats all they really wanted or care about, when he screws up they'll just find some way to blame Bush.
    We don't hear them slobbering about his beautiful speeches anymore maybe thats a good sign.
     
  10. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    Who was it that was in charge of the House banking committee from 1994 to 2006? You know, the one Frank was a minority member of. I guess the R next to his name must stand for Really hard to hold accountable.

    But that's republicans in general for you, their motto is 'the buck stops someplace else.'
     
  11. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    two words:



    OWNERSHIP SOCIETY




    http://www.nytimes.com/2008/12/21/business/21admin.html?_r=1

    “We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002







     Down for the Count: Bush's "ownership society" hits the canvas                 : Information Clearing House - ICH

    Bush's "ownership society" goes bust. - By Daniel Gross - Slate Magazine

    Bush's 'Ownership' Scam





    Barney Frank??????



    riiiiight.......gotcha....
     
  12. tanked_as_usual

    tanked_as_usual Banned

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    april 2001 - the bush administration raised a flag regarding freddie mac and fannie mae that their size could become a problem because financial problems with them could cause strong repercussions in financial markets

    2003 - bush administration upgrades above to a systemic risk that couls spread beyond the housing sector

    fall 2003 - bush administration pushes hard to implement regulations of freddie and fannie...sez tres sec john snow 'we need to implement regulation of the gse's....and the safety and the soundness of their financial activities'......but got strong push back from ranking member now chariman of the financial services committee.......barney frank........sez barney 'fannie and freddie are not in a crisis and should be doing even more to get low income families into mortgages....the more people exaggerate the safety and soundness, the more people conjure up the prospects of serious financial losses, which I do not see'....the legislation was blocked

    2005 - greenspan on fannie and freddie major accounting screw-ups: 'enabling these institutions to increase in size....and they will once their crisis in judgement passes, we are placing the entire financial system in future risk'...later at a hearing: 'if we fail to secure gse regulation, we increase the possibility in insolvency and crisis'...........but the 2 gse's had strong defenders in guys like D-shumer

    2006 - mccain pushes once more for legislation to regulate the gse's 'for years I have been concerned about the regulatory structure of fannie and freddie...the sheer magnitude of these companies and the role they play in housing....gse's need to be reformed without delay'....the bill passed the senate with every D voting against it......never got to the house knowing it would be shot down.......sen. obama never weighed in on the bill...........

    ok libbies..........hand out some more revisionary history, because the entire problem of todays financial problems are the fault of the dems
     
  13. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    reall odd how you skipped over 2004.....


    what happened then?


    hmmmmmm
     
  14. tanked_as_usual

    tanked_as_usual Banned

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    Fall 2003 - sez barney: 'fannie and freddie are not in a crisis and should be doing even more to get low income families into mortgages....the more people exaggerate the safety and soundness, the more people conjure up the prospects of serious financial losses, which I do not see'

    a hell of alot more damning than the garbage you spew
     
  15. Holy Diver

    Holy Diver Pro Bowl Player

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    A Fresh Voice Sees the Downside of Bush's 'Ownership Society' - Los Angeles Times

    "The whole idea of an ownership society resonates very deeply not only with community development people, but also with black folks who are thinking along self-help lines," says Griffith, now a fellow at the Drum Major Institute, a New York think tank affiliated with the civil rights movement.

    But in the end, Griffith argues, the expanded ownership Bush is promoting won't produce a more equitable society by itself. As a vision of citizenship, Griffith maintains, ownership is too narrow and isolating. "The ownership society," Griffith worries, "is about getting the best deal I can, and forget everybody else."

    No Democrat in years has crafted a unifying rationale for domestic policy nearly as sweeping as Bush's emphasis on ownership. Griffith hasn't either...
     
  16. tanked_as_usual

    tanked_as_usual Banned

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    dude.....I am giving actual quotes of politicians.......

    and you are doing fluff
     
  17. tanked_as_usual

    tanked_as_usual Banned

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    doesnt matter......libbies were still unanimously against regulating the gse's in 2006......

    try relevance for a change
     
  18. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    Americans are buying homes, and that's good news for this country. We hit an all-time high in October, in terms of home buying. More Americans now own their homes than any time in our nation's history. Minority ownership -- home ownership is at an all-time high in the United States of America. (Applause.) Real disposable income is up; our consumers are confident. New orders for durable goods, like machinery, have risen sharply, and shipments of manufactured goods are up, as well. Business activity in our manufacturing sector reported its 30th straight month of growth. In the past five years, productivity has grown at some of the fastest rates since the 1960s. Our small businesses are thriving. Fortunately, I didn't listen to the pessimists about tax cuts. The tax cuts are working. (Applause.)

    -George W Bush December 5, 2005


    yeah....
     
    Last edited: Jul 20, 2009
  19. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Well Bush and his party certainly have their share of the Blame, however when the pubbies tried to change things the dems fillibustered attempts at reform during the Bush administration. Barney even went so far to say that Freddie and Fannie were solid in 2007.
     
  20. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    Dude, I refuted your schtick on so many occasions, its not even worth it anymore. My point was................. your response is so typical, we all know what your are going to say, or what position you are going to take ON EVERY SINGLE ISSUE.

    It's not even remotely interesting anymore. Seriously. switch it up every now and again.
     

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