Welcome to PatsFans.com

NY Times Opinion piece blames Fannie Mae (and Barney)

Discussion in 'Political Discussion' started by Patsfanin Philly, Jun 18, 2011.

  1. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

    Joined:
    Jan 16, 2005
    Messages:
    6,759
    Likes Received:
    27
    Ratings:
    +70 / 0 / -0

    #95 Jersey

    It's an indictment of BOTH parties and the "Washington mentality"

    http://www.nytimes.com/2011/06/17/opinion/17brooks.html?_r=1

    "For that reason, the Fannie Mae scandal is the most important political scandal since Watergate. It helped sink the American economy.
    It has cost taxpayers about $153 billion, so far. It indicts patterns of behavior that are considered normal and respectable in Washington."
     
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    41,806
    Likes Received:
    180
    Ratings:
    +367 / 11 / -27

    Not going to defend or detract, but it pales in comparison to the 3 trillion wasted on a crusade based on lies in Iraq...
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

    Joined:
    Jan 15, 2007
    Messages:
    26,667
    Likes Received:
    143
    Ratings:
    +387 / 3 / -15

    It was this foolish belief that somehow, people who weren't qualified to buy a home, should be able to own one. Where & why this idea started has Barney Frank's name all over it. What did he think, that all of a sudden we could put marginally poor citizens into homes and the country would hold hands and sing Kumbaya?

    We now know that only those who are qualified should own one. It has always been that way and it will always remain that way.
     
  4. BSR

    BSR In the Starting Line-Up

    Joined:
    Nov 7, 2007
    Messages:
    2,952
    Likes Received:
    12
    Ratings:
    +42 / 0 / -0

    This is of course one of the main roots of the economic collapse, but again there is no one central cause. However, I don't think Freddie and Fannie and their government backing getting nearly enough of the blame. This goes over most peoples heads.
     
  5. wistahpatsfan

    wistahpatsfan Pro Bowl Player

    Joined:
    Jul 30, 2005
    Messages:
    15,675
    Likes Received:
    11
    Ratings:
    +13 / 0 / -1

    #75 Jersey

    Every scandal or disaster requires a poster boy regardless of how complex it is or how many players there are. Bush is the poster boy for Iraq, yet the Dems went along for the ride. The housing collapse has Barney, yet it was the banks who decided to loan the money that they knew couldn't be paid back. Funny behavior for a bank. Lots of blame to go around and lots of money and property reverts back into the hands of the banks, who now refuse to let go of it when it's really needed. To lay the blame on Frank or any other one person is absurd.
     
  6. Real World

    Real World Moderator Staff Member

    Joined:
    Aug 15, 2006
    Messages:
    27,136
    Likes Received:
    223
    Ratings:
    +533 / 6 / -2

    Iraaaaaq!

    ...
     
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    41,806
    Likes Received:
    180
    Ratings:
    +367 / 11 / -27

    The reality that people often ignore.. the fannie mae did not help, but there is no bigger drain on our economy than just wasting 3 trillion based on lies.
     
  8. BSR

    BSR In the Starting Line-Up

    Joined:
    Nov 7, 2007
    Messages:
    2,952
    Likes Received:
    12
    Ratings:
    +42 / 0 / -0

    I hate to contribute to blatant spam but where do you get that figure? Costofwar.com has it at about $800 billion. Still a number that is much bigger than it should but not nearly the number you are touting. In the end the economic collapse is a bigger deal.
     
  9. Harry Boy

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

    Joined:
    Nov 10, 2005
    Messages:
    40,211
    Likes Received:
    196
    Ratings:
    +667 / 2 / -9

    A lot of "Jug Ear Voters" thought he was going to stop all that instead he started some of his own.

    Bush started it Obama keeps it going.
     
  10. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    24,872
    Likes Received:
    108
    Ratings:
    +240 / 8 / -13

    Yeah but Barney Frank's boyfriend got a great severance package ..... no not the Weiner type package the $$$$ kind.


    :D
     
  11. BSR

    BSR In the Starting Line-Up

    Joined:
    Nov 7, 2007
    Messages:
    2,952
    Likes Received:
    12
    Ratings:
    +42 / 0 / -0

    My impression is that most people do put the blame on the banks and wall street. That's why they call it the banking collapse and make a movie centered specifically on the banks roll. I have seen very little mainstream critic of the roll that government backed mortgages played in the problem. Your statement regarding placing blame on the banks to loan illustrates what I am talking about. Why wouldn't the banks loan the money? FNMA and FHLMC set the parameters and the banks shoveled out the money knowing they didn't have to keep the loans. Lowering loan standards set off a chain of events that would eventually make the system break.

    All that being said, I don't wholly buy into the nefarious like image this article paints, just as I don't buy into it with regards to the banks. In this case I don't blame malice for what ignorance can explain.
     
  12. Wolfpack

    Wolfpack Banned

    Joined:
    Sep 6, 2009
    Messages:
    9,111
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    Actually, defending and detracting is exactly what you're doing here.

    You know, you don't have to hijack every single thread in this forum by taking any subject, no matter what it is, and bringing it back to Iraq.
     
  13. Wolfpack

    Wolfpack Banned

    Joined:
    Sep 6, 2009
    Messages:
    9,111
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

    I agree Barney Frank doesn't deserve 100% of the blame - Bill Clinton deserves a ton of the blame to. It was his brilliant idea to pressure FNMA and banks to issue out more and more loans to "poor people and minorities". There is a brilliant editorial from the NY Times - written in 1999 - explaining precisely why this is such a bad idea.

    Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

    Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.
     
  14. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

    Joined:
    Jan 16, 2005
    Messages:
    6,759
    Likes Received:
    27
    Ratings:
    +70 / 0 / -0

    #95 Jersey

    Actually, not really. The banks made ( or were forced by Congress depending on your perspective) the loans and then bundled them and Wall Street sold them giving the banks their money without the risk. There is plenty of blame to go around, Fannie, Freddie, Barney, Wall Street, Congress, a few Presidents who promoted the Community development and yes, for the personal responsibility
    those who took out mortgages they couldn't afford. I am old enough to remember 28%/36% requirements for mortgages. The mortgage payment (principal and interest) could not exceed 28% of your income or 36% of your total debt. It kept the default rate low and ensured responsible buyers. When no doc mortgages were the rage, it guaranteed people would get in over their heads.
     
  15. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    41,806
    Likes Received:
    180
    Ratings:
    +367 / 11 / -27

    From Here..

    The true cost of the Iraq war: $3 trillion and beyond
     
  16. khayos

    khayos In the Starting Line-Up

    Joined:
    Apr 19, 2005
    Messages:
    3,675
    Likes Received:
    0
    Ratings:
    +0 / 0 / -0

  17. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

    Joined:
    Jan 4, 2005
    Messages:
    24,872
    Likes Received:
    108
    Ratings:
    +240 / 8 / -13



    The analysis is garbage for example they attribute the rise in oil prices and projected impacts in the US economy was due ti the Iraq. This is just one example the rest of the piece is just as bad.
     
  18. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    41,806
    Likes Received:
    180
    Ratings:
    +367 / 11 / -27

    Do not defend Obama and his actions.. think Afghanistan is a colossal waste of time and money..

    There is a scheduled pull out of Iraq by the end of December..
     
  19. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    41,806
    Likes Received:
    180
    Ratings:
    +367 / 11 / -27

    You need to spell and grammar check your response, what I read is gobbledygook.. the right tries very hard to deny that Iraq had a negative impact on our economy..
     
  20. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

    Joined:
    Sep 13, 2004
    Messages:
    39,124
    Likes Received:
    478
    Ratings:
    +1,055 / 9 / -19

    #87 Jersey

    What is missing in this thread is that George Bush pandered to the liberal thinking politicians so that they would keep approving his war funding bills. He sat by idly as the Fed had unrealistic interest rates to prop up a false economy that never existed. A booming economy that was built on money that did not exist. But the war kept getting funded and Congress members were looking like heroes back home.

    We wonder why China is disgusted with us - and then we wonder why we wonder about it and all that wondering leads to the same stupid decisions. The people that built this country must turn over in their graves every day. The Fannie Mae fiasco may have started during the Clinton Presidency but the GOP was in charge of Congress back then - that dumb azzed blue print for America crap - they all suck and they all have blood on their filthy hands for allowing unjust wars to be waged.
     

Share This Page

unset ($sidebar_block_show); ?>