Barney Frank: Here's The Point

[bigbluemik]

your right barney MSNBC CNN ABC are bias. at least we have one media outlet that presents the news fair and balanced.

[TheNostalgiaSpot]

@bigbluemik NPR? :P

[john51880]

Please vote for Sean Bielat!

[bambam8541]

watch?v=cMnSp4qEXNM&NR;=1 See Barney say it in his own fagish slobbering words, in 2003 "Fannie and Freddie are not in crisis, they are fundamentally sound, and even if there was a problem the federal govt doesnt bail them out." What a lying POS, he should be tried for TREASON but yet you MORONS think he is a champion.

[judyleasugar97]

@bambam8541: Fannie and Freddie were NOT the cause of the subprime meltdown, they were victims.

[bambam8541]

@judyleasugar97 So who forced them to give out so much they needed a bailout? Who victimized them?

[judyleasugar97]

Go Barney, he is a champion of the people.

[bambam8541]

@judyleasugar97 He is the worthless idiot that let Fannie and Freddie get away with all the crap, but NO blame bush. He is the slobbering homo that is responsible for not doing his job and he should be tried for TREASON. If he represents the people of MA then that state is worthless.

[judyleasugar97]

@bambam8541: Almost none of the subprime loans were Frannie and Freddie -- the companies were NOT the causes of the crisis, they were victims. The economy is a very complicated issue and many people have misconceptions.

[bambam8541]

@judyleasugar97 Victims?? It is complicated so I suggest you check your sources. They received a huge bailout that could end up costing taxpayers over a 1 trillion dollars. please read this: w3.aei.org/outlook/28704 I believe you have plenty of misconception for many people. Thanks for looking out for us Barney.

[judyleasugar97]

@bambam8541: My sources are very good, idiot. I'm assuming you don't have any credentials of any kind.

[bambam8541]

@judyleasugar97 Please list your sources. Mine are common sense, reliable news sources and its painfully obvious they shouldnt have needed a bailout it they were victims. BTW, who are the perpitrators? What are B Franks?? is the $40,000 in contributions or the gay exec he was banging?

[judyleasugar97]

@bambam8541: Reliable news sources -- like Fox Channel? You are woefully misinformed. Fannie and Freddie were not the cause of the subprime crisis. Your statement shows your ignorance in this very complex subject. The real villain was deregulation.

[bambam8541]

@judyleasugar97 I never said Fox but MSN/CNN/NBC. The government mission required them to keep mortgage interest rates low and to increase their support for affordable housing. The special relationship with Congress was the GSEs' undoing because it allowed them to escape the market discipline--the wariness of lenders--that keeps corporate managements from taking unacceptable risks.

98 to08, Fannie spent $79.5 million, Freddie spent $94.9 million lobbying Congress.

[judyleasugar97]

@bambam8541: You're speaking of a small segment of the problem, govt support of affordable housing. The conservatives all focus on this tiny secion of it. Sounds like you are in favor of regulating the industry?

[bambam8541]

@judyleasugar97 Actually about 48% was in affordable housing. Thats not a tiny section. It was the regulation or lack of Barney enforcing regulation. If we would let the free market prosper and not artificially subject it to GSE's we would have this problem.

[judyleasugar97]

@bambam8541: That's Republican spin.

[bambam8541]

@judyleasugar97 Its fact thats why you have nothing other to deny it other to say its 'spin'. If you want to see sping then watch Obama un-stick his foot from his mouth regardng the mosque at the WTC site.

[judyleasugar97]

@bambam8541: For your information most muslims are not terrorists. Saying we can't have that mosque because of 911 is the same as saying we can't have Christian churches because some so-called Christians bomb clinics.

[bambam8541]

@judyleasugar97 And not all rapist are rapist they are just un-documented husbands. No one is saying they cant have a mosque, just everyone is saying move it somewhere else. I wish more people had religious freedom when it came to dealing with Christians but then the ACLU and freedom from religion gets thrown in our face. I am glad americans and christians are getting a backbone and standing up, we have been perscuted far to long in the country we founded to free from persecution.

[judyleasugar97]

@bambam8541: If people protested the building of a Christian church near where an abortion clinic was bombed by fundamentalists, the Christian community would be outraged, yet it really is the same thing.

[bambam8541]

@judyleasugar97 I asked for your sources but you never answer any of my questions, why is that? You obviously dont know christianity or islam or the difference between them. Your analogy proves that. Please read a litte history and become educated before you form your opinion. MSNBC doesnt count. Why wont they let them rebuild the church that was destroyed on 911 but yet they will build a mosque, paid for with blood money, for an evil Imam that will and has taught do evil to the US. ACLU?

[judyleasugar97]

@bambam8541: Just because you don't want to acknowledge it doesn't mean I didn't make a good point.

[bambam8541]

@judyleasugar97 The failure to adopt meaningful GSE reform in 2005 was a crucial missed opportunity. In 2004, after a forensic audit by OFHEO, even more serious accounting manipulation was found at Fannie, and Raines, its chairman, and Timothy Howard, its chief financial officer, were compelled to resign. The House Financial Services Committee developed a bill that was so badly weakened by GSE lobbying that the Bush administration refused to support it. That would be BARNEY FRANK.

[judyleasugar97]

@bambam8541: What do you mean Bush "refused to support it"? Bush did a lot of saying he was opposed to something but then did nothing to stop it. He was a liar. How do you blame Barney Frank for that?

[bambam8541]

@judyleasugar97 How could Bush stop it? It's up to the losers in the House or more specifically the finacial services committe to come up with ideas. Its not the Executives place, unless he wants to veto a bill, its the hole checks and balances. Just like its not Obama's job to push/enforce policy, thats the Legislatives job. Thats what you call TOTALITARIANISM, which makes Obama a Totalitarium ruler.

[judyleasugar97]

@bambam8541: Bush and his Republican congress could have regulated the market. I suppose you think Bush bending the rules to put his Iraq war in place wasn't totalitarianism? "I'm the decider," yeah right.

[bambam8541]

@judyleasugar97 Bush didnt bend any rules, he used the intelligence that was collected by the Clinton administration. As a matter of fact Congress approved it, 296-133 House and 77-23 Senate. The DEM's would rather see this country continually attacked and build mosque to pay tribute to muslims, OH look they are. In 2003 Barney helped block any reform. see it on youtube. watch?v=cMnSp4qEXNM&NR;=1  Stop being willfully ignorant.

[judyleasugar97]

@bambam8541: The CIA proposed, after Bush was already in office, that there were WMD's in Iraq. They lied to us, and Congress, having not been provided with adequate information, believed the lie, just like the American people.

[bambam8541]

@judyleasugar97 Do you think the CIA just went out a got the information or do you think they collect information throughout the years. If it was a lie it was a lie Saddam continue to play up to and had UN inspectors been able to do there job....... Also it wasnt just info from the CIA, it was a worldwide conclusion, the UN, Britian, Israel, and some of the other allies who invaded with us. We werent alone in making this decision. Either way, I got to give shoes and toys to kids that never had

[judyleasugar97]

@bambam8541: How stupid do you think I am? It was a lie the Bush administration perpetrated through the CIA to invade Iraq. It was all about oil in the end, do you think we'd even be there if there was no oil?

[bambam8541]

@judyleasugar97 I thought Bush was supposed to be the stupid hick from TX? But he was smart enough to fool the CIA, Congress, the UN and many other countries. If you tell me a lie, then I tell someone else that lie (thinking you told me the truth), then they ask you about it and you continue the lie, am I the true liar? Saddam lied, the US and UN believed his lies, we acted on those beliefs. Have you even been to Iraq? Have you seen all this oil we are taking from them? How much do we get? LIES

[judyleasugar97]

@bambam8541: Oh come on. We all know Presidents are advised by think tanks. Bush is an idiot but he had smart people around him. The point is not Saddam but that THE CIA LIED. The original intention was get a foot in the middle east to gain access to oil whether it worked out that way in the end of not.

[bambam8541]

@judyleasugar97 Did the CIA lie or did they say what they believed; what Saddam wanted them to believe? All avenues to get the truth were exhausted. Original intention? Thats your opinion. what facts do you have to back it up? If we wanted their oil we would have their oil. We have enough oil here in our own land. But oil is EVIL! Global warming! Al Gore is a crazed sex poodle!

[judyleasugar97]

@bambam8541: Oh give me a break. How stupid do you think I am? The CIA knew damn well what they were doing. There is evidence the War in Iraq was decided on long before we went there.

[bambam8541]

@judyleasugar97 Have you been to Iraq or Crapistan?

[bambam8541]

@judyleasugar97 I guess George Bush is a GENIOUS! He fooled everyone in the world and now that we have reduces our presence in Iraq look at all that black gold we are stealing. I mean gas prices has never been cheaper and all the dead soldiers did us a favor to save a few dollars at the gas tank. I think I'm going to buy that big gas guzzling SUV and tour the nation. Have you even been to Iraq? or do you just get all your info from MSNBC?

[judyleasugar97]

@bambam8541: Where do you get your information? Fox Channel? You draw from a Republican propaganda think tank.

[bambam8541]

@judyleasugar97 Why dont you answer my questions. How are YOU such a Fannie Freddie know it all? Have you been to Iraq? What think tank (specifically) do I draw my propaganda from? You just have to have common sense, personal responsibility and deal in facts because thats where you draw your opinions (deductive reasoning). Do you even have an education?

[bambam8541]

@judyleasugar97 The Senate Banking Committee, then under Republican control, adopted much stronger legislation in 2005, but unanimous Democratic opposition to the bill in the committee doomed it when it reached the floor. The bill prohibited the GSEs from holding portfolios of mortgages and mortgage-backed securities (MBS); that measure alone would have prevented the disastrous investment activities of the GSEs in the years that followed. THANKS DEMOCRAPS.

[judyleasugar97]

@bambam8541: Republicans adopted much stronger legislation? Bullshit. And I'm not saying there aren't Democrats who are traitors to the party, bought by the corporations.

[bambam8541]

@judyleasugar97 They ALL need to be Fired!

[bambam8541]

@judyleasugar97 Most of their profits came from issuing debt at low rates of interest and holding portfolios of mortgages and MBS with high yields. in his opening statement at a hearing in 2003, Representative Barney Frank (D-Mass.), now the chairman of the House Financial Services Committee, referred to an "arrangement" between Congress and the GSEs. both in general through leveraging the mortgage market, and in particular, to focus on affordable housing. Straight from the fat queens mouth!

[bambam8541]

@judyleasugar97 Please read this part carefully. Affordable housing loans and subprime loans are not synonymous. Affordable housing loans can be traditional prime loans with adequate down payments, fixed rates, and an established and adequate borrower credit history. In trying to increase their commitment to affordable housing, however, the GSEs abandoned these standards. GSEs could get affordable housing credit for purchasing subprime loans. FnF huge exposures to subprime mort. from 05 to 07

[bambam8541]

@judyleasugar97 Even an economist as seemingly sophisticated as Paul Krugman was misled. He wrote in his July 14, 2008, New York Times column that "Fannie and Freddie had nothing to do with the explosion of high-risk lending"

Most of this information can be found at this site: .aei.org/outlook/28704

I look forward to your rebuttal. My major is Pre-MED with a minor in US history and economics. My wife is Pre-Law.

[judyleasugar97]

Washington should have bailed out the people who invested in these financial institutions and let the institutions fail.

[democrapper]

Honorable Barney Frank? Let's be real, now Yoyo

[ptsmmrs]

is it me or does it seem that this guy talks down to everyone around him?

[dpaanlka]

Who keeps voting for this guy???

[wbtaylor1]

A question to ANYONE in Mass. Why do you vote for jokers like this guy and Sen Ted Kennedy? How can you people support these kind of crooks knowing that the rest of the nation laughs at you. They are freaks, liers, cheats, thieves, and just

[uforesearchman]

@wbtaylor1 , Tim Ryan baby...thats who we need in the white house...

[TrooperRaven]

Does this guy have any teeth? I know he has a lisp, but where are the teeth?

Waterboarding is an attractive alternative to watching and listening to Congress(man)? Frank.

[kb1g]

I listened for 2 minutes, and still don't know what the question is. Holy crap. Why is he relevant?

[kb1g]

Arghhhhh! Kill me now. Another manifestation of Massholes voting.

[dantheleo]

Since we all now know that Barney Frank & Chris Dodd were the liberal fools responsible for the housing crisis that started this whole thing. Being that they are the head of housing, banking and finance NOW these two idiots are in charge of BILLIONS of the stimuls money and BILLIONS of the Housing Recovery Plan, say goodbye to our hard earned tax dollars!

[djmuddbutt]

Is it just me or is this guy nearly impossible to listen to for more than 5 seconds? He just drones on and on...

[jagmorr]

It is hard for me to visualize Barney Frank any other way that with jail cell bars in front of his face.

[anakin005]

What's wrong barney? Haven't had another underage male prostitute since your scandal?

[Rustihkov]

No, I don't think that anyone is discriminating against the blue collar workers. The point is you've got no business propping up failing businesses with taxpayer money, regardless of what color their collars are. There are other manufacturers, and I'd just bet that private entities would buy the factories. It was wrong to bail out financial institutions as well.

[RemoSC49]

Who is dumb enough, besides Nazi Pelosi, to listen to and believe this stupid POS? Bawney Fwank you are a disgwace!

[YoyoGrrrl]

If you really had any idea what you were talking about, you'd be able to post a comment without calling names and making personal attacks unrelated to the issue.

As for the Honorable Representative Barney Frank, he is consistently voted by his peers (Republicans and Democrats alike) as one of the most intelligent, competent, and witty members of Congress.

And making fun of the way he talks is simply childish. Go post on Michelle Malkin's site. She thrives on childish insults.

[trekfan92]

Didn't Bill O'Reilly scream at you and teach you a lesson? I hope you learned something.

[buckiemohawk]

Barney you need to be in jail and indicted on your criminal intent. You let the American people down. You should be ashamed of yourself

[Ipaymymortgage]

Barney, you socio, this bluecollar worker bought Fannie stock at $49 and sold just in time at $41 to at least lose only $8 a share. I'm luckier than those you told that Fannie was sound, and who either held onto it, or went and bought some, because of your great financial wizzardry. You lied at the hearings, from fear and partisan cover, afraid of the Raines crowd and black caucus. You KNEW the score you phoney. Again, just hope those who held Fannie (75 cents a share now) are your MA voters.

[furgedaboudit]

Quit yer fucking posturing and give them the Goddamn money you pointless bastards. And as far as knocking them about their exec. jets, you fat polititians ride around in taxpayer paid jets and limos. How do you compare the cost of a GM jet to a 150 ft Christmas tree on the Whitehouse lawn. This is America for fucks sake!..., get with it...

[rosewood223]

he is a fucker.

[slyfoxx7]

we need a constitutional amendment abolishing bailouts. if we go into a depression, so be it. i'm sick of subsidizing people who can't earn a living. myself and many others are at the point of just giving up and living under an overpass. just try to get your bailout when i refuse to work. the gov will then have to decide if they want to feed me, shoot me, or sell me into slavery. more and more americans already feel they're in financial slavery serving various special interests.

[slyfoxx7]

there is a bias, and there should be. your average union worker is a a lazy thug. your average white collar worker is just lazy. if we didn't bailout the financial sector they would have just whined and cried. however, if the auto union doesn't get a bailout out they'll put nails in your driveway if you drive a foreign car. they'll also harass and intimidate you if you believe in free trade. and if they lose their job, they're much more likely to rob and steal so they can get a nascar jacket.

[manson48]

Obviously you are an idiot who knows nothing about the auto industry nor its workers. Funny how fast you morons forgot it was those white collar workers who got us in this financial crisis. We need a constitutional amendment that abolishes Wallstreet and its casinos! JM

[ianclivewright]

He does make a good point, why this innate prejudice against manual workers and manufacturing, while the finance sector is just given a pass, at least in the court of political opinion.

[mlc2005]

He is very very smart! ANd good at explaining it well.

[aiyic]

Is this really the Nancy Pelosi channel?

Need that question be even asked when you listen to to the "reasoning" of this fat fuck. More barbecue sauce please!

[aiyic]

America is going to an example to the world that honesty, is NOT the best policy.

Capitalism - doesn't deserve to be an ism.

[artpepperpot]

Who in their right mind is re-electing this guy? His home state is a total mess. Check out the antics of Diane Wilkerson, Chuck Turner, the rest of the State House for that matter. I would not let a loved one within one-hundred feet of this creep. Google his name along with "hot bottom" to see what he views as acceptable behavior. Him, Dodd, Pelosi should all be drug tested, not the working men and women who are paying for the bailouts.

[chewytb]

Do you not have anything to say other than make a personal attack? Why not argue against his policies rather than his sexual behavior? Of course, you probably defend Larry Craig.

[rhliquidators]

Frank Pelosi and Reed are supported/paid off by UAW. They are fighting so hard for this bailout because they have to protect UAW to make good on UAW payoff (wink-wink) campaign contribution money.

[rhliquidators]

CONTACT YOUR REPS IN WASHINGTON D.C. Dont just say no, say HELL NO !!

[rhliquidators]

Massachusettss congress boy Barney Frank repeats his admission that bailing out the auto industry is really about bailing out the unions. This sorry excuse for a represenitive is a disgrace. He was in charge of Fanny Mae and Freddie Mac and still defends his position on giving loans to people that were not qualified to pay. This is the root of this problem. Pelosi and Reed each have a private jet that were paying for. WE NEED TO GET RID OF THESE CRIMAL CONGRESS MEMBERS NOW.

[michelefreed]

This man understands as much about the economy as my 11 year son. Well maybe not quite as much. Makes me very curious how this man get his votes and campaign money?

[thitherthinton1]

The average pay including benefits at the Big 3 (GM/Ford/Chrysler) is about $81/hr (compared to Toyota @ $35/hr)--not exactly "Blue Collar".

Nonetheless, none of these bailouts should happen. The only thing they'll accomplish is to postpone the inevitable destruction of the middle class.

Creation of money by the Fed inflates the monetary supply and decreases the purchasing power of dollars spent by true "Blue Collar" workers.

[aiyic]

Is that true? If it is, that's incredible money for an assembly-line.

[ficote72]

derivative illiquid assets = 10 dollars lent out of every dollar in reserves multiplied by the amount of times banks lent each other.

It means the biggest scam in US history, usury on steroids.

[soliloqy]

when you say derivative, illiquid assets, etc, it's just confusive covers for the reality... the reality on the bankin industry is that illiquid assets, are illiquid because they are not worth anything, and at the base of the problem are individuals who cannot pay back loans due to at the time rising energy and the institutions eating the defaults that they were forced to loan... so the solution for wall street of printing more money will only perpetuate the problem... same with the auto...

[vermat1]

Rep. Frank's has a good point. IMHO: Where is the outrage about the management who drove the industry into a ditch? The workers do not control the choice of cars to make. The GM management made a conscious decision to build less reliable cars so that they could sell more cars that then gave foreign car makers like Toyota, Honda, etc. entry into our huge car market. It seems that the workers are paying for the poor decision that management made & workers pay the price. It goes back decades.

[thitherthinton1]

When gas prices rose Toyota (no union) increased 4cyl production in Camrys to 96%. Ford stood stagnant at about 75% in its Fusion.

Ford management wanted to increase production and buyers demand for more fuel efficient cars increased. Their failure to meet the market's demand was because UAW contracts w/ suppliers were more profitable with 6cyl engines.

The Unions, just like the government impede market adaptability.

Management is responsible insofar as they allowed unions to gain power.

[thehighlndr]

The ignorant here don't get what Frank is saying.

There are two economies. Main Street builds things and sells actual goods and services. Paper Street just moves money around on balance sheets: Investment Banking, Insurance, Hedge Funds, etc. The bias for those that produce nothing and make 6-figure salaries for creating the derivative pyramid at the root is unbelievable.

Frank is from MA not MI moron.

What type of economy is there with no manufacturing & R&D OR it's all foreign?

[dillonwithit]

and Michigan votes him straight back in office

[ranger1294]

I hate this man.

[Fairydust13]

What a fat fucking windbag!

[clarenceforest]

yes please let them fail but don't block the chinese move to buy out these companies. Chinese auto companies are very interested to take over these assets.

[Alyazoo]

another ass is talking

[EmelinaChaCha]

Keep digging, Mr. Frank. The hole grows larger with every bailout. These companies should fail for their bad decisions, leadership, and policies. Please tell me: What is the end result of flooding our economy with trillions of new notes printed by the fed?