Barney Frank Ruined The Economy - Fox News

Fox News blames Democratic Congressman of Massachusetts Barney Frank for the mortgage meltdown that led to the recession - are they right? The Young Turks host Cenk Uygur sets the record straight.

Source: http://mediamatters.org/mmtv/201111290003

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[gerri577]

The affordable housing act, by no way shape or form, "forced" banks into giving loans out to minorities. If your being lazy and getting your new from Faux, they are poisoning you. It's clear who has been lazy here. Get off your butts and find credible sources. You don't know how ignorant you people make yourselves appear.

[Muaguana]

@tugger That's possibly because the HOUSING FINANCE CRISIS, the GOVERNMENT, and BAKING failures were all interrelated during the 2008 crash. If you think it's so simple as to reduce it down to one single, simple issue, you're an idiot and need to read more.

[Vyna80]

I really hate Stewart Varney

[musicman812]

@gerri577 Incentives are what drove the housing crash. Government incentives to lower lending standards (reduce mandated reserves). They did this by guaranteeing every loan in a process called securitization that, in short, bought mortgages from the banks thereby reinstating available balance sheet reserve balances. The more loans they made, the more money they made. Business is driven by profit so one must be mindful when centrally mandating ignorant policies in the name of fairness.

[doenerator]

OOOF COOOOURSE

[17bmw]

Barney Frank is just a peace of crap!

[brazilman14]

It was the republicans

[scottandrewhutchins]

@dunemoonbeam3 They are a progressive commentary show, not a news show.

[aSingleDallasGuy]

@gerri577 ... Wow, what a genius! Did you come up with that all by yourself or did your 3 year old help you? I'm not gay so go away!

[motox3rider13]

@lorena509 And actually, the majority of wealth being held in this country is by registered Democrats. It's ok to blame your own party for things, not everyones perfect.

[motox3rider13]

@lorena509 Your statement is kind of true except the fact that it was Dodd and Frank who pushed banks and mortgage companies to give loans to people who couldn't afford them by having these companies waive their down-payment, lower % rates, etc. You have an understanding of the core problem but you're pointing fingers at those who arent in your political party. I'm not saying Republicans didn't have a hand in it but you're placing blame solely on a specific group rather than everyone involved.

[motox3rider13]

@nerdynerdy2009 Lack of knowledge on your part doesn't work in making others look stupid, my friend. ;)