Baker on Frank: FNC 10/28/08

Dean Baker on Barney Frank
"O'Reilly Factor" 08:24pm
Commentary

TOPIC: Barney Frank, housing crisis, Freddie and Fannie Mac, Greenspan

TRANSCRIPT:
O'REILLY: As you know, a combination of greed and political apathy at the federal level has brought massive pain to many Americans. And Congressman Barney Frank is one of the problems Now he's running for reelection in Massachusetts. But does Frank assume any responsibility for his terrible performance?

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STEPHEN MOORE: I wouldn't say that Barney Frank is the most responsible American for this financial crisis, but I'd put him in maybe the top three or four. Maybe say Alan Greenspan's the most responsible.

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DEAN BAKER: Well, I think you're misplacing blame here. I mean, Barney Frank I'd have on my list, but maybe in the top 1,000, top 10,000. There were a lot of people that missed the bubble. And I think a lot of people deserve a lot of blame.

I was out there haranguing everyone I could for the last six years about the housing bubble, saying that it was going to end very badly. Fannie Mae and Freddie Mac weren't giving out loans because they wanted to help poor people. They were giving out loans because they were making money hand over fist. And in fact, they were relatively minor players in the sense that they got big into the subprime and all day these questionable mortgages because they were losing market share.

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O'REILLY: But he could have warned. He could have been Paul Revere, who -- another Massachusetts person. He didn't.

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BAKER: There's 1,000 people here in Washington and New York and the media who could have and should have been.

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BAKER: Secretary Paulson said the same thing. Look, I'm not happy about it. I have criticized him for it. I've criticized Fannie and Freddie. I've criticized Barney Frank.
I just don't see holding him up as one - number three. I mean, he might be in the top thousand, but I don't think number three.

LABEL: DB BF FNC 10-28-08 20.24 (MS#60)

Category:

News & Politics

Tags:

• Barney
• Frank
• housing
• crisis
• Freddie
• and
• Fannie
• Mac
• Greenspan
• Dean
• Baker

[specultr]

"We're getting a little too micro here." LOL

In other words, let's not discuss details or history. We have to keep it simple for the home viewers: Democrats bad, Republicans good. Watch the O'Reilly/Krugman video if you want to laugh when Bill explains to the Nobel prize winner what economics is.

[kmacdiddy1]

oreilly... proof that a Harvard degree dose not a scholar make.

[brak9teen]

"Barney Frank is not a leader" is such an opportunistic attack whose only goal is defamation. I have to give it to O'Reilly for spotting that chance. Certainly those of us who prefer constructive conversations would not see it. Dean Baker's disgust with how his words were twisted into something disgusting, simplistic, and somewhat irrelevant is quite obvious. He has no choice but to laugh and perhaps, as I do, secretly commend Bill for being so quick.

[Cheshie]

If I was a political commentator I wouldn't even go on this show. I wouldn't want to lend it any legitimacy. Dean Baker could have been given this time to explain what happened and who was at fault and discuss solutions to REAL issues, and instead O'Reilly's dumb ass derails the whole conversation to bash a Democrat over the head. What's the point?!

[boing3887]

what a pathetic exchange...why is a guy from cato acting like hannity? bill o'reilly i don't have to comment on. notice how dean is the only guy who actually presents facts intsead of 'ohh im so angry'

[allcanitbe]

I love how (and this is the usual o'reilly schtick) it's o.k. to scapegoat someone, in this case Frank(notice O'Reilly's loaded language preface here "on the far left"....cough poisoning the well cough, Bill?, because of course he's a Democrat, etc. "Oh this guy is to be blamed for everything!" But when it comes to most of those on the right, this same sort of treatment is preposterous. Notice how O'Reilly doesn't like it when Baker starts getting too deep into facts (how dare we think Bill!)

[johnnymv14]

I love the end when Baker is just laughing... that's really the only rational response to O'Reilly

[td000]

Barney ahahahha

[3ddan24]

Thank you Barney Frank==ASSHOLE!!

[tyronebiggums3]

You must watch this video from a congressional investigation of Fannie/Freddie back in '04. Watch all the Dems defending Raines...

Search for 'Covering up the Fannie Mae, Freddie Mac Scam'

The republicans in the video are asking for regulation. The democrats don't want any of it.