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The same Barney Frank, that was the head of the housing committee, when from 2001-the crash of 2008, was warned of the upcoming crash, said there is nothing to worry about. The republicans are just trying to scare you.
Republicans controlled the House up until 2007 and never passed a single Fix, the housing market actually started Crashing in 2006 also, so it isnt like they didnt see it either.
How on earth can you blame Democrats when your party was in the majority ????
But not zero power. Barney Frank was a staunch defender of Fannie Mae at a time when there were efforts to reform it. The efforts were turned back, and Barney Frank's side won:
(from Reckless Endangerment by NYT business reporter Gretchen Morganson, p 71).
Republicans controlled the House up until 2007 and never passed a single Fix, the housing market actually started Crashing in 2006 also, so it isnt like they didnt see it either.
How on earth can you blame Democrats when your party was in the majority ????
They didn't have a supermajority, and Barney Frank shutdown the vote everytime a bill came. Not enough support to pass it. The Youtube video explains it.
The first two years of Bush it was 50/50 in the senate and the house with 222 R's and 210 D's -107th Congress.
Years 3 & 4, it was 51/48/1 republican majority by 1 over 50. The house remained the same, with an Independent taking a D seat. -108th Congress
Years 5 & 6, it was 55/44/1 republican majority by 5 over 50. The house had 225 R's and 207 D's with 1 I's - 109th Congress
We all know what happened in Nov 2006 and the 110th Congress, Pelosi & Reid took over the candy store and by the summer of 2007 things were on a downward trend. They didn't see it coming either, with Barney frank assuring everyone it was fine. The economy crashed, as predicted.
Senate 49/49/2(with the I's caucusing with the D's) The house flipped, with 233 D's and 202 R's
"But not zero power. Barney Frank was a staunch defender of Fannie Mae at a time when there were efforts to reform it. The efforts were turned back, and Barney Frank's side won:"
Frank could only pass or block legislation to the degree that the Republican majority went along, so that's where the fault ultimately lies.
"I meant House Committee, as I was thinking about the housing loan crisis."
The 'House House' Committee? The 'House Committee on Houses'? I don't think there is such a thing, and at any rate, Barney Frank assumed the chairmanship of the Banking and Financial Service Committee in 2007.
"They didn't have a supermajority, and Barney Frank shutdown the vote everytime a bill came. Not enough support to pass it."
Someone should have explained to Dennis Hastert how the House works; with even the barest majority, a party can pass more or less whatever it likes. How embarrassing for House Republicans that their failure to understand the basic workings of the legislative body they ran resulted in their agenda being stifled by a single member of the minority party.
The 'House House' Committee? The 'House Committee on Houses'? I don't think there is such a thing, and at any rate, Barney Frank assumed the chairmanship of the Banking and Financial Service Committee in 2007.
House Committeee as opposed to a Senate Committee.
The House Committee on Banking and Financials Services.
I think you're thinking of the Banking and Financial Services Committee -- which Frank assumed the chairmanship of in 2007 (too late to deflate the housing bubble). Frank may not have been prescient, but Republicans greatly exaggerate his role in the subsequent crash (minority members of a House committee, as Frank was from January '95 until January '07, have very little power).
It was Barney's Frank that stood on the House floor and claimed that any curbing of credit was an "attack on poor people". That is long before 2007.
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