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Presidents must sign bills into law. Therefore, presidents do indeed enact laws. The only time a president doesn't enact law is when Congress overrides a veto.
Not true. Legislation passed by Congress becomes law automatically after 10 calendar days (excluding Sundays) while Congress is in session. The President's signature is not required. See Article I, Section 7, Clause 2 of the US Constitution.
Which questionable and ill-advised activities of the GSE's created the credit crisis?
We could start with the GSE's encouragement and purchase of Countrywide's 'Fast and Easy' no doc liar loans and the subsequent repackaging and selling those mortgage products to governments and investors worldwide, and move on from there...
Quote:
Placing the GSE's into conservatorship meanwhile resulted from the impending collapse of the entire private sector presence in secondary mortgage markets, leaving the GSE's facing a burden they could not have taken on as private entities.
First, I want to address a little history here. The committee here was well on the way to adopting legislation that would have enhanced the regulatory structure for Fannie Mae and Freddie Mac. In the Senate, in fact, the committee actually voted out a bill. There was some disagreement between the parties over I think a relatively minor section over receivership. I think that could have been worked out. I believe we were well on the way, the chairman and I and the staffs, to putting together a bill that would have enhanced the regulator and could have passed.
What stopped progress on a new bill was the Bush administration's determination to go beyond safety and soundness and into provisions that would have restricted the housing function. What derailed the legislation was an insistence by the Bush administration on going beyond safety and soundness and giving the regulators, for example, particular power to say, well, they are going beyond their charter in housing; they should not do these new products. There were specific issues here that transcended safety and soundness or went under it, but the administration was seeking powers that were not related to safety and soundness. If they were to have dropped that, we would have a law already signed and in place, because on the question of safety and soundness regulation, there has not been a significant dispute.
That's Rep. Frank in October 2004 reflecting on the events of 2003.
How the hell can anyone trust Barney Frank after Fannie and Freddie blew up in our faces in part because of those 'Fast and Easy' no doc liar loans product under Frank's 'protection?'
We can all see plain as day that Frank was blatantly wrong on this, and the Bush Administration's and Snow's recommendations of increased regulatory oversight of Fannie's and Freddie's financial activities and loan products would have been the prudent course of action to pursue. We did it Frank's way and look how that turned out - not well. Go Barney... woo.
I enjoyed him berating her, as she clearly deserved it. But I think that it would have been better if he simply asked her to expand on her position. It would have made her look even more foolish.
LOL, or him. When you don't have a good answer then call them a dining room table. Frank is there to answer questions and NOT put down his constituents. He isn't going a very good job. That is why people are yelling and getting radical----they feel they are not being heard----which is true.
My sister....who is VERY MUCH A REPUBLICAN called tonight and was laughing about what Barney did. She said it was about time some of these idiots get shut down because they make everyone look bad. And believe me when I tell you that she is NOT a Barney Frank fan.
My sister....who is VERY MUCH A REPUBLICAN called tonight and was laughing about what Barney did. She said it was about time some of these idiots get shut down because they make everyone look bad. And believe me when I tell you that she is NOT a Barney Frank fan.
Go ahead and laugh. He's achieved a lot more than most people ever will in their lives, and he's been re-elected many times. Obviously, a lot of people like him.
He did let a boy ho-house run out of his house. That's quite an achievement!
barney frank is a crook, yet liberal democrats will defend him, even denying facts:
In 1991, Barney Frank received an official reprimand for reflecting "discredit upon the House." The reprimand came as a result of his relationship with a man named Steve Gobi, a male prostitute whom Frank initially paid $80 for sex. Frank later took Gobi to live with him in his home, making him a personal aide. He paid him $20,000 in compensation (unreported to the IRS) and let him use his car. Subsequent investigation revealed that in the course of their relationship, Frank used his congressional office and stationary to fix Gobi's 33 parking fines. Frank also used his congressional letterhead to write a reference letter to Gobi's probation officer -- Gobi was under court supervision as a convicted felon with a prison record -- in which he gave false information. Most damningly, the investigation found that Gobi ran a prostitution ring from Frank's home. In his defense, Frank asserted he knew nothing of Gobi's illicit enterprise.
after Gobi, Barney Frank become involved in another questionable -- and possibly criminally tainted -- relationship with a man called Herb Moses. Moses, whom Frank called his "spouse," was a high-level executive at Fannie Mae from 1991 until 1998. Dubbed a "mortgage guru" by the National Mortgage News, Moses boasted that he helped develop "many of Fannie Mae's affordable housing and home improvement lending programs." It was, of course, these kinds of programs that ultimately led to the collapse of the subprime mortgage market that wiped out trillions dollars from the economy and produced the economic turmoil that we now face. Even though there were those warning against the precarious nature of the enterprise, Barney Frank -- whose committee oversees Fannie Mae and Freddie Mac -- kept resisting reforms and besmirching those voicing concerns.
When the Bush administration proposed that oversight of Fannie and Freddie be transferred to the Treasury Department, Frank strongly opposed the plan, claiming:
"These two entities... are not facing any kind of financial crisis... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
he is clearly incompetent, shortsighted, and criminal in his behavior. why would anyone listen to him?
You really should credit the author of the stuff you copy and paste. You didn't write that so you should credit it and post a link to where you copied it.
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