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Here is the full text of the dangerous resolution Rep. Frank was speaking in endorsement of...
H. Res. 312
In the House of Representatives, U.S.,
June 27, 2005.
Whereas the President of the United States has issued a proclamation designating the month of June 2005 as National Homeownership Month;
Whereas the national homeownership rate in the United States has reached a record high of 69.1 percent and more than half of all minority families are homeowners;
Whereas the people of the United States are one of the best-housed populations in the world;
Whereas owning a home is a fundamental part of the American dream and is the largest personal investment many families will ever make;
Whereas homeownership provides economic security for homeowners by aiding them in building wealth over time and strengthens communities through a greater stake among homeowners in local schools, civic organizations, and churches;
Whereas improving homeownership opportunities requires the commitment and cooperation of the private, public, and nonprofit sectors, including the Federal Government and State and local governments; and
Whereas the current laws of the United States, such as the American Dream Downpayment Act, encourage homeownership and should continue to do so in the future: Now, therefore, be it
Resolved, That the House of Representatives--
(1) fully supports the goals and ideals of National Homeownership Month; and
(2) recognizes the importance of homeownership in building strong communities and families.
Wow!!! Who wouldn't have known that a global crisis would emerge say three years later after reading a thing like that!!!
Maybe some folks should just pack it in and realize that the history of this mess has already been written. Tax cuts for the rich, suppressing wage rates, slashing interest rates as the result of the first two, stoking the fires of an out of control Wall Street, ignoring warning after warning, running roughshod over all the rules, failing to intervene even when the tools to do so were available, assuming that free markets were wise enough to regulate themselves, failing to take action to constrain the crisis as it began to grow. These are the things that brought the global financial system down, and Republicans and their crooked Wall Street cronies stood behind every single one of them.
HR 312. Sponsor: Jeff Flake, R AZ. Co-sponsors, none.
When the mortgage industry was in the firm control of the government it worked well as illustrated by the excellent repayment rate of barely qualified buyers. When the industry was taken over by the shysters of Wall Street and their pet "ratings" agencies, pure greed led to the insane speculation and the catastrophic bust. This was not as a result of Democrats trying to expand the pool of potential home owners but as a result of Republicans ignoring an obviously fraudulent speculative bubble.[/font][/color]
Clinton said the deregulation under his admnistration was not the problem....You seem to disagree.
The bottom line is that both parties failed, and we're all paying for it.
Bogus and trumped up? The man said there would be no collapse and that he would continue to push for home ownership. He said Fannie and Freddie were doing well and were good investments. He was "involved" with a key player at Freddie. He and others blocked reform. Can you seriously say that if McCain had done what Frank did you would come to his defense?
Yes, Frank was wrong, as were many people. What I keep hearing is that Frank "blocked reform." How did Frank block reform? Can someone please answer that simple question? Giving a speech is not "blocking reform." How could Frank block anything when Republicans were in control of the House?
No wonder nothing good ever gets done in this country. So much pretzel logic here by the supporters of Frank. No one who would do the long tiresome research on this subject would ever come to the conclusion that one party or one person was all at fault. Still, from some it sounds like a child finger pointing on the playground. "Johnny did it, not me." Didn't Time Magazine do a story on the 25 people most responsible for this economic crisis? Barney's not on the list but take a look at who comes in #5? I guess there was some non Republican blame there after all. Even Time, a bastion of the media not prone to champion conservative causes can take a more detailed balanced look at this difficult and complicated issue. What's the use? I'm sure Franklin Raines is just as innocent as Barney Frank in that nether realm that some here reside in.
Because it seems that people who belong to the blue team will defend their players no matter what they do. There are some red team fans that will do the same but the blue team fans will jump off a cliff in droves to defend a lying scum bag.
Bogus and trumped up? The man said there would be no collapse...
No, he said there were no safety and soundness issues at Fannie or Freddie, and that was a correct assessment, one in fact that Treasury Secretary Snow concurred in during the very same hearings that one of the sliced-and-diced YouTube videos was taken from. Oddly, that particular exchange was left on the cutting room floor. That's how it goes when you're producing propaganda.
Quote:
Originally Posted by Rggr
...and that he would continue to push for home ownership. He said Fannie and Freddie were doing well and were good investments.
Which they were at the time and would have continued to be, but for the onset of a crisis not of their own making. Keep in mind that, while sounding ambitious in both dollar and percentage of portfolio terms, the GSE goals for expansion of affordable housing programs and forays into subprime financing were quite doable. What was not doable was the high-speed churning of plain old trash paper into secondary markets, but of course, it wasn't the GSE's who were sponsoring that.
Quote:
Originally Posted by Rggr
He was "involved" with a key player at Freddie.
No, through 1998, he was involved in a long-term relationship with an assistant director (basically a division chief) at Fannie Mae who worked on the development of rural financing programs and those for acquiring home improvement paper. If you dig hard enough, you'll find that many people in Congress have long-term partners who hold jobs.
Quote:
Originally Posted by Rggr
He and others blocked reform. Can you seriously say that if McCain had done what Frank did you would come to his defense?
Reform such as S.190, a proposal to undercut the GSE's by capping their ability to hold loans for their own portfolio? That was the bill that McCain claimed to be a sponsor of, even though he didn't sign on until more than a year after it had been introduced. Why was the cap provision included in that bill? What purpose did it serve other than to monkeywrench GSE support for affordable housing programs? Or maybe you meant reform such as creating a new executive branch czar who could sit over the agency executives and decide that, golly gee, the GSE's were being too ambitious, so they would have to scale back their operations such as all those related to affordable housing. People hear the word "reform", and they automatically think, oh, that must have been stuff that would have staved off the crisis. But no, scratch the surface and it was all phony reform designed to bind up the GSE's and create more space for Wall Street to run up its profits (and bonuses) in.
You have no crediblity. Your partisanship blinds you to the fact that Frank and some other Democrats helped create this economic mess we're now in. The truth is what it is. Or maybe it depends on what is is? Where's the ignore button?
Well, suppose then that you and/or your various sympaticos go do some digging and put some actual meat on these bare bones of yours...
1. What exacty did Barney Frank do that helped to trigger the economic mess that we're in now?
2. What could or should Barney Frank have done that he didn't do that would have helped to prevent the economic mess that we're in now?
Be sure to connect all the cause-and-effect dots for us on that. I'll be ready when you are...
IBDeditorials.com: Editorials, Political Cartoons, and Polls from Investor's Business Daily -- Stop Covering Up And Kill The CRA (http://www.ibdeditorials.com/IBDArticles.aspx?id=312766781716725 - broken link)
Jesus Christ your hackery knows no bounds. It's rotted your brain away and all that is left is a little voice which keeps say "me like Rush".
For people who haven't lost their marbles here is Joseph Stiglitz, who won the Nobel Prize in Economics, talking about the causes of the financial crisis and things we could do about it. The discussion was done at Columbia Business School and hosted on Fora.tv which provides free public access to a lot of great educational material including university discussions. The site is free but to see the whole 1 hour discussion you must register.
You completely missed the point didn't you? You missed where Frank said
"But you're not going to see the collapse that you see when people talk about a bubble and so those of us on our committee in particular will continue to push for home ownership."
Frank said there was nothing to worry about, there was no housing bubble, there would be no burst, so he and others had no problem "pushing for home ownership". You act as if the toxic assets plaguing our economy had nothing to do with pushing bad loan, which were then bundled and passed along.
Barney Fwank...
Yes, its his fault. Yes its Bubba Clintons fault. Yes its Jimmy Carters fault. Do the research folks. Facts don't lie. Oh and lets place a little blame on the people who bought houses they could never afford (the stupid consumers).
Its nice to see how many morons, who know nothing about this subject, recite things they hear on the Nightly News or CNN and take it as fact. Anything can sound good or bad if you only hear one side of the story. Do your homework, then chime in...
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