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Barney Frank Busted--- 2005 Speech Nails Him to Housing Collapse (Video)
In an amazing display of dishonesty, Barney Frank claimed this week that conservatives were to blame for pushing unqualified buyers into home ownership.
But, Verum Serum dug up video from 2005 that shows that not only was Frank oblivious and in full denial of the housing bubble, but Frank also admits in the speech that he will continue to push for home ownership:
Here is Rep. Barney Frank (D-Mass.) on June 27, 2005 on the House Floor:
"Those who argue that housing prices are now at a point of a bubble seem to me to be missing a very important point. Unlike previous examples we have had when substantial excessive inflation of prices later caused problems we are talking here about an entity, home ownership, homes where there is not the degree of leverage where we have seen elsewhere. This is not the dot-com situation. We had problems with people having invested in business plans of which there was no reality; people building fiber optic cables for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level. 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."
Barney Frank knows he was a major player in creating the housing bubble that sent the economy into a tailspin after its collapse.
It is disgusting that he would hold interviews today and lie about his role and have the gall to blame it on conservatives.
Previously:
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
Devastating!... Dems Refuse to Reform Freddie & Fannie in 2004 (Video)
Here is Rep. Barney Frank (D-Mass.) on June 27, 2005 on the House Floor:
"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."
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.
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.
The Barney-Lovers will go wild insulting, but the truth hurts deep. Him and his fellow supporters have destroyed the Bubble... But the economy of the World.
The World Court should try him and his supporters for stupidity... or was it intentional?
It's a 1 hour discussion covering multiple topics. Please try to keep up.
Cause and effect, housing bubble was the initiation of the asset crisis leading to the more extensive problems.
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