Barney Frank Says Race a Factor in Subprime Blame Game

Frank is up to his hips in this. Obama sued the banks to force them to give out the loans despite the regulations.
Now Barney is pulling out the race card?
Someone call the Great Gazoo to get these two neanderthals out of this mess.

regardless of race, poor peole owning a home is stupid.
the upkeep, the insurance, the taxes are all additonal costs that the poor can’t afford .
You have to fix the pay , not the rental situation
(

If you have something to hide, “play the race card”!

Barney Frank, who presided over this mess as Senate Banking Committee chairman, is now pointing the finger of blame at the rest of us who dare question his actions. Typical of the Democrats to whom the words “personal responsibility” are profanity!

This started with The Community Reinvestment Act in 1977. Jimmy Carter signed this bill into law- caving in to grass-roots political pressure for more affordable housing in low-income communities- which sounds nice and is very politically correct. However it ignored the staunch opposition of the banking community. Far from jumping into the sub-prime market with dollar signs in their eyes and greed in their hearts- banks wanted nothing to do with this scheme. In fact- ACORN (Association of Community Organizations for Reform Now) liberal activist Martha Talbot NOTED PROUDLY that her organization and political allies were “dragging banks kicking and screaming” into making these loans — hardly the free market at work. For voicing what turned out to be very legitimate concerns- banks were labeled “racist” by the same political opponents who are now blaming them as “greedy.

I was going to copy a 10,000 word article which proves my point but I know everyone who hangs on this thread will simply take my word for this:
Reliable sources who have met Oprah tell me the SNL skit spoofing Barney Frank was not pulled. It was suspended in order for the writers to work on a bipartisan solution to our financial crisis by phoning House Republicans.

Barney “truman capote” Frank needs to resign! He is just trying to deflect from statements he made in 2003 that there was nothing wrong with Fannie & Freddie! He like other politicians never take blame when they screw up!

I don’t understand why nobody in the mainstream media is raising the Palinses’ much closer association with the secessionist Alaska Independence Party. Is it because they are white so whatever they do is excusable?

Palin’s and more broadly the McCain camp’s media strategy is: if you can’t win them over, destroy them — even at the cost of inciting domestic terrorism.
That’s how our democracy will thrive under a McCain/Palin administration.

Ten years ago, Barney Frank’s significant other worked for Fannie Mae. Frank then fought against tightening of their lending rules. He claims he had no knowledge of the seriousness of the problems, but it was his job to know as Chairman of the House Over site Committee.Rather than just give continuous handouts or giveaways, teach people how to be self sufficient.

Obamadinga World Order: Corsi detained in Kenya: Jim Corsi author of the Obama nation is detained in Kenya.
Kenya prime Minister: Raila Odinga, cousin of Mr Barack H Obama…
Kenya detains Corsi during Obama probe
Officials scuttle WND reporter’s news conference on investigation

I wonder how the racist turn to the McCain / Embarracuda campaign will play with the independenets / swing voters?

Barney’s LOVER worked for Freddie Mac!!! That’s NOT RACE Barney!!! Get your facts straight and stop protecting your lover for making millions off OF poor people!!!

Barney Frank, Chris Dodd and the other idiot of a Senetor from NY are all to blame for this meltdown. They were and continue to be more interested in getting votes and preasuring banks to loan money to people that were not qualified to get a home loan – now Mr. Frank wants to blame the GOP for being racial because he encouraged people to purchase a house they could not afford. Give me a break.

beck, do you actually believe everything you read in WaPo? Give me a break, that’s another false story.
Back to the economy.
John McCain’s campaign just released a statement signed by 100 economists denouncing the economic policies of Obama. Among those signing the statement were five Nobel Prize winners: Gary Becker, James Buchanan, Robert Mundell, Edward Prescott, and Vernon Smith.
The statement argues against Obama’s tax and international trade polices, saying that his proposals would “reduce economic growth and decrease the number of jobs in America.”
The economists also stated that the Obama policies could combine with the housing slump, the credit crunch and high energy prices to push the economy into a deep recession. “It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression,” the statement read.
So, forget about pointing out that Obama is morally and ethically bankrupt; everyone knows that. Point instead to the fact that his economic policies will bankrupt America.

NBC and MSNBC are GARBAGE They are so far in the tank, they stink up the sewers and Brian williams was crying on the letterman show about matthews and the “bathtub boy” being to left wing lmao, I watch ABC only, they tell it like it is, right down the middle

Why hasn’t Harry Reid and Chuck Shummer been removed from office for falsely claim banks and insurance companies were going bankrupt?????

Free Corsi!!!!!
Did Beau Biden get a phony arrest warrant sent to Kenya this time?

Do not worry about Corsi in Kenya. He was arrested for not having a work permit. President McCain will make sure he gets a pathway to citizenship.

We also have to consider the prosperity gospel that says if you are doing God’s will you will be blessed in material ways.
Out here in Utah, many Mormons face intense pressure to show they are successful and have gotten in way over their heads. Utah now ranks 12th in the nation in foreclosure rates, an increase of 85% in foreclosures since August 2007.

The future is going to be defined by racial strife, gender, sexual orientation and hatred. I feel sorry for the young people who may never know how good life in America could have been. Barney and his friends may win the battle, but the real losers are the young people who are going to pay for all the mistakes we make this year.

The power to regulate, supposedly given to Greenspan, is a straw horse. There was no useable power to regulate, if Greenspan had addressed the issue, he would have been vilified and called a tool of a racist administration.
It was a cheap set up.
Barney Frank’s committee, and congress, by virtue of the Constitution, had the power and duty to regulate. They betrayed that duty while taking payments from Fannie and Freddy.

independentvoter – I agree with these claims of racism are ruining America. I think this year we have moved past all of that. We are a good people and will continue to be good people.
I think 2008 is a turning point. Like Palin says we are not going to allow this to happen again.

Some idiot keeps telling us about Todd Palin and his reportedly secessionist impulses. Does the moron poster not realize that anyone who wants to secede from this ruined union is a national hero who deserves praise? C’mon, dems, try unearthing something, anything, about the Palins that we should oppose imstead of respect!!! That dems would contrue Todd’s secessionist ties as something negative shows once again how utterly out of touch they are with real people. These same dems get exorcised because Governor Palin had a reckless, dangerous, taser-happy, violent cop (who also engaged in welfare fraud) fired! Why would any sane person care more about a kill-happy cop’s job than the public safety of the people? Sick puppies, these dems. Everytime they speak, their sickness oozes out like bile on the page.

There is more to this story than meets the eye speculation on real estate and FL. an Ca. are always in the mix have brought the market to its knees six times in History one being the Great Depression so I say there is enough blame to go around surly they knew this was happening so all of them should have a payroll cut in congress all lobyist should be kicked out of Washington and we should trust no man [or woman]in DC we need to move are capitol to say OK so we can round up the liars and crooks and hell maybe even the Native Americans can give us a hand with it.

Earlier this year, a Native American tribe wanted portions of land in Nebraska, and South Dakota I believe, and wanted to secede, and make that their own country.
Go git em!!!

Ricky said: Hero, are you named after the sandwich Rep. Boehner was feeding us?
I agree Ricky. I hate this bail out as much as anyone…but it doesn’t deflect from the truth, just who brought this down on us.
Franks, Raines, Dodd, Schumer, Reid, and Pelosi!

This is not a racial issue. This is about home loans being defaulted on.
Years ago, my husband and I bought our home. Not literally. We worked hard, saved, and since he served four years in the military, we were able to use a VA loan.
Since that time til now, we’ve paid our mortgage payment dutifully every month. We didn’t buy a $100,000 home, as we knew going in, that even though realtors won’t tell you…you can’t just assume because they take your earnings, and say you can afford it, that you can afford it. You yourself have to factor in the cost of home owners insurance, your utilities, and bills, food, everything, and I mean EVERYTHING!!! If at the end, after you crunch the numbers and find you’d be paying out more a month, then you take in…you probably can’t afford it.
We bought a modest ranch style, with 3 bedrooms, for $50,000. Trust me….that’s a lot of money to me still, and doesn’t get you a great, or grand house, but with some fixing up, paint, and hard work…we are comfortable…but for how long.
We worked hard to attain this house, and build equity…and because of the system ACORN, Obama, Franks, and Dodd set up…giving out loans to people who can barely afford anything else in life, we all risk losing our jobs, and our own homes, that we worked, and paid for.
If I could…EVERYONE would have a home. I would love to be able to do that. But as it is, the old fashioned way of working, and saving to attain it….is the way…and it’s blatantly unfair to those of us, that played by the rules.

Once again the Democrats play the race card. What a shock.
Barney Frank and Chris Dodd fought every attempt at passing regulatory legislation when they were in the minority. As we learned last week you don’t have to be in the majority to kill legislation, particularly with Fannie, Freddie, Social Security, Medicare and some other choice programs.
Frank knows he’s at the heart of this disaster and continues to blame everyone but himself. Completely shameless. Oh, and his lover worked for Freddie Mac! Indefensible.

Jeanie, I know you will agree it could not have been President Bush because every moment he has not been clearing brush in Crawford he has been searching for those missing WMD’s. Nor could it have been Phil Gramm because he was been busy trying to find his wife another job after the collapse of Enron.

From: Q Pulpit
To: The Obama supporters
Re: The Twilight of the Republican Idiot Regime
Date: 10/7/08
At this moment, in this historic election, we stand in a favorable position. At this moment, it is becoming clear that the American people are turning their back on the past eight years of failure. The American people are turning their back on a failed philosophy of governance. They are turning their back on a foreign policy that has made our nation less safe and less respected, on an economic policy that has made out nation less wealthy, and on a moral policy that has perverted our religious discourse.
It has been my honor and privilege to support Barack Obama for President of the United States of America. In my lifetime there has not been a candidate for President who is more suited for the moment we find ourselves in.
Because of George Bush’s Republican party, our ability to rally our allies around the world to face our common dangers has been horribly damaged. Our foreign policy has ignored the concerns of our allies and risked not only our security but theirs as well. But Barack Obama has captured the imagination of the world, providing us with an opportunity to repair frayed alliances.
Because of George Bush’s Republican party, our financial markets have run wild leading to chaos. Ridiculous tax cuts have left us drowning in debt. The wealthy have done well, but the rest of us are in danger of losing the simple dignity of a job and a home. Many have already lost homes. If our financial system is not attended to many more will be in danger of great loss. But Barack Obama proposes a responsible restructuring of the tax code and a spending plan that will provide economic stimulus.
Because of George Bush’s Republican party, right-wing religious fanatics have felt emboldened to preach their vile hate against gays and invade the sanctity of a woman’s body. They brandish their supposed moral superiority as a weapon; bludgeoning their slack jawed followers into lock step obedience. Their dogmatic beliefs impede honest discourse on science and philosophy. But Barack Obama is running a campaign befitting a future President; his religious beliefs led him to high minded social service. He is thoughtful and even-minded; steady in the raging storm.
Barack Obama will provide outstanding service for us and our great country as the next President of the United States.
But now is the time when we must be the most vigilant because the Republican party is now showing without shame the moldy, corrupt core of what they stand for. We are fighting a war that didn’t need to be fought, that is consuming our blood and resources: the Republicans want to fight more of them. Terrorist states seek nuclear weapons with impudence and must be confronted with every resource we have: the Republicans lack the courage to deal with them directly. Foolish tax policy has ballooned our debt, adding to our economic woes: the Republicans want more tax cuts without regard for fiscal responsibility and tilt their tax relief to their most wealthy constituents.
They have nominated a man without courage, conviction, honor, or intelligence: John McCain.
He, in turn, has nominated a woman who is a psychological and intellectual vacuum, a lightweight of the lightest possible variety, a person who even conservative pundits have no regard for: Sarah Palin.
Because they know that the American People are turning away from their tired, old babble they’ve decided to launch a character attack against Barack Obama. They say Barack Obama is bad because he met a criminal, a kooky preacher, and has a Democratic voting record. John McCain has decided to dig into his adult diaper and show America the only idea he has left; utter crap. John McCain has decided to smear his crap all over his pretty fool of a running mate’s face, put a fresh coat of lipstick on it, and sent it out to vomit the nonsense all over the country.
Republicans ask for a character debate when they have no ideas to offer on the economy. Republicans ask for a character debate when they have no ideas to offer on national security. But this time they have no leg to stand on because their Vice Presidential candidate can’t teach her own daughter about the abstinence policies that they would shove down our throats, their office holders solicit sex in bathrooms, and their Presidential candidate conspires with people who lust for the demise of our oldest allies to satisfy their evangelical world view.
Unfortunately for John McCain he has launched a character battle while he is completely unarmed. John McCain demonstrated his lack of character when he pandered to Jerry Falwell who claimed that America deserved the 9/11 attacks. John McCain demonstrated his lack of character when he cheated on his wife. John McCain demonstrated his lack of character when disrupted political negotiations to score political points. John McCain demonstrated his lack of character when he trembled like a poodle in the lounge of the Forrestal while over 100 crew mates died putting out a fire. John McCain demonstrated his lack of character when he used racial epithets when referring to the Vietnamese, when he referred to his more recent, wealthier wife as a *, when he voted against the MLK holiday, when he sat on a board with a pack of anti-Semites, and when he refused to even look at Barack Obama during their latest debate. John McCain is a liar and a coward and an angry, old fool. We should be eager for a character debate with John McCain since a political wimp like him doesn’t know the meaning of the word.
What kind of character does a person demonstrate when they sing songs about bombing foreign countries? Are the American people supposed to feel secure that foreign policy could be in the hands of a fool who doesn’t grasp the simple concept that it’s impossible to destroy a terrorist network with contacts in eighty countries by using the vast majority of our military resources in one country and our diplomatic resources in no country.
What kind of character does a person demonstrate when they would leave the country in the hands of a void like Sarah Palin. Are the American people supposed to feel secure when economic policy might wind up in the hands of someone who cant name a policy book, who can’t string together a coherent sentence during an interview, who needs to have her hand held when criticized?
John McCain and Sarah Palin are the utter refuse of politics. They should be urinated on by dogs, cats, and cattle. They should be slapped twice at sunrise and pelted with banana peels at sundown. They should be tied up and left in Jeffrey Dahmer’s basement.
What does it say about the republican party when it’s standard bearer has to reach past every state in the nation to Alaska for a running mate and still can’t find someone without a corruption scandal? I can’t think of evidence that is more clear that the republican party has become a haven for religious whacks, belligerent war-mongers, idle rich people, corrupt fat-cats, and outright bigots. Republican garbage is now shouting “terrorist” and “Kill-em” at their rallies. Bozo the Palin is right, Obama is not like them; they are ignorant, racist gorillas and Barack Obama is a human being.
This is courage? This is leadership? This is character? No “my friends”, this is horsecrap.
Obama supporters, now is the time when we have to fight harder than ever. Donate as much as you can, volunteer as much as you can, register as many voters as you can. For the sake of the country, we have to fight these psychopaths, these pathological liars, these rodents, these knuckle dragging animals. I have three kids, I don’t want any of them involved in the neo-conservatives quest to restructure the world with American blood. I don’t want my daughter thinking that Sarah Palin is a role model for anything other than a 7-11 night manager. I want all three of my kids to live in a country where they can make a good living when they grow up. I don’t want the social safety net shredded by right wing ideologues.
Help Obama turn the page on their lies and nonsense.

Won’t even get into the judgment and character issues of any man who sits in a hate-filled “Church” for twenty years and allows his children to be exposed to Anti-American rants.

Amused to see that SNL is doing a better job than the mainstream media.

Q Pulpit: Thank you…I agree deeply with you.

Why is it that everytime the democrats feel backed in the corner they play the race card? This is getting really old!!!!
Also on what Barney said:
“We have made a mistake in this society. The assumption that everybody can be a homeowner is wrong. We pushed and encouraged people into home ownership – people who, in some cases, weren’t ready for it. You can’t act on wishes that are unrealistic without having negative consequences.”
ACORN played a BIG part in pushing lenders to approve loans for people unable to afford them. Claiming that everyone should be able to own a home. Hmmmm….who played a big part in ACORN?

You know, you’d think this guy would have enough sense to lay low for awhile after the bailout debacle but no … he’s got to jump right back in to the spotlight the very next week and pull out the racism card.
One really has to wonder about the way this man processes information.

“Why won’t you Obama supporters see the pattern this man has created. He claims he didn’t know that Wright was saying mean hateful things for 20 years; he claims he didn’t know that Ayers was a domestic terrorist that says he wouldn’t people! This isn’t about character it’s about his poor judgement on whom he chooses to be associated with. Ayers hates rich white people; Obama wants to raise taxes on rich people. Sounds to me like Obama wants to initiate a plan Ayers had many years ago.”
There is no need for Ayers to “discount the possibly” of doing it again since with Obama’s ear, he’ll be able to tear our country down from the inside.

Ohiogirl, I agree. But I would go even further.
You wrote: “Sounds to me like Obama wants to initiate a plan Ayers had many years ago.”
I would say that it LOOKS like Sen. Obama wants to initiate a plan that Frank Marshall Davis and Saul Alinsky had many years ago. And initiate a plan that the Rev. Dr. Jeremiah A. Wright, Jr. has been preaching about for 20 years.

Mack & James Danley,
I’m glad other people share my fears! I pray to God everyday that Obama doesn’t win on Nov 4th! We all need to remember what President Ronald Reagan said:
“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.”

I was and continue to be amazed by the simple fact that people do not accept accountability for their actions. Mr. Frank is dead wrong about blaming the Republicans. He is to blame for the debacle at Freddie and Fannie that started this problem.
Honorable men and women take responsibility and step down when caught with their hands in the cookie jar. I hope he is indicted and serves some serious prison time. If ever a politician was deserving, Barney is thge man.

The race card has been so overplayed that it is meaningless at this point.
Any criticism results in a false and absurd cry of racism.
Now, regarding Obama’s ties to domestic terrorist Ayers:
Could you even get hired at the local Walmart if the manager knew you had associated with a terrorist?
No!
So, why on Earth would anyone want to “hire” or elect
a person to the highest office in the land when you know he has ties to an unrepentant terrorist? In fact, Ayers launched Obama’s political career at an event at his home!
Add to that that Obama has intentionally lied and tried to deceive the American voters.
Obama is not fit to lead. He cannot be trusted and he has ties to the wrong kind of people. He also exercises poor judgment.
There is a reason Obama led about Ayers. It looks bad because it IS bad.

Barney Frank is absolutely right.
It is being demonstrated that mortgages made by CRA regulated banks and thrifts show far lower foreclosure rates than mortgages made by non-CRA regulated financial institutions.
Securitization was the problem. Investors who discovered that there was a quick buck and easy money in mortgages for poor or elderly people (as old as 83!) into ARM’s! FYI: ARM’s are non-CRA regulated mortgages.
That 83 y/o – who now is 90 y/o – just tried to kill herself because she is being evicted from her house. She couldn’t pay the adjusted rates for her mortgage anymore.
Had that woman had a CRA-regulated mortgages, she would not be in the hospital fighting for her life righ now.

The repellent Frank is probably the single member of Congress the people would most like to sacrifice to the prosperity gods.
As long as the sky didn’t fall, the hijacked “Democrats”, under Frank, made no move to protect poor people from being bled by “mortgages” on which they were bound to default.

This crisis is racist now? Puh-lease.
This all started because con-men were allowed to fold interest into the principal of house loans for three years, which allowed them time to sell the paper to Wall Street as part of a larger portfolio. After the three years were up and the interest rate doubled or even tripled for these people (along with a lower home value) then POOF there goes their house. Also, POOF there goes the value of those stock portfolios.
Frank should be more concerned with all his inaction over the last two years, rather than using the TIRED OLD COPOUT of claiming racism.
Give … me … a … break!

FYI: Ayers never advocated killing people, only buildings.

I can’t believe of all the people put in charge of the bailout is a person who was involved in a scandal where gay prostitution was practiced in his apartment.
And then we are about to elect a man who has no executive experience. And the only economical experience he has was to distribute 50 million dollars to radical education under the guidance and authority of a known domestic terrorist!
What a country!

So McBush takes credit for warning about Freddie and Fannie, to close the door after the horses have left the barn. Where were President Chaney and Vice-President Bush? They said that the economy was “sound”. Sounds like B.S. How many Freddie and Fannie lobbyists are on the McBush Election Committee? I guess that when you own more houses than you can count, you do not understand or worry about the Residential Mortgage industry!

“After the three years were up and the interest rate doubled or even tripled for these people (along with a lower home value) then POOF there goes their house.”

Barney Frank is the smartest in Congress concerning financial policies. When you you wake up and realize that????
Or is it just that that the business policies of your benefactors could not possibly have caused any problems!

the part of my post that was deleted:
2003 Bush administration recommended the most significant regulatory overhaul in the housing financial industry over a decade. To move governmental supervision of 2 of the private agents guaranteeing CRA loans under a whole new agency–more oversight power more auditing power. Better chance for Fannie May and Freddie Mac to capitalize their debt. BUT that legislation was BLOCKED in 2003 in congress by the democrats because they were with ACORN and other grassroots groups whom Barack is quite familiar. Baney Frank made a statement that Freddie and Fanny were fine even though they were not. Republicans made statements that there was mismanagement and there were warnings that congress had to take pre-emptive action. Conservative republican senators suggested removing the government’s ties to Fanny and Freddie to have Wall Street realize the significance of the state of these 2 companies. Barney Frank, “these 2 entities Fanny May and Freddie Mac are not facing any kind of financial crisis, the more pressure there is on these companies the less we will see in terms of affordable housing. ““ I don’t think we face a crisis. I don’t think we have an impending disaster.” Many republicans stood up to speak that there were problems ahead, wanted to extricate the government from the two companies and/or have more oversight and regulations on them.
2004 Barney Frank again, “I think Wall Street will get over it (meaning the possible collapse of Fanny & Freddie)”
2005 Republicans and congress offered legislation to basically do what the Bush had to offer. In July, 2005, Harry Reed (democrat majority leader), “The legislation from the Senate banking committee passed today on a party line vote by the republican majority includes measures that could cripple the ability of fannie mae and Freddie mac to carry out their mission of expanding home ownerships. While I favor improving oversight by our federal housing regulators, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.”
2006 There were arguments on reducing regulations.
Nov 1, 2006: A piece written by Chuck Schumer & Michael Blumberg mayor of New York in Wall Street Journal, “with the benefit of hindsight the Sarbains Oxley act of 2002, which imposed a new regulatory framework on all public companies doing business in the US also needs to be reexamined.
Since it’s passage, auditing expenses for companies doing business in the US have grown far beyond what anyone had anticipated, of course we must not in any way diminish our ability to detect corporate fraud and protect investors but there appears to be a worrisome trend of corporate leaders focusing inordinate time on compliance minutia rather than innovative strategies for growth for fear of facing personal financial penalties from overzealous regulators.”
2007 August 16, Chuck Schumer and Dodd called on Fannie and Freddie regulators to lift the portfolio caps to allow them to buy more (mostly subprime) mortgages to calm the financial markets. They began to push for LESS regulation.
TODAY:
Chuck Schumer today (only months later): “Eight years of deregulatory zeal by the Bush administration, an attitude of the market can do no wrong have lead us down the short path to economic recession. From the unregulated mortgage brokers to the opaque credit default swaps market to aggressive short sellers who were driving down prices of even healthy institutions based on innuendo. This administration has failed to take the steps to protect…”
We are nationalizing business and subsidizing business.
As much as 1 trillion dollars may be needed to avoid an immediate meltdown.
This is not a result of capitalism and free market.
The banks were forced to give out these loans (or mergers and acquisitions would be at stake).
Fannie Mae and Freddie Mac were buying them up for assets.
This mess was not the private sector.
This is called socialism.

I though Palin said “predatory lenders” were the reason for the housing crisis. Now all of you hateful vitriol spewing republicans are saying it’s barny franks fault.
Lets be real, every problem in America today is due to the last 8 years of your insane selfish president. PERIOD

Crystald your wrong about Obama taking the most money, I think it was Rick Davis his most recent former campaign chair person. Google it!!!
We keep blaming Dems and Repub for the lending crisis, but who approved these loans? If there was no regulation then it was the CEO’s, both Dems and Repubs.
Lets move on the US is in deep C^%p right now…Everything changes, we need 21st century leadership not the old 20th

WISE UP AMERICANS!!
To McCain, Palin and the Republicans you are all just TERRORISTS AND COMMUNISTS if you do not hold the same beliefs that they do…
Look out if they get elected, as the only thing they will shake-up in Washington if they get elected is your rights!!!
Welcome to a Republican administration that will be even more secretive and evil that Bush/Cheney could have ever hoped to be…
Welcome to the Palin/McCain NEOCON POLICE STATE!!! Where you will be branded a communist and a terrorist if you do not agree with their right wing-nut evangelical views!!!
Vote for smart, educated and inclusive leaders this time! Vote for OBAMA/BIDEN ’08!!!!

Have your fun evil ones.
It is hard to know your own hearts,
but is easy to judge the hearts of others.
Just know that we are not alone in this battle, race, swiftboat ride, or whatever the next ploy is…
But judgement will be served to us all.
Woe to us if we are on the wrong side of justice.

Frank = Stupid
Frank = Bigot
Frank = Not accountable

correction < McCains campaign chair Rick Davis was raking in apprx. 15G's a month till recently

Have your fun evil ones.
It is hard to know your own hearts,
but is easy to judge the hearts of others.
Just know that we are not alone in this battle, race, swiftboat ride, or whatever the next ploy is…
But judgement will be served to us all.
Woe to us if we are on the wrong side of justice.

Barney Frank is just trying to divert attention from himself. He is despicable, and he should resign from Congress immediately.

“Meanwhile what has been allowed to happen to interest rates while Joe Biden has been the leading Senator of that state is abuse of the lower to middle class who for the most part are paying interest rates commenserate to loan sharks.”

i agree with sen. obama…housing for everyone was a good idea, however like most good ideas they’re only good on paper!!!!

Polderboy you are 100% wrong. Without Fannie/Freddie buying up all these crap mortgages banks would not have made them. Put your ideology aside for a moment and use your brain.

Crystald: nice job of cutting and pasting from a rightwing website.
But it’s actually quite sad you don’t even understand basic banking practices.
Show me ONE bank that can be *FORCED* to take out a risky loan. JUST ONE.
Because I want to buy a Bridge in Manhattan that is for sale but I need a loan. It would be sooooo awesome to walk into that bank and say, “Hi, I need half a Million and you simply HAVE to give it to me. The Government says so or else Acorn will make you do it.”
Where is that bank that I can force to give me that loan. That would be soooo awesome.

What ever happened to J.C. Watt’s involvement with Fannie Mae and Freddie Mac, while everyone’s trying to place blame?
I distinctly remember watching FOX News when he made the announcement that he was leaving his job as Congressman or Senator, whichever it wsa to head up Fannie Mae.
I recall thinking how strange that was for him to be leaving where he was to go to Fannie Mae. I’d like to hear more about his involvement…..I’d be willing to bet that he’s implicated in some major way.

Like it or not, Democrats have been in charge of all the Congressional banking, financial services, regulatory and oversight committee’s for over two years. This fiasco happened on their watch. Once again for all of you who failed social studies, the President of the United States, save for some very narrowly defined executive order abilities, cannot create laws, nor is the President granted the ability to exercise oversight. Those powers all reside in the House and Senate. Democrats have controlled Congress for just about the same amount of time that we, the people, have been alert to the fact that the economy was headed into a disaster. The President couldn’t do anything except use his bully pulpit to encourage that action be taken (he didn’t do so soon enough or often enough). Congress could and should have done something but they didn’t, planning on blaming the outgoing administration for all the ills that their greed and inaction have visited on America’s Citizens. Barney Frank is a dishonest, dishonorable charlatan. He and Senator Dodd, Schumer, et al, should be investigated and prosecuted for their actions, or more specifically their inactions in allowing this trainwreck to happen on their watch. Allowing Democrats to gain a veto proof margin in Congress is dangerous, regardless of who wins the presidency!

The problem with the theory that minority or poor borrowers or CRA regulations were the root cause of the current financial crisis is there is no factual proof supporting these theories. Since 2006 this theory has been debunked in multiple venues, including a GAO study. CRA regulated banks have a lower default rate on average; and 52% of the defaults on freddie Mac loans were originated by entirely unregulated private mortgage companies. Only a small portion of Freddie defaults were related to CRA-originated loans. Most defaults are related to people of all economic stripes sucking all of the equity from their homes in refinances and spending that money, then getting shoved into worse subprime loans in efforts to shrug off debt. Just look at the cars on the highways today… with median income of $44,000 a year, how can Americans afford to drive so many $40K cars? My suspicion is that this is probably related to the ~$45 trillion in consumer debts. Since 2005, debtors have little recourse in bankruptcy court, so especially in highly depressed housing markets like Michigan and Florida, the best option for many was to simply walk away from homes facing foreclosure. Changes in bankruptcy legislation was nearly unanimously supported by GOP lawmakers and a few conservative democrats. A sad aside is that over 50% of bankruptcies are caused by MEDICAL BILLS. So one might posit that the current credit crisis largely stems from an ongoing healthcare crisis exacerbated by a draconian change in bankruptcy law. Both democrats and republicans share a great deal of blame in deregulation of securization laws, and a lack of regulation of predatory lending practices. Our culture is also to blame as an overwhelming consumer culture views thrift and simplicity as signs of poverty, and deems these traits as indicative of failure in morality or work ethic.

Barney Frank wants to blame racist Repubs for this?? Of all the unmitigated GALL! Frank has been at the heart of this since the word Go. He, along with Chris Dodd and Mel Watt have killed ALL attempts at reform.

Sounds like old Barney is trying to cover his backside, especially since it has now been established that one of his significant others was on the board of Fannie!!! Disgusting!!!

SuperGood: “Without Fannie/Freddie buying up all these crap mortgages banks would not have made them.”
Exactly, and that practice was known as…. securitazation! And you can thank Phill Gramm for compounding that practice until it ballooned out of control in this decade.
Mortgage brokers and lenders were able to sell their risks for a good price, they got money – with PROFIT – in return to give out more loans, they sold the risks again, and on and on and on.

JCinAZ:
J.C. Watts lost his re-election bid if I recall, and he subsequently worked with several groups to promote reform in Fannie Mae and sundry other housing related programs and agencies. I do not believe that J.C. Watts ever worked at Fannie Mae or Freddie Mac. Government regulations prevent former legislators from working a lobbyists for some finite period of time after they leave office.

“This world has so many variables that we are often so at the mercy of circumstance.”
Yes – things happen, we lose our jobs, get injured. This is why we have savings accounts. These “variables” do not account for the current crisis.
I actually have a few friends that payed cash for their house. They lived within their means alongside family / friends until they saved enough money to buy a house they could afford. It works this way in quite a few other countries. We just happen to believe we deserve to own a house as soon as we leave our parents’ house.
_____________________________________
In an ideal world, dear friend, saving until you have enough money to buy a home would be divine.
However, GM, Ford, Toyota and other large corporations take out loans to tool, and otherwise keep operations going.
This same applies for all other corporations and businesses that never have put their liquidity into one basket.
Your friends who have paid cash for their homes are quite fortunate, don’t you think. They evidently, as you yourself, must have been born into priviledge.
Afterall, many of the priviledged could not possibly understand how someone who may have been denied the things guaranteed to “your” social class, would have the audacity to desire the American Dream.
Some people think it should be available only to them… Are you one of those?

Remember guys. The WSJ reported in 2006 that 60% of subprime loans were by people who actually were eligible for prime loans …
Mortgage brokers and lenders preferred subprime loans because it was more profitable for them. They went for the quick and easy buck.
CRA-originated loans *still* perform the best in the current financial crisis. One of the reason for that is that CRA-regulated banks and thrifts use their own capital to take risks with, and they engage far less in securitising that risk and SELL it.

“I remember my parents raised me to not buy something I can’t afford. Sit down, do the math. Read the fine print. Never sign something without carefully reading it over and having someone else read it over too.”

“DEPRESSION ERA LAWS” Are you people so very stupid that you don’t remember the Republicans getting rid of these for the past 6 years? Come on people!
The Republicans are solely to blame for this entire mess.
There have been Affirmative Action programs for 40 years, the CHANGE was the removal of the Wall Street Regulation!

So, the Republican party has preached greed for 30 years and now is looking for someone to blame for the policies they have pushed. Democrats are not blameless for sure. But Republicans have been in power for most of those years and are most responsible for the mess we are in. But Republicans would rather deflect that admit culpability. That is what Republicans do.

No Debt: I’m still renting until I save enough money for a large down-payment and I can pay the house off in 7-10 years. That way I don’t pay 3x the amount in interest.
People used to tell me “Stop renting. Buy a house, you get equity. If you get in trouble, you can always sell it. Make a profit.” We see how that ended up.
_______________________________
Dear Friend, it will be interesting if your frugality will have been served in the coming global meltdown.
The truth is that you will need a lot more working for you than your desire or success in being without debt…
although it is an extremely admirable quality.

Blacks comprise 12% of the total U.S. population. Of that 12%, some much smaller subset are home owners (3%? 4%?). Of that smaller subset, let’s say…hmmm…maybe <1% defaulted on their mortgage. Wow – do the math people. It's absurd to think that the magnitude of the economic mess we are in can be attributed to some tiny "irresponsible" minority. So yeah -the conservative argument is racist and it is designed to tap into deep-seated racially motivated anger.

“ACORN intimidates banks and individual bank executives (showing up at their houses, intimidating their children, etc) to make more subprime loans,”
Don’t be ridiculous.
ACORN never showed up at Countrywide for example. Countrywide wasn’t a bank and didn’t take deposits that required FDIC insurance. Thus, they didn’t have any obligation to the CRA. Countrywide therefore was free to set their *own* lending standards, which were often far less cautious than those required of FDIC-insured (and therefore obliged to follow CRA-regulations) banks.
Countrywide had 20% of the marketshare of subprime loans, by far the biggest share of all the other lenders. Countrywide did this because they made HUGE profits in the subprime market. CRA and ACORN had absolutely NOTHING to do with this.

Polderboy, first you wrote that Rep. Barney Frank is “absolutely right.”
Rep. Barney Frank defended the predatory lending practices of Fannie Mae for years. In fact, when the Bush Administration issued their warnings regarding what was taking place within Fannie Mae and Freddie Mac, and insisted on strict oversight, Rep. Barney Frank condemned the warnings as trying to fix something that was not broken.

Barney Frank is playing the race card. The DUMB should get kicked out of congress! Letting people borrow beyond thier means and trying to say everyone should own a house is stupid. I was taught to pay what you owe and not to buy what you can’t see a clear way to pay for. Getting people hooked into bad mortages is not a cure for someone who having a hard time. Liberals need to blame someone so it is the Republicans, and the DUMD should be looking a the faults within their party but why would I expect them to have the brains to see the real problem with out cuttent isses in this country, Dobbs, Franks, Dingy Harry and Dumb Dumb Nancy.

James, there are HUGE differences in subprime lending and predatory lending practices.

And James,
Fannie Mae was active in the SECONDARY Mortgage Market.
Predatory Lending is a disease in the PRIMARY Mortgage Market.

Sandy: *Everybody* with a High Credit Rating gets “sweetheart deals” from mortgage lenders.
The higher the Credit Rating, the lesser the risk of that person not living up to his or her obligations.
Financial institutions LOVE doing business with people with High Credit Ratings.
Want to guess the sweetheart deals Cindy is getting from such institutions?

Franks is a mentally challenged weasel. He has the mental capacity of an 8 year old. I think it’s really nice that Massachusetts did not discriminate against his mental deficiency, but play time is over and we are actually in an economic crisis now and they need to send Barney back to the Fernald State school in Mass. and elect someone that is honest and knows what they are doing.

who is the real barack obama?? He’s the guy who’s proposing to bring the US economy to its knees by taxing the crap out of the hard working small businesses like me. I have 35 people working with me today. Under his new tax proposal, I will have to lay off 2 people just to pay for his irresponsible spending habits. For you obama supporters; think about this for a minute. Businesses are responsible for your pay check – not the Govt. If the Govt is hostile to businesses, businesses will not be able to reinvest in their business and hire people. Business is where jobs are created – not fancy talking politicians.

Barney Frank is the smartest in Congress concerning financial policies. When you you wake up and realize that????
Or is it just that that the business policies of your benefactors could not possibly have caused any problems!

JPV: 66% of Economists support Obama

Mccain gonna git r dun tonight

Yeah, Experience.
Abraham Lincoln did such a lousy job as President.
George W. Bush at least had a wealth of experience.
Thank you for the laughs.

@Fed Up: “Barney Frank is playing the race card.”
No Fed Up, this is called Straight Talk. Blaming the CRA is not only false, it is racist because the benefactors of the CRA were primarily blacks and latinos. We all know who you are blaming here.
CRA worked perfect for more than 3 decades. Predatory lenders discovered subprimes could be turned into a very profitable market by securitizing the risks. They added ARM’s to this volatile mix which allowed people to treat their own house as a virtual ATM-machine and now everybody has to bail these lenders out.

From that last article:
Eighty per cent of respondents [=members of the prestigious National Bureau of Economic Research (NBER)] and no fewer than 71% of those who do not cleave to either main party say Mr Obama has a better grasp of economics. Even among Republicans Mr Obama has the edge: 46% versus 23% say Mr Obama has the better grasp of the subject. “I take McCain’s word on this one,” comments James Harrigan at the University of Virginia, a reference to Mr McCain’s infamous confession that he does not know as much about economics as he should. In fairness, Mr McCain’s lower grade may in part reflect greater candour about his weaknesses. Mr Obama’s more tightly managed image leaves fewer opportunities for such unvarnished introspection.

@jpv who is the real john mccain? He’s the guy who supported Bush’s policies 90% of the time, refuses to lose the “War on Terror” which has cost us hundreds of billions and will give the wealthiest Americans which make up 1% of the population HUGE tax cuts while giving the hard working middle class meager tax cuts. The middle class make up more than 50% of this country. Under his new tax proposal, the middle class will have to cut back on spending as debts increase and prices rise on everything from food to heat. For you mccain supporters; think about this for a minute. The middle class are responsible for the pay check of the entire country – not the Govt. If the Govt is hostile to the middle class, the middle class will not be able to spend money on products/services from businesses or on trying to create a new business themselves. The middle class is where money is spent which creates demand which allows businesses to exist in the first place – not business owners who only care about their bottom line.
If the middle class stopped spending its money completely, the economy would collapse. If the middle class did a run on the banks and pulled out all their money, the economy would collapse.
If you as a business decide to fire employees instead of finding other areas to cut back or taking a pay cut yourself from that $250,000 a year you are earning, then you will be hurting the economy in the short term but the economy will survive in the long term. If you punish your own business so that you can continue to pay yourself $250,000 a year, then most likely your products and customer service will reduce in quality and a competitor who’s willing to sacrifice more of his profits to beat you will put you out of business and takeover your market, which will hurt the economy in the short term but the economy will survive in the long term.
Don’t like it? Well then stop running your business, I’m sure there’s someone else out there who is more than happy to take your place.

BTW, “American business, typically a reliable Republican cheerleader, is decidedly lukewarm about Senator John McCain’s proposal to overhaul the health care system by revamping the tax treatment of health benefits, officials with leading trade groups say.
The officials, with organizations like the U.S. Chamber of Commerce, the Business Roundtable and the National Federation of Independent Business, predicted in recent interviews that the McCain plan, which eliminates the exclusion of health benefits from income taxes, would accelerate the erosion of employer-sponsored health insurance and do little to reduce the number of uninsured from 45 million.”

Puppet:
Dow is at 9447.11 right now. And Futures are down another 426 …
Thanks to 6 years of Reps controlling all three branches of Government; 8 years of Republicans controlling the Executive; 12 years of controlling Congress (14 when you count the recent 2 years of filibusters and vetoes).
When Clinton was President, the Republicans in Congress shut down Government in 1995 and threatened to do so in ’98 in order to ram through their Contract On America.
You want to know one of the reasons for shutting down Congress in 95? With the support of John McCain?
Deregulation of Financial Businesses…

jcf: “Democrats pushing for affordable mortgages for everyone is certainly a piece of that pie.”
And we have another one misrepresenting what the CRA was and is about.
CRA did not cause this financial crisis. Even Federal Board Chairman Bernanke — no liberal he — noted that CRA has helped institutions discover and enter new markets that may have been previously under-served and ignored by insured depositories.
He lauds it.

Barney franks is race-baiting and should be ashamed of him self.

SNL had a really funny skit about the Race Card.

Soros?
Wow. What a lovely combination: racism ánd anti-semitism in one thread

The policy itself doesn’t bother me. Trying to help more poor people establish a base to pull themselves up through home ownership is a noble goal. Less poor equals less crime, a bigger work force and more tax income. Good for everyone.
What angers me to no end is that Frank and others were apparently told time and time again that the policy wasn’t working, and was in fact potentially catastrophic, yet he/they did absolutely nothing. Jail is too good for this swine. Yet not only won’t he be tried, I’ll be shocked if he isn’t re-elected. Pitiful.

Who cares what Barney Frank says about anything. In 2007 he though Fannie?Freddie would be a good investment in the future. He will be in jail soon anyway and that will be the only housing he should concern himself with. He has done quite enough damage!

to Paul,
Unfortunately you missed the point – which doesn’t surprise me. Let me say it again – businesses drive the economy not the middle class. Without business, there is no middle class. And. Without the middle class, there is no business. Obamas idea of taxing the very people who put their life savings on the line to start a business and who are now reaping the benefit of that sacrifice is fundamentally un-American. Did you sacrifice your time and money to start a business that now employs 35 tax paying people? I pay 100% of our employees health benefits with no tax incentive so you are right, I could eliminate this benefit to pay obamas higher tax bracket. Why should I have to reduce my ROI when I’m the one who sacrificed everything to get to where I am today financially. Why? What incentive do I have to continue to invest in any business -mine or the stock market – when I know the risk, due to higher taxes – is now not worth it? I challenge you Paul – start your own business, succeed at it, and then have an overzealous politician take the reward away from you. You will understand my position. I assure you, every small business owner feels this way. They generate 80% of the new jobs in this country so there can be a middle class. I already have a huge tax burden – with employee FICA, unemployment, health premiums, FEderal, State, Sales, and many other municipal taxes, my tax burden is around 73%…and obama wants more??? I am disgusted. I may take your advice and sell out. With obamas higher tax burden, it’s just not worth the risk anymore. Let obama create high paying jobs for the 35 that work for me now…

In September of 2003 the Bush administration recommened that a new agency be formed to take over Fannie Mae and Freddie Mac. One of this new agency’s responsibility was to make sure that Fannie and Freddie were “adequately managing the risks of their ballooning portfolios”. The Bush administration recognized that Fannie and Freddie were broken. “A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.”
Barney Frank’s response was:
“These two entities-Fannie Mae and Freddie Mac-are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Thank, again, for the Democrats failure to act that we are yet in another mess. Wasn’t Bill Clinton’s failure, and the attacks of 9-11 as the results, enough?
Twice Warned, Twice Denied. How the Democrats Endanger us All