What do you think of this response by Democrat Barney Frank in response to Bush asking for an overhaul of Bank?"These two entities-Fannie Mae and Freddie Mac- are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure is on these companies, the less we will see in terms of affordable housing." (freerepublic.com) | |
DEMOCRATS pulled the biggest money heist from American People in US history?
With:
"Community Reinvestment Act"
The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. 2901) and implemented by Regulations 12 CFR parts 25, 228, 345, and 563e, is intended to encourage depository institutions to help meet the credit needs of the LOW INCOME FAMILIES
Glass-Steagall Act of 1933 was designed to prevent the kinds of speculative conflicts of interests that pervaded Wall Street in the 1920s and helped bring about the Great Depression and this resent crisis.
In 1999, the law banning brokerages and banks from marrying one another — the Glass-Steagall Act of 1933 — was REPEALED, and voila, the financial supermarket has grown to be the places we know as Citigroup, UBS, Deutsche Bank, et al. But now that banks seemingly have stumbled over their bad mortgages, it’s worth asking whether the fallout would be wreaking so much havoc on the rest of the financial markets had Glass-Steagall been kept in place.
With the stroke of a pen, Bill Clinton ended the long saga of Democrats and Republicans, working in concert, for their puppet masters (the bankers) with his signing of the 'Financial Modernization Bill' (Nov 12, 1991). As he signed his name, William Jefferson Clinton symbolically signed the death warrant of a level playing field
This financial mess is ALL THEIR FAULT
Obama is a second largest recipient of "CONTRIBUTIONS" from Failed Freddie & Fannie, after Dodd....
THEY ALL SHULD BE IMPEACHED
Undecided-Independent
Personally, history bears out that three major culprits in the demise of Fannie Mae and Freddie Mac are Bill Clinton, Barney Frank and Chris Dodd. It is absolutely laughable that a 1999 article by the New York Times, of all things, charges that Bill Clinton encouraged the mess with Fannnie and Freddie by putting his seal of approval on their activities. If any person would do genuine research on the implications of Frank and Dodd in this scandalous mess they could find enough evidence to easily convict them of being integral in advancing this whole thing. It is to Frank's best interests to hide his implication in the shadows, blame his mess on the Republicans and try to make himself look good by being central in solving this atrocity on the American citizenry.
Liars always get caught in their lies sooner or later. Barney and his cohorts can be thankful that the vast bulk of the media are liberal or this thing would blow up in their faces! Perhaps it still might anyway! That would be true justice and make them pay for their error!
I think barney is right. This mess is because of de- regulation an you can blame the Reps. for that starting way back with Reagan,an the Bush clan keeping it going. Two years ago Obama wanted to change that but the reps. stopped that dead in the water. Obama 08
In 2005 the house OVERWHELMINGLY passed The Federal Housing Finance Reform Act, which was designed "to create a stronger regulator for Fannie Mae and Freddie Mac." It was read twice in the Republican-controlled Senate and referred to the Committee on Banking, Housing, and Urban Affairs. The first regulatory bill to become law was introduced by Nancy Pelosi in 2007. A major reform act sponsored by Barney Frank was overwhelmingly passed by the house (with 100 or so Republicans resisting) in May 2007. It was read twice in the nominally Dem-controlled Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
So again Democrats did save Freddie Mac.
wow...Sounds like he doesn't want to recognize the turmoil that Freddie Mac and Fannie Mae are currently in. I'd like the see the people that ran the banks into the ground to pay for it or be thrown in jail.
Barney Frank is one of the idiots responsible for this mess. He should either resign or be forcibly removed from his seat.
McCain tried to warn Congress of this a few years ago, and they ignored him.
Frank is a lot closer to the issue than me, he has worked 12-14 hours a day for the last 3 weeks on this issue.
I will take his word on it.
This statement is from a while back(I think 2005) but a crook by any other name is a liar,scoundrel and a cheat.Barney,along with Schumaker,Dodd,Obama,Johnson should all resign(if not given prison,but I doubt any investigation will get that far)
Very irresposible on Barney Frank's part.
Well, there's no date on the quote. I think that makes a difference. If Bush was so anxious to have change, why didn't he put it forward in the 6 years the Republicans held the congressional majority?
