Rep. Barney Frank (D-Ma) believes money that the American taxpayer loaned the banks under the Troubled Asset Relief Program belongs to the government. Obama barely got the words out of his mouth that the T.A.R.P bailout had made money for the federal government before Barney wanted this money.
Barney Frank (D-Ma) is the chairman of the House Financial Services Committee and he is proposing to spend the profits the taxpayer funded T.A.R.P. made, instead of returning it to YOU. Frank introduced the “T.A.R.P. for Main Street Act of 2009.” In his bill, Frank wants to take these profits and redirect them toward housing proposals. This is one of those brilliant politicians who claimed Freddie Mac and Fannie May were in no financial trouble.
This is why Americans hate politicians. Politicians like Barney Frank (D-Ma) believe they know best and that is why we find ourselves in this mess we have today. Any money that was made from the money lent out to bailout these banks, belong to the American Taxpayer.
How Barney Frank is still an elected politician puzzles me. The man is a full-time liar and crook. Look at his history. It is filled with one scandal after another and he continues to be elected year after year. Is there a mental defect with the people of Massachusetts?
Barney Frank is the same idiot who pushed Freddie Mac and Fannie Mae into giving home loans to individuals who had no jobs, no income and no assets. Or as Barney calls it “affordable housing.” Then when the housing bubble imploded, Ol’ Barney blamed it on deregulation by the Republicans.
This is all a lie and even former President Bill Clinton admits it. Even when confronted with all the hot air and lies he has told, Barney Frank continues to deny and pass blame on everyone but himself. The man is an arrogant blow-hard (pun intended).
Even today, Barney, the blow-hard, continues to dodge fault. It is always the “Bush and the Republicans deregulation” lie. The Clinton administration forced Freddie & Fannie to ease mortgage standards in order to provide more minorities lower-income lending. (http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=print)
In a 2003 New York Times article (link above), this is what Barney Frank, the ranking Democrat on the Financial Services Committee, stated: ”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 there is on these companies, the less we will see in terms of affordable housing.”
Barney Frank and those like him, fought for affirmative-action lending and it backfired in a big way. Our economy is directly linked to his failure. By forcing banks to hand out high risk sub prime loans is the reason our economy went into a free-fall.
Barney Frank and his group of “empathy-seekers” used the authority of the Community Reinvestment Act to push these sub prime mortgages. If the banks didn’t play by their rules, they were subjected to fines, lawsuits and regulatory obstacles. Look at where this mentality got us.
Each time Rep. Barney Frank (D-Ma) is taken to task on this subject, he spouts out the same canned answer each time by stating : “Republicans were in control of the Congress from 1995 until 2006. They got a lot through — they got the Iraq war through; they got the Patriot Act through; they got tax cuts for the wealthy, a prescription drug program ….. But in twelve years, they never got a bill through the Congress to tighten up the regulation of Fannie Mae and Freddy Mac.”
“I became chairman of the committee that has jurisdiction in February of 2007. Within two months, the committee had passed a bill that did all of the increased regulation that the Bush Administration ever wanted. I was a supporter of the regulation, but the Bush Administration couldn’t get it through Congress. When the Democrats took over Congress, we passed exactly that regulation, and while the Senate didn’t do it until July of this year, here’s the record: Twelve years of Republican control, no legislation to increase the regulation of Fannie Mae and Freddy Mac. Nineteen months of the Democrats, and we have done it.”
What the old blow-hard isn’t telling you, because he is lying, is that as early as April 2001, the Bush administration had already put up red flags about Freddie Mac and Fannie Mae, both of which are Government Sponsored Enterprises, referred to as GSE’s. Then again in the 2002 Budget Request, Bush administration officials declared “that the size of mortgage giants Freddie Mac and Fannie Mae is a potential problem and could cause strong repercussions in the financial market.
Again in the fall of 2003, Bush administration officials said Freddie Mac and Fannie Mae are a systemic risk. The administration wanted a new federal agency to regulate and supervise both Freddie and Fannie. During a September 10, 2003 hearing, Treasury Secretary, John Snow, tried to make those like Barney Frank, understand the need for new regulations and supervision for the two GSE’s.
Who do you think blocked the legislation to regulate and supervise these two financially healthy (as Frank has claimed on hundreds of occasions) mortgage lenders? That’s right…Rep. Barney Frank (D-Ma). Its all documented and yet Democrats like Barney Frank, Chuck Schumer and Nancy Pelosi continue to lie (which is their normal policy) and blame Bush.
In 2005, Alan Greenspan, who was Chairman of the Federal Reserve, spoke out after Freddie and Fannie admitted to accounting errors. “…Enabling these institutions to increase in size–and they will once the crisis in their judgment passes–we are placing the total financial system of the future at a substantial risk.”
I could go on and on about this subject because it is the soul reason for what has happened to the U.S. economy. Barney Frank and his cohorts blocked regulation because they knew what Freddie and Fannie were doing was criminal. Don’t believe me?
Go ask those low-income minorities who lost their homes. Those same individuals that Barney Frank, Nancy Pelosi and Chuch Schumer claim to want to help. If it came out in an investigation, they knew their voting block would be extremely pissed about getting played. These are the same group of individuals who claim to want to help poor minorities and always screw them over.
So, here we come to the end. Barney Frank wants to take more Taxpayer’s money to give to another high-risk housing proposal? Does this man ever learn? This is the same idea that set the course we are traveling down now.
Keep giving handouts and you will keep your voters on the Democratic plantation. Maybe the American taxpayers should do a little investigating themselves. YouTube.com is a great source of information. You can actually see the words coming out of these politician’s lying mouths.
This one guy in particular sounds just like Tweety Bird. Come to think of it…I’ve never seen these two in the same room…the conspiracy continues :)
Barney Frank and Dems warned: http://www.youtube.com/watch?v=LPSDnGMzIdo
Bloomberg looks at Freddie/Fannie http://www.youtube.com/watch?v=Q6Yv7jT0TX0&feature=fvw
Dems lying about Freddie/Fannie http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related
Obama and Dems knew http://www.youtube.com/watch?v=usvG-s_Ssb0&feature=related
“Plenty of Rich People to Tax” ~ Barney Frank http://www.youtube.com/watch?v=u1Mazjm_A5k&feature=related
Barney Frank’s logic on Freddie, Fannie and Countrywide: http://www.youtube.com/watch?v=DQVKiOwTKCo
Steve Forbes on Freddie and Fannie: http://www.youtube.com/watch?v=vqBquI2GooU