Let The Inquisition Start With Barney Frank

Investors Business Daily recently published an editorial naming Barney Frank as the main protagonist involved in the housing bubble, his efforts against regulation, the sub-prime market, and the current economic crisis.

This is a excellent article, and exposes and reinforces what I am many have been saying for some time now: Barney Frank is a criminal.

www.ibdeditorial.com...

Oversight: Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn't agree more. First up in the court dock: Rep. Barney Frank, D-Mass.

Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he'll seek prosecutions for those behind the housing and financial crunch and for what he called "a strongly empowered systemic risk regulator."

For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn't partisan hyperbole or historical exaggeration.

But first, a little trip down memory lane...

Watch this 3 and a half minute video. It puts lie to the notion that Bush caused this economic mess, and that Obama inherited it from him. Obama, btw was the second largest recipient of campaign donations from Fannie Mae, behind Chris Dodd, another collaborator.

Barney Frank should be expelled from the congress. The man as been involved in more than one scandal, and refuses to take ANY responsibility for his part in the current financial crisis. Instead he just keeps bloviating about the Bush administration and how it's Bush's fault we're in the mess. I'm not absolving Bush's administration, but Frank is unable to stand up and take responsibility for his own actions.

Nice thread JSO -

How could you get rid of Barney though??

This guy is classic..

If it wasnt for government, what do you think this guy would be doing?? LOL

Of the trillions of taxpayer $ Frank has given the bankers, how much of that has been kicked back to him? I bet its north of $50 mill.

Every congressman has been told by the bankers - give us what we want and we'll share it with you. They're all corrupt sociopaths, but Frank is the worst.

I'm still trying to understand how this clown got elected in the first place.

reply to post by XTC_savedmyLife

Originally posted by XTC_savedmyLife
Nice thread JSO -

How could you get rid of Barney though??

Well, he's a Democrat from Massachussetts, so that's pretty much a lifetime job. Perhaps if his corruption would be investigated, he could be removed.

If it wasnt for government, what do you think this guy would be doing?? LOL

I envision him as a mailman.

I envision him as a mailman.

...stealing the birthday money the little children get from Grandma.

COOL lets start with FRANK and then we can go here...






NOW there...

GOP RECORD OF DEREGULATION DEMOCRATIC RECORD OF OVERSIGHT
December 28, 2002: A study by Federal Reserve economists reported homeowners taking advantage of falling interest rates and rising home values to extract $131.6 billion via mortgage refinancings in 2001 and early 2002, while consumers spent some of the money, they saved or invested more of it, according to a study published in the Federal Reserve Bulletin. Homeowners spent an estimated $20.7 billion of the cash for personal items such as cars, vacations or medical services, the study said. [Chicago Tribune, 12/28/02]

May 2002: Senator Sarbanes introduces the Predatory Lending Consumer Protection Act of 2002. [S. 2438]

November 2003: Senator Sarbanes, introduces the Predatory Lending Consumer Protection Act of 2003. [S. 1928]

February 23, 2004: Instead of heeding warnings, Federal Reserve leadership promotes non-traditional mortgages over fixed rate products in a speech to the Credit Union National Association annual conference. "American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.the traditional fixed-rate mortgage may be an expensive method of financing a home." [Remarks By Federal Reserve Chairman Alan Greenspan, 2/23/04]

October 8, 2003: Bush administration objected to a proposal to have an independent regulator of Fannie Mae and Freddie Mac be an independent unit of Treasury, much like financial regulators housed in the agency that oversee banks and thrifts. The Bush administration also objected to a proposal to have the Department of Housing and Urban Development have oversight over the companies' business activities. The independence provision has broad support from committee Democrats and Republicans. The HUD provision was pushed mostly by Democrats but had been accepted by Oxley and Baker as a compromise needed to move the bill forward. [Washington Post, 10/8/03]

February 24, 2004: At a Senate Banking Committee hearing, Norman Rice, President and CEO of the Federal Home Loan Bank of Seattle questioned having low-income Americans use ARM's to finance their homes. In addition, Senator Sarbanes questioned the Federal Reserve's promotion of alternative mortgage products over traditional fixed rate mortgages:
* Norman Rice: "Particularly if you're talking about serving an underserved constituency. Adjustable rate mortgages for a low income constituency is a nightmare."
* Senator Sarbanes: "[The Federal Reserve] is pushing adjustable rate mortgages.and throwing this risk back on the consumer." [Senate Banking Committee Transcript, 2/25/04]

June 30, 2004: After encouraging the use of non-traditional mortgages, many of which re-set with rising interest rates, the Federal Reserve begins to raise rates-17 consecutive, 25 basis point increases that take the Federal Reserve Funds rate from a 46-year low of 1 percent in June 2004 to 5.25 percent in June 2006. [Market News International, 4/29/08]

October 26, 2005: House of Representatives passed regulation reforming the GSE's. The bill passed the House 331-90 (Republicans: 209-15; Democrats: 122-74), and would have given the new regulator broad authority over setting capital requirements and limiting portfolio size. Senate Democrats picked that bill up and offered it, but the Administration opposed that legislation. According to Mr. Oxley, the White House gave Congress and the GSE reform legislation "a one-finger salute."
* "We missed a golden opportunity that would have avoided a lot of the problems we're facing now, if we hadn't had such a firm ideological position at the White House and the Treasury and the Fed," Mr. Oxley says." [Financial Times, 9/11/08]

February 7, 2007: Federal banking regulators released their voluntary Guidance on Nontraditional Mortgage Products for mortgage lenders. However, the guidance did not apply to subprime mortgages. [Senate Banking Committee Transcipt, Prepared Statement of Martin Eakes, 2/7/07]

March 22, 2007: Senator Dodd laid out how the Federal Reserve was responsible for the "perfect storm" sweeping over American homeowners. At a Banking committee hearing Dodd said, "By May of 2005, the press was reporting that economists were warning about the risks of these new mortgages. In June of that year, Chairman Greenspan was talking about "froth" in the mortgage market and testified before the Joint Economic Committee that he was troubled by the surge in exotic mortgages." [Senate Banking Committee Transcript, 3/22/07]

August 6, 2007: At a White House morning press briefing, in response to a question whether the housing market is correcting or in crisis, President Bush says that the economy is stable: "[I]t looks we're headed for a soft landing." [Remarks By President Bush, 8/9/07]

November 15, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 11/15/08]

December 4, 2007: In response to a question about whether the Administration was too slow to recognize the subprime problem, President Bush said: "We've been working on this since August." [Remarks By President Bush, 12/4/07]

December 6, 2007: Senator Reid asked unanimous consent to pass the FHA Modernization Act, but Republicans objected. [Congressional Record, 12/6/08]

October 4, 2007: At a news conference on Wednesday, House and Senate Democrats outlined a plan to help low- and middle-income families keep their homes." [New York Times, 10/04/07]

January 9, 2008: The Federal Reserve finally proposes rule pursuant to the Home Ownership and Equity Protection Act, to combat abusive and deceptive lending practices. Congress passed the law in 1994. [Federal Reserve System, 1/9/08; Public Law No: 103-325]

February 14, 2008: Senate Democrats announce The Foreclosure Prevention Act of 2008 which would keep families facing foreclosure in their homes, help other families avoid foreclosures in the future, and help communities already harmed by foreclosure to recover. [HR 3221, 2008]

February 26, 2008: After Senate Democrats introduce The Foreclosure Prevention Act, White House issues a veto threat and Senate Republicans block consideration of the bill. [Statement of Administration Policy, 2/26/08; Senate Vote #35, HR 3221]

February 28, 2008: Senate Republicans blocked consideration of the Foreclosure Prevention Act. The bill provided $10 billion in bond authority to refinance subprime loans, $4 billion in grants for the rehabilitation of foreclosed homes and tax relief for struggling homebuilders. The bill also included a provision that would allow bankruptcy courts to modify the terms of a mortgage on a primary residence that could have helped 600,000 families stay in their homes. [Senate Vote #35, HR 3221; CRS Summary; Finance Committee Press Release, 2/15/08; Center for Responsible Lending]

March 14, 2008: Federal Reserve and JP Morgan Chase Bailed Out Bear Stearns. "On the verge of a collapse that could have shaken the very foundations of the U.S. financial system, investment bank Bear Stearns Cos. was bailed out Friday by a rival and the federal government. The near-miss raised new alarm about the credit crisis -- and whether other big firms might be in jeopardy." [AP, 3/15/08]

April 1, 2008: Republicans Stall Housing Bill. Republicans force cloture vote on motion to proceed to energy bill. [Senate Vote 86, HR 3221, 4/1/08]

June 19, 2008: After measure is reported by the Senate banking committee, White House issues a veto threat against the Federal Housing Finance Regulatory Reform Act of 2008, which includes GSEs reform, on the grounds that the bill provides $4 billion in grants to communities struggling with foreclosed properties. [Statement of Administration Policy, 1/19/08]

June 24, 2008: Republicans Stall Housing Bill. Republicans forced Democrats to file cloture on the motion to concur in the House amendment to the Housing bill. [Senate Vote 155, HR 3221, 6/24/08]

June 25, 2008: 79 Senators vote to pass the bipartisan housing bill while some Republican Senators announce they would use procedural maneuvers to delay final passage until after the July 4th recess. "Sens. Jim DeMint and John Ensign both said they were willing to run out the clock on a major housing bill.

I couldn't agree more... LETS let ALL the cards fall where they will!

[edit on 11-3-2009 by mental modulator]

How about back to the Clinton era when congress regulated bad loans into existence and Clinton signed off on them?

So much for wonder boy.

Wall Street Article - Obama and Geitner get 'Fs' in economics - online.wsj.com...

Obama, Geithner Get Low Grades From Economists
By PHIL IZZO

U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.

Economists Give Obama an "F"
3:13
In striking contrast to President Obama's popularity with the public, a new Wall Street Journal survey of economists gives the president and his treasury secretary failing grades. WSJ's Phil Izzo and Kelly Evans discuss.

The economists' assessment stands in stark contrast with Mr. Obama's popularity with the public, with a recent Wall Street Journal/NBC poll giving him a 60% approval rating. A majority of the 49 economists polled said they were dissatisfied with the administration's economic policies.

On average, they gave the president a grade of 59 out of 100, and although there was a broad range of marks, 42% of respondents rated Mr. Obama below 60. Mr. Geithner received an average grade of 51. Federal Reserve Chairman Ben Bernanke scored better, with an average 71.

The economists, many of whom have been continually surprised by the depth of the downturn, also pushed back yet again their forecasts for when a recovery would begin. On average, they expect the downturn to end in October. Last month, they said the bottom would arrive in August. They estimate that U.S. gross domestic product will continue to contract in the first half of this year, with slow growth returning in the third quarter.

...

Meanwhile, the economists surveyed this month predict that the economy will shed another 2.8 million jobs over the next 12 months as the unemployment rate climbs to 9.3% by December, up from the 8.1% rate recorded in February. Economists also see nearly a one-in-six chance that the U.S. will fall into a depression, defined as a decline in per-person GDP or consumption by 10% or more.

"We just keep moving the date [when the recession will end] out, hoping at some point in time we will be able to move the date back in," said Diane Swonk of Mesirow Financial.

..."

[edit on 12-3-2009 by Dbriefed]

This has everything to do with all parties.

You know what the private sector has done in cases of fraud?

... take for example, a new co-worker to my company took and used a customers credit card to pay her cell phone bill and a few other things that she needed.

The customer was diligent at reviewing their statement; saw the fraud charges and they were traced back to that gal at work;

First thing she was fired; then the cops walked in and cuffed her and read her her Miranda Rights.

Now, Crooks like Madoff and Frank (one is pending another should be charged immediately) and maybe we can get Reid on something =)

Your Fired AND under Arrest. Reopen Gitmo.

[edit] Bush & Co. are out already. It needs to stop NOW

[edit on 3·12·09 by DrMattMaddix]

The rouse succedes.

While the pilfering continues, Mr., or is it Ms. Frank is probably at home enjoying an intimate evening watching a movie about the Great San Francisco Gerbil Shortage of 1977.
uncyclopedia.wikia.com...

The city of San Francisco witnessed the closing down of several gerbil stores on Castro Street. This was brought on by overuse of gerbils ...

An interuption by indictment would be a great evening ender...


..
edit typos

[edit on 21-3-2009 by imd12c4funn]

Barney got control of Freddie Mac, and Fannnie May, then put his boyfriend in charge of them, which eventually lead to unconventional loans. Then we had subprime loans, and people buying houses they knew they couldn't afford. They were lying about heir income and no one gave enoough og damn to check
Chris Dodd, the scumbag from Conneticut got special favors and low interest loans from countrywide. Everything they did, especially Barney was criminal and they should be thrown out, investigated, and, after a fair trial, hung from the highest tree.

reply to post by kettlebellysmith


If we are to prosecute all the dirty politicians involved in the scam against the tax payer and our nations down fall we would have to go back about 40 years and arrest everybody that has been involved in government.

I always say that in modern "democracies" you don't need any type of self appointed dictator or totalitarian governments to rape and robe a nations wealth and the peoples future.

America is now a sad prime of example of this and the thieves do not have to hide anymore.

When I was screming for the last two years here in ATS that US government has become one of the most corrupted around the world hidding under the umbrella of democracy and capitalism I was called Anti American.

Take this one now to the corrupted banks and see if you can bank it

Originally posted by mental modulator
COOL lets start with FRANK and then we can go here...

You forgot Obama. He and his buddies at ACORN are also to blame.
Obama was their lawyer and he sued Citibank, forcing it to make bad
housing loans that eveyrone knew couldn't be paid back.

Don't forget to add Obama to your hit list.

But I agree with JSO .. start with that idiot Barney Frank.

Originally posted by Dbriefed


The economists, many of whom have been continually surprised by the depth of the downturn, also pushed back yet again their forecasts for when a recovery would begin. On average, they expect the downturn to end in October.

so even those "economists" who have been continually "shocked" i.e perception managing the sheeple's scope of a depression still don't get it....what a shock.....ya ya at least they make it seem as the "bad cops" still think we will recover this year...........this is a MULTI-YEAR problem ....they will try to cove it up using orwellian double speak....like ehh we won't have a normal cyclical recovery (no kidding we don't have those in depression...of course after they keep pushing their "recovery date back" and probably falsey name a gov't spending led dead cat bounces as turning points along the way.......WATCH

and elmer fud.......i mean Barney Frank should he not be in politics.. would be In P-Town selling hot dogs......and loving it

[edit on 7-4-2009 by cpdaman]

Originally posted by XTC_savedmyLife
Nice thread JSO -

How could you get rid of Barney though??

This guy is classic..

If it wasnt for government, what do you think this guy would be doing?? LOL

Perhaps Barney would get back into running a male prostitution business from his home.

In a third blockbuster scandal, Massachusetts Democratic Rep. Barney Frank admitted a lengthy relationship with a male hooker who ran a bisexual prostitution service out of Frank's apartment.

www.washingtonpost.com...

Frank is a disgrace and is a prime example of what is wrong with our political structure in Amerika.

It is no secret that Barney was rather cozy with Fannie Mae,

Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one of Fannie Mae’s main defenders in the House – Rep. Barney Frank, D-Mass., a recipient of more than $40,000 in campaign donations from Fannie since 1989 – was once romantically involved with a Fannie Mae executive.

The news media have covered the relationship in the past, but there have been no mentions since 2005, according to Nexis and despite the collapse of Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his “spouse.” Another Washington Post report said Frank called Moses his “lover” and that the two were “still friends” after the breakup.

A little 411 on Barney's former "spouse"

Moses was the assistant director for product initiatives at Fannie Mae and had been at the forefront of relaxing lending restrictions at the company for rural customers, according to the Feb. 23, 1998, issue of National Mortgage News (NMN).

“Herb Moses, who helped develop many of Fannie Mae’s affordable housing and home improvement lending programs, has left the mortgage industry,” Darryl Hicks wrote for NMN. “Mr. Moses - whose last day was Feb. 13 - spent the past seven years at Fannie Mae, most recently as director of housing initiatives. Over the course of time, he played an instrumental role in developing the company’s Title One and 203(k) home improvement lending programs.”

www.businessandmedia.org...

Apparently, Moses now runs a pottery business. Hmmm.

jibeho Classic ....just too much

the fact that frank admitted a lengthy "relationship" with a male prostitute living with him and running a male prostitution ring out of his ( Frank's) house is something it will be hard for me to forget when i hear him speaking in congress.....gee i wonder how many speeding tickets ole' barney had driving home in the evening

[edit on 7-4-2009 by cpdaman]