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Barney Frank knocked on his Fannie - 5/26/2011 8:49:08 AM

Sanity

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The architect of the Savings and Loan crisis finally fesses up:

quote:

Barney Frank knocked on his Fannie

U.S. Rep. Barney Frank admitted he helped his ex-lover land a lucrative post with Fannie Mae in the early 1990s while the Newton Democrat was on a committee that regulated the lending giant — but he called questions of a potential ethical conflict “nonsense.”

“If it is (a conflict of interest), then much of Washington is involved (in conflicts),” Frank told the Herald last night. “It is a common thing in Washington for members of Congress to have spouses work for the federal government. There is no rule against it at all.”

Full article here

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RE: Barney Frank knocked on his Fannie - 5/26/2011 9:06:31 AM

popeye1250

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The second dumbest congressman in Massachusetts after "Eddy the ice cream man" Markey.
Boy, did he screw up Fannie Mae.
I hope and pray that the good people of Massachusetts come to their senses and get rid of those two bums next year.

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RE: Barney Frank knocked on his Fannie - 5/26/2011 9:37:29 AM

Owner59

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Wow,with six years in total control of all three branches of government,one would think that the cons would have done something about it.

But all they did was loosen the rules and regs even more,encouraging lenders to give even more,riskier and riskier loans.As long as cons got their Wall Street checks,see no evil,speak no evil,hear no evil.

All you cons did the whole time was to facilitate the disaster.It would be one thing to point fingers if ya`ll weren`t in control the whole time.

When bush took office,you still needed a job,a credit history and proof of those things to get a loan,even a sub-prime loan.

By the time bush ran the economy into the ground,you could get a loan without those things.

Freddie and Fannie were just one small part of all the bad loans being made.

Credit default swaps, were/are the main reason banks and financial houses failed.The only ones claiming Freddie/Fannie are solely to blame are the guilt ridden bushies.They think it`s their best bet for shirking responcibilty but they are way to late.No wonder they are posting blogs from October '08'

http://www.thedelphicfuture.org/2009/05/crisis-for-dummies-credit-default-swaps.html

In his own words,the longest running chairman federal reserve,the guy in charge at the time,Alan Greenspan.

http://www.youtube.com/watch?v=bI2mJRXi3MI&feature=related

http://www.youtube.com/watch?v=BvjA-S4sp-w&feature=related

< Message edited by Owner59 -- 5/26/2011 9:38:45 AM >

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RE: Barney Frank knocked on his Fannie - 5/26/2011 9:42:21 AM

pahunkboy

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This is where Ron Paul has good ideas.

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RE: Barney Frank knocked on his Fannie - 5/26/2011 9:58:55 AM

SternSkipper

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Thou art a moron... least get your crises straight
The Savings and Loan Crisis while a preview of things to come, wasn't all that much LIKE the home mortgage crisis -

http://en.wikipedia.org/wiki/Savings_and_loan_crisis

And if you want to attach a name to that one ... brace yourself brigit.... Cause this'll clear up in one read how new your concept of the folks in washington making sure friends and FAMILY get big breaks career and WEALTH-wise... course you were probably just a bootie when this was going on:

http://www.nytimes.com/1990/09/27/business/legal-scholars-clash-over-neil-bush-actions.html

And it seems bad guys never really change

http://www.portfolio.com/views/blogs/daily-brief/2007/11/08/neil-bush-still-has-scandal-on-a-short-leash/

http://en.wikipedia.org/wiki/Neil_Bush

Neil Bush was a member of the board of directors of Denver-based Silverado Savings and Loan during the 1980s' larger Savings and Loan crisis. As his father, George H.W. Bush, was Vice President of the United States, his role in Silverado's failure was a focal point of publicity. According to a piece in Salon, Silverado's collapse cost taxpayers $1.3 billion.[3] The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, as reported in the Style section of the Washington Post.[4] A Republican fundraiser set up a fund to help defer costs Neil incurred in his S&L dealings.[5]
"I see lint" - The Sixth Sense

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RE: Barney Frank knocked on his Fannie - 5/26/2011 10:07:19 AM

SternSkipper

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quote:

When bush took office,you still needed a job,a credit history and proof of those things to get a loan,even a sub-prime loan.

The brief and fleeting 'gift' of the Bush Administratuion ... The Undocumented Loan Application

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RE: Barney Frank knocked on his Fannie - 5/26/2011 10:16:40 AM

SternSkipper

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quote:

I hope and pray that the good people of Massachusetts come to their senses and get rid of those two bums next year.

Ed markey's a nuicance
but my JOB's down in chussetts
I'm popey the sailor man

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RE: Barney Frank knocked on his Fannie - 5/26/2011 10:19:24 AM

SternSkipper

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quote:

This is where Ron Paul has good ideas.

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Where? In that blank space between your statement and the dotted line?

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RE: Barney Frank knocked on his Fannie - 5/26/2011 11:14:11 AM

joether

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Mr. Frank is a good guy. He has explained what debates with conservatives these days is like. The ones that don't like him, are usually the same ones that dont make a real arguement on anything. A good chunk of them STILL dont believe Obama was born in this country, and also believe a wide range of conspiracy stories.

Who created the 'Bush Era Tax Cuts'? You know, the concept that created the Deficit we have at current?

Who relaxed the laws and regulations on 21 industries?

Who got us into two warzones without ever Declaring War on those two countries?

Who thought it was a good idea, that America should be in the business of torturing and holding people against their will and without trial?

Who promoted businesses shipping jobs to foreign lands while giving those same companies tax breaks and undermining the Unions so the companies could maximize profits?

And who gave us Sarah Palin, Michelle Bachmann, and all the other GOP nomination screwballs?

Not the GOP or Tea Party, but the conservative voter who voted/votes for them. And what percentage of them can handle the responisiblity attached to all this? Zero percentage!

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RE: Barney Frank knocked on his Fannie - 5/26/2011 4:51:33 PM

EternalHoH

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quote:

ORIGINAL: Sanity

The architect of the Savings and Loan crisis finally fesses up:

Was that a Freudian slip?

You have your crisis episodes messed up. Ronald Reagan's deregulation was the architect of the Savings and Loan crisis.

Bill Clinton's/Phil Gramm's/Robert Rubin's/Larry Summer's deregulation was the architect of the later Wall Street/Financial crisis.

< Message edited by EternalHoH -- 5/26/2011 4:56:15 PM >

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RE: Barney Frank knocked on his Fannie - 5/26/2011 4:59:18 PM

Termyn8or

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"“If it is (a conflict of interest), then much of Washington is involved (in conflicts),” "

Now I've seen everything. A politician told the truth. Well, it had to happen sometime. At least I lived to see it happen.

T^T

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