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Thank you Democrats - Barney FRANK (D) for this BIG Financial MESS

 
Anonymous Coward
User ID: 433665
United States
09/24/2008 11:06 AM
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Thank you Democrats - Barney FRANK (D) for this BIG Financial MESS
This PROVES these DEOMOCRATS can NOT be TRUSTED with any leadership role in Ameriaca.

Thank you DEMOCRATS for your money SCAM of America!!!!
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Barney Frank (D) deserves a flogging with a cat-of-nine-tails for his behavior in this mess. Other than Chris Dodd, I can think of no other Congressional “leader” who has so enabled the growth of the irresponsible monster known as Fannie Mae and Freddie Mac, which I believe was the primary engine behind this scandal.


In the early part of this decade, these institutions were in dire need of reform. Their accounting was a mess, Franklin Raines was engineering balance sheets for his own personal gain (as an aside, can someone explain to me why this man is not in Federal Prison?) and their portfolios were growing exponentially. There were numerous calls for reform from within Congress, including Senator McCain, the GAO, and other numbers-crunchers in Washington. A number of the proposals were similar to those now in the Paulson Plan, including substantially reducing the size of their portfolio. Instead of trying to understand the depth of this problem and do something to correct it while it was still affordable, Barney Frank stood George Wallace-like in the face of reform and said figuratively “Fannie Mae now, Fannie Mae tomorrow, and Fannie Mae forever.”

Not being satisfied with this, Frank and his merry band of Congressional bribe-takers then went about the process of actively expanding these monsters in the name of providing access to “affordable housing.” He had the outside help from such well-known philanthropists like the home-builders, realtors, and “community activists” (my grandparents used to call community activist-types “hoodlums”). Frank also led the charge against “red-lining” where lenders were accused of racism in their lending decisions, which often led lenders to loosen their lending standards to keep what I like to call the Fairness Fascists off their back. Does the term “sub-prime” ring a bell?

Today we now sit amidst a financial system in tatters. Recently, Secretary Paulson has announced a bail–out of Fannie Mae and Freddie Mac which will cost many billions of dollars. One of the suggested reforms would be to substantially reduce the size their portfolio so that these institutions don’t become the leviathans they are today. Pretty sensible don’t you think? Barney Frank’s response? “Good luck with that”. The nerve of this arrogant ass! Anyone with his record in this scandal ought to remain tactfully silent, yet here he is being hailed as some expert and important point-man to resolving this scandal, yet openly opposing the single most important part of Paulson’s plan to keep this from happening again.

I will close with this thought. You have sharply, yet thoughtfully, questioned the qualifications of Sarah Palin to be Vice-President of the United States of America. My question is this: If Palin is not qualified to be V-P, how is Frank qualified to make decisions to shape the future financial destiny of this country? A man who stated that he had no idea his lover was running a whorehouse out of his home. A man who has been bought and paid for by Fannie Mae and Freddie Mac. A man who has been quoted has saying he likes the idea of politicizing housing decisions. Barney Frank’s ideas that you support may or may not be a good idea, but it seems to me your compliments of him in this matter are akin to congratulating the arsonist for volunteering to put out a fire that he started.
Anonymous Coward (OP)
User ID: 433665
United States
09/24/2008 11:13 AM
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Re: Thank you Democrats - Barney FRANK (D) for this BIG Financial MESS
tomato
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User ID: 436240
United States
09/24/2008 11:16 AM
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Re: Thank you Democrats - Barney FRANK (D) for this BIG Financial MESS
I'm sure deregulation had nothing to do with the mess we're in.
Anonymous Coward (OP)
User ID: 433665
United States
09/25/2008 05:00 PM
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Re: Thank you Democrats - Barney FRANK (D) for this BIG Financial MESS
hf





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