Thank You, Barney Frank, for the Mess We’re In

Most people haven’t gone so far as to directly blame him, close but not quite, but I will. And we can throw in a few other prominent Democrats like Chris Dodd and Chcuk Schumer as well if you like. If there was ever any one person who deserved to have about 300 million people attend his tar and feathering party, it’s Representative Barney Frank of Massachusetts.

If you don’t want to take my word for it, then read the following article by Michael Graham of the Boston Herald.

Better not bank on Barney Frank – BostonHerald.com

Haven’t we been repeatedly hearing how the Republicans and the Bush Administration created this whole mess because they’re in favor of deregulation. And, John McCain is a deregulator so he, in particular is responsible.

Well …

From the standpoint of Fannie Mae and Freddie Mac, nothing could be farther from the truth. Okay, let me be a little more blunt. They are blatant liars, every one of them … including Barack Obama and all of his puppet like mouths such as Bill Burton and more recently, Stephanie Cutter. These people couldn’t recognize the truth if it hit them in the face.

The truth is …

The Bush Administration as early as 2001 … that’s right … within less than a year in office … recognized that there were serious problems with Fannie Mae and Freddie Mac and sent John Snow who was the Secretary of the Treasury to Congress to try to get laws passed to increase regulation of Fannie Mae and Freddie Mac. The Democrats wouldn’t hear of it. The Bush Administration sent Alan Greenspan to Capitol Hill but, again, the Democrats wouldn’t listen.

I watched a tape yesterday where Barney Frank said in one of those hearings that the warnings of crises that were being presented were only “hypothetical” and would “never happen”. That’s right. that’s exactly what Barney Frank said … what we’ve been going through the past year and right now would not happen.

In 2005, the Republican passed a bill in committee to increase regulations of Fannie Mae and Freddie Mac which was voted against to the man by the Democratic members. The bill wasn’t put on the floor for a vote because the Republicans knew they couldn’t get 60 votes to pass the bill.

Barney Frank has consistently favored Fannie Mae and Freddie Mac forcing banks and other lending institutions to underwrite loans for people who couldn’t afford them.

Now the taxpayers are having to bail out the corporations that bought these bad loans …

and the Democrats wants the American Taxpayer to pay for the same people who shouldn’t have had the loans in the first place to keep the property that they couldn’t afford in the first place.

That’s the real screw job … not the $700 billion bail out. If it were only the $700 billion bail out American Taxpayers could probably wind up making money on the deal in the long run because the property could probably be sold later at a profit. But, no. We have to pay to keep the people who couldn’t afford the houses in the first place in them.

That’s the real shaft that the American public is getting.

Of course, there’s one more card in the deck. All of this property could be sold at a profit later. My bet is that it will be sold for pennies on the dollar to some special friends of a few special people … (Democrats, of course, since they’re counting on controlling both Congress and the White House after November) … and the American taxpayer and public will be shafted anyway.

Thanks, Barney … and Barack and Chris and Chuck. Yeah … thanks.

26 September 2008 …

I’ve read some people trying to debunk my article by saying that the Republicans controlled Congress and could have passed any bill they wanted to. Those people obviously don’t know what they’re talking about or don’t understand how the Senate works.

A look at the following article on the History of the U.S. Senate,

U.S. Senate: Art & History Home > Origins & Development > Party Division

clearly shows that the Republicans never had a veto proof majority of 60 to pass legislation over the threat of a filibuster. There were never more than 55 Republican Senators in a given Congress during this period and then only that many in two Congresses.

A simple majority is not veto proof control.

So, let the critics try to debunk fact.

Addendum (2/21/2009): The Boston Herald article is no longer available for free access as I found out today … but the comments are. I suppose if you want to read the article you’ll have to subscribe … although I did a search of the title and got “0” results. ???  “Earl”

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One Response

  1. The government will buy the assets at $700 billion and then sell them for $70 billion to well-connected Wall Street vulture funds.

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