Barney Frank is in Denial About the Mortgage Meltdown
Barney Frank
One of the reasons (not the only one) that we are in the middle of this mortgage meltdown and Wall Street crisis that is about to cost the taxpayers $700+ billion is the fact that mortgage companies were forced to hand out loans to people who couldn’t afford them under President Clinton’s administration.
Barney Frank, who kept assuring the people that there was no problem when reforms were presented by the Bush administration, (probably because Freddie Mac and Fannie May were filtering money into the coffers of Democrat campaigns), is still in denial:
“No, no, no.” Frank told CNSNews.com. “I don’t think he (Raines) was in any way responsible. It was a sub-prime lending crisis. If only Freddie Mac and Fannie Mae had problems, we could say it was Franklin Raines. But he was not responsible for Indy Mac or New Century.
“I think it was just a sub-prime crisis,”
He is partly correct, but the reason that the banks could give out these loans that could never be re-payed is because the government started these “private” companies, (Freddie Mac and Fannie Mae), to buy up all of these bad loans. But Barney Frank doesn’t think that there is any blame to lay at the feet of the person who ran Fannie Mae. Barack Obama doesn’t either as Frank Raines is now Barack Obama’s economic adviser. That’s a scary thought, isn’t it?
Here is liberalism at it’s best (worst):
“I don’t think that helping some poor folks get mortgages or helping minorities get mortgages is a problem,” Serrano told CNSNews.com. “In fact we have to be careful that we don’t allow some folks to say ‘that’s the problem – in trying to do the right thing for the poor, we got into the mess.’”
While it sounds good to help poor people get mortgages the truth is that yes, that is part of the reason that we got into this mess. Rules were relaxed in order to make sure that people that couldn’t ordinarily get loans were able to get loans. The fact is that if you can’t afford a loan you should not be given it, as harsh as this sounds it is true. Not everybody can afford the same lifestyles and you must live within your means. But this is counter to the liberal belief, which is essentially socialistic, that everybody should be the same.
I am sorry if I appear to be coming down to hard on the people who got these loans, that is not my intent, they were only taking advantage of the opportunity that was presented to them. The point that I am trying to make is that the policies implemented by liberal politicians is a major factor in the crisis we now face. And even in the face of this crisis Barney Frank is in denial about the effect that hisliberal policies had on the problem we are in today.
America's Watchtower 
F*** BARNEY FRANK. YOU LOSER SCUMBAG. YEAH, LET’S HAND OUT MONEY TO PEOPLE THAT WON’T EVER PAY IT BACK BECAUSE THEY’RE “DISENFRANCHISED.” F U, YOU PIECE OF CRAP……
LikeLike
Yes, I’m sure Barney Frank is very accustomed to denial. And talk about amnesty! holy crap. Maybe this is why the illegals have not been aggressively deported. Bank of Amigo was waiting to get the loans paid back! Talk about having to wash the dishes to pay for dinner! Oops, can I say that?Anxiously awaiting the results of todays talks, to debate, or not?………
LikeLike
This is a sad day for America. Not because of the financial crisis, which I am certain will right itself in time, but because in a time of crisis, we’re still obsessed with slinging mud across party lines. Because being a “Republican” or a “Democrat,” a “Conservative” versus a “liberal” is more important than being an American, apparently.
I wonder, if Barney Frank did say, “You know, I was wrong – there are lots of people responsible for this crisis, with motives ranging from sheer greed to fiscal irresponsibility,” (Because, that is the truth, from the perspective of a liberal Independent) would those who cast aspersions on him take them back? Or would they just accuse him of bad leadership, because he made a mistake?
I also wonder why people aren’t willing to share any blame. Sure, these policies started with the Clinton administration, but in the two years that the Republicans controlled Washington, they couldn’t have changed anything? Really? They must be fairly incompetent, then – if they can’t make the same changes as the previous president, or if they couldn’t be bothered to fix things in a responsible fashion.
The bickering in Washington is ridiculous. Both sides keep protecting their special interests, and won’t for a second think about compromising for the benefit of the American people, apparently. How many times did Bush say, “I will veto anything that isn’t exactly how I say it should be?”
No, no one is perfect. Frank was the only one to step up to big Oil, which is gouging everyone across the board. Yes, his statement is retarded. But let’s take the negative with the positive, shall we?
Does any one remember that old phrase, “The Buck Stops Here?” I do. And you know what, if you really want, I’ll accept all the blame for this situation. I’ve never held public office, nor did I really have a say in any of these policies. But I’ll step up and do what no one in Washington, the financial sector nor the media (both professional and blogospheric) is willing to do – I’ll take the blame.
Can we now stop attacking each other? Because this Republican vs. Democrat, conservative vs. liberal irrational hate-fest is just like the feud between Red Sox fans and Yankees fans – except with a lot more at stake.
LikeLike
Idiots like frank have chosen to make this plitical for their own interests.
Sadly America suffers.
I hope this idiot burns in hell.
LikeLike
Before you jump on big oil, maybe you should know that their profit margin is only @8.5 % which is in the normal range for industry. If you really want to get the gougers, go after Microsoft and Disney who have profit margins of over 20%.
If you are worried about gas prices, you should know that most pump prices are set by the station owner, an independent business person who has to make a profit and prepare to pay for the next shipment at a variable price. Prices are often determined by local competition, not by the oil companies. The price of oil by the barrel is determined by the international oil market which is manipulated by OPEC of which we are not a member.
Now, I will agree with you that the partisanship in Washington has created a “Frankenstein” government, a beautiful idea in conception, but a faulty product. The problem is that political office has become a career field, not a service field. The first requirements of a freshman representative is to vote at his party’s call. If he does this well, then he will be supported for re-election. As a wise man once said,” Politicians think about the next election, statesmen think about the next generation.”
I think the solution is term limits. With no chance of re-election, the representatives and senators would be free to follow their own judgment and vision. They might actually vote what they would deem the countries best interest, not the party’s best interest.
LikeLike
Phil, the lending of money to people who cannot afford to pay it back was started under Carter and exacerbated under Clinton. Now libs want Obama, who is lake Carter squared in power. slinging mud? No laying blamer where it is due. Bush called for reforms on Fanny and Freddy. So did McCain. Dems shot them down. So, I have no problem at all blaming them for this freaking mess.
Just put it into perspective, it used to be that if you could not pay your debt, you went to prison. If we still had that practice, people who could not afford to pay these loans would NEVER have taken them.
http://en.wikipedia.org/wiki/Debtor%27s_prison
LikeLike
Hi,
I greatly enjoyed looking through your blog “mpinkeyes.wordpress.com” and found an informative one for finance related topics.I have also some finance related web sites having more information regarding various financial problems and its solutions.So,I think it would be beneficial for both of us if we will join in a community.If you are interested then please contact me at- johnberts123(at)gmail.com
Thanks
John
LikeLike