Discussion:
Democrat Party and Bahney Fwank's $10 Trillion Crash - Mostly Responsible For 2008 Economic Collapse
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AlleyCat
2018-06-13 03:43:55 UTC
Permalink
The Barney Fwank crash caused the food stamps mess for Obama
We know, welfare food stamp queen. We know.

Democrat Bahney Fwank's $10 Trillion Crash

That's right, shut-in.

Fwank's Fingerprints Are All Over The Financial Fiasco

http://tinyurl.com/Fwanks-Prints-All-Over-Crash

************************************************

Key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act
of 2005, which would have established a single, independent regulatory
body with jurisdiction over Fannie and Freddie - a move that the
Government Accountability Office had recommended in a 2004 report.

************************************************

Barney Frank And Democrat Party Most Responsible For 2008 Economic
Collapse

It's beyond asinine that Democrats blame Bush for ruining the economy, and
praise Clinton as having the mostest wonderfulest economy ever, when it
was a Clinton program that ruined the Bush economy. But that's the
mainstream media narrative for you.

************************************************

'THE PRIVATE SECTOR got us into this mess. The government has to get us
out of it."

That's Barney Frank's story, and he's sticking to it. As the Massachusetts
Democrat has explained it in recent days, the current financial crisis is
the spawn of the free market run amok, with the political class guilty
only of failing to rein the capitalists in.

The Wall Street meltdown was caused by "bad decisions that were made by
people in the private sector," Frank said; the country is in dire straits
today "thanks to a conservative philosophy that says the market knows
best." And that philosophy goes "back to Ronald Reagan, when at his
inauguration he said, 'Government is not the answer to our problems;
government is the problem.' "

In fact, that isn't what Reagan said. His actual words were: "In this
present crisis, government is not the solution to our problem; government
is the problem." Were he president today, he would be saying much the same
thing.

Because while the mortgage crisis convulsing Wall Street has its share of
private-sector culprits -- many of whom have been learning lately just how
pitiless the private sector's discipline can be -- they weren't the ones
who "got us into this mess." Barney Frank's talking points
notwithstanding, mortgage lenders didn't wake up one fine day deciding to
junk long-held standards of creditworthiness in order to make ill-advised
loans to unqualified borrowers. It would be closer to the truth to say
they woke up to find the government twisting their arms and demanding that
they do so - or else.

The roots of this crisis go back to the Carter administration. That was
when government officials, egged on by left-wing activists, began accusing
mortgage lenders of racism and "redlining" because urban blacks were being
denied mortgages at a higher rate than suburban whites.

************************************************

Only people can who understand how politics and the economy work know
this.

Whose Fault was It?

By far the most dangerous myth is that deregulation is the root cause of
the problem.

The culprit was a system geared toward loaning money to people who were
not in a position to pay it back. Two policies underpinned that system:
easy money by the Federal Reserve and the government-induced lowering of
standards for approving loan requests.

In a recent paper for the Independent Institute, University of Texas
professor Stan Liebowitz argues that "in an attempt to increase
homeownership... virtually every branch of the government undertook an
attack on underwriting standards starting in the early 1990s... the
Clinton era."

Starting with the creation of the Federal Housing Administration in 1934
and all the way to the norms that made Freddie Mac and Fannie Mae acquire
substantial loans given to people with weak credit.

Not surprisingly, once the Fed expanded credit, astronomical amounts of
capital poured into a housing market that people assumed was protected by
the government. What came next was a consequence of the original sin.

Freddie Mac, Fannie Mae, H.U.D., Bahney Fwank, Bill Clinton, Andrew Cuomo.

Who is responsible for the crash?

Democrats' lobbyist-induced denial to regulate Housing, led to Wall Street
collapse:

Barney Frank: I don't see anything in this report that raises safety
and soundness problems.

"These two entities -- Fannie Mae and Freddie Mac -- are not facing
any kind of financial crisis," said Representative Barney Frank of
Massachusetts, the ranking Democrat on the Financial Services
Committee.

"The more people exaggerate these problems, the more pressure there
is on these companies, the less we will see in terms of affordable
housing."

************************************************

Anatomy of a bubble

Step 1. The intoxication: "My house is worth millions!" From 1995 -
2005, the number of sub-prime mortgages skyrocket. So did the house
prices.

Step 2. The hangover: "Oh my God, my house isn't selling. What went
wrong?"

WHY DIDN'T SOMEONE TRY TO STOP IT?

Someone did:

********* "The Bush administration today recommended the most
significant regulatory overhaul in the housing finance industry since
the savings and loan crisis a decade ago." - The New York Times,
September 11, 2003. ***************

But someone intervened to stymie the Bush administration. Who? The
New York Times reports:

Supporters of the companies said efforts to regulate the lenders
tightly under those agencies might diminish their ability to finance loans
for lower-income families. . . . "These two entities - Fannie Mae and
Freddie Mac - are not facing any kind of financial crisis," said
Representative Barney Frank of Massachusetts, the ranking Democrat on
the Financial Services Committee. "The more people exaggerate these
problems, the more pressure there is on these companies, the less we
will see in terms of affordable housing."

"The Bush administration today recommended the most significant
regulatory overhaul in the housing finance industry since the savings
and loan crisis a decade ago."

"Under the plan, disclosed at a Congressional hearing today, a new
agency would be created within the Treasury Department to assume
supervision of Fannie Mae and Freddie Mac, the government-sponsored
companies that are the two largest players in the mortgage lending
industry."

http://tinyurl.com/6lp5qu

"McCain Letter Demanded 2006 Action on Fannie and Freddie"

"Sen. John McCain's 2006 demand for regulatory action on Fannie Mae
and Freddie Mac could have prevented current financial crisis, as HUMAN
EVENTS learned."
--
STILL can't understand why liberal Democrats are so in love with Mexicans.
Mexicans are against abortion, contraception, pre-marital sex, mainly
because they're mostly Catholic... oh, and they HATE you. Am I leaving
anything else out that you just LOVE about them?

Riiiiight... they're potential Democrap voters.

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Liberals are VERMIN!
2018-06-13 06:05:26 UTC
Permalink
Post by AlleyCat
The Barney Fwank crash caused the food stamps mess for Obama
We know, welfare food stamp queen. We know.
Democrat Bahney Fwank's $10 Trillion Crash
That's right, shut-in.
Fwank's Fingerprints Are All Over The Financial Fiasco
http://tinyurl.com/Fwanks-Prints-All-Over-Crash
************************************************
Key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act
of 2005, which would have established a single, independent regulatory
body with jurisdiction over Fannie and Freddie - a move that the
Government Accountability Office had recommended in a 2004 report.
************************************************
Barney Frank And Democrat Party Most Responsible For 2008 Economic
Collapse
It's beyond asinine that Democrats blame Bush for ruining the economy, and
praise Clinton as having the mostest wonderfulest economy ever, when it
was a Clinton program that ruined the Bush economy. But that's the
mainstream media narrative for you.
************************************************
'THE PRIVATE SECTOR got us into this mess. The government has to get us
out of it."
That's Barney Frank's story, and he's sticking to it. As the Massachusetts
Democrat has explained it in recent days, the current financial crisis is
the spawn of the free market run amok, with the political class guilty
only of failing to rein the capitalists in.
The Wall Street meltdown was caused by "bad decisions that were made by
people in the private sector," Frank said; the country is in dire straits
today "thanks to a conservative philosophy that says the market knows
best." And that philosophy goes "back to Ronald Reagan, when at his
inauguration he said, 'Government is not the answer to our problems;
government is the problem.' "
In fact, that isn't what Reagan said. His actual words were: "In this
present crisis, government is not the solution to our problem; government
is the problem." Were he president today, he would be saying much the same
thing.
Because while the mortgage crisis convulsing Wall Street has its share of
private-sector culprits -- many of whom have been learning lately just how
pitiless the private sector's discipline can be -- they weren't the ones
who "got us into this mess." Barney Frank's talking points
notwithstanding, mortgage lenders didn't wake up one fine day deciding to
junk long-held standards of creditworthiness in order to make ill-advised
loans to unqualified borrowers. It would be closer to the truth to say
they woke up to find the government twisting their arms and demanding that
they do so - or else.
The roots of this crisis go back to the Carter administration. That was
when government officials, egged on by left-wing activists, began accusing
mortgage lenders of racism and "redlining" because urban blacks were being
denied mortgages at a higher rate than suburban whites.
************************************************
Only people can who understand how politics and the economy work know
this.
Whose Fault was It?
By far the most dangerous myth is that deregulation is the root cause of
the problem.
The culprit was a system geared toward loaning money to people who were
easy money by the Federal Reserve and the government-induced lowering of
standards for approving loan requests.
In a recent paper for the Independent Institute, University of Texas
professor Stan Liebowitz argues that "in an attempt to increase
homeownership... virtually every branch of the government undertook an
attack on underwriting standards starting in the early 1990s... the
Clinton era."
Starting with the creation of the Federal Housing Administration in 1934
and all the way to the norms that made Freddie Mac and Fannie Mae acquire
substantial loans given to people with weak credit.
Not surprisingly, once the Fed expanded credit, astronomical amounts of
capital poured into a housing market that people assumed was protected by
the government. What came next was a consequence of the original sin.
Freddie Mac, Fannie Mae, H.U.D., Bahney Fwank, Bill Clinton, Andrew Cuomo.
Who is responsible for the crash?
Democrats' lobbyist-induced denial to regulate Housing, led to Wall Street
Barney Frank: I don't see anything in this report that raises safety
and soundness problems.
"These two entities -- Fannie Mae and Freddie Mac -- are not facing
any kind of financial crisis," said Representative Barney Frank of
Massachusetts, the ranking Democrat on the Financial Services
Committee.
"The more people exaggerate these problems, the more pressure there
is on these companies, the less we will see in terms of affordable
housing."
************************************************
Anatomy of a bubble
Step 1. The intoxication: "My house is worth millions!" From 1995 -
2005, the number of sub-prime mortgages skyrocket. So did the house
prices.
Step 2. The hangover: "Oh my God, my house isn't selling. What went
wrong?"
WHY DIDN'T SOMEONE TRY TO STOP IT?
********* "The Bush administration today recommended the most
significant regulatory overhaul in the housing finance industry since
the savings and loan crisis a decade ago." - The New York Times,
September 11, 2003. ***************
But someone intervened to stymie the Bush administration. Who? The
Supporters of the companies said efforts to regulate the lenders
tightly under those agencies might diminish their ability to finance loans
for lower-income families. . . . "These two entities - Fannie Mae and
Freddie Mac - are not facing any kind of financial crisis," said
Representative Barney Frank of Massachusetts, the ranking Democrat on
the Financial Services Committee. "The more people exaggerate these
problems, the more pressure there is on these companies, the less we
will see in terms of affordable housing."
"The Bush administration today recommended the most significant
regulatory overhaul in the housing finance industry since the savings
and loan crisis a decade ago."
"Under the plan, disclosed at a Congressional hearing today, a new
agency would be created within the Treasury Department to assume
supervision of Fannie Mae and Freddie Mac, the government-sponsored
companies that are the two largest players in the mortgage lending
industry."
http://tinyurl.com/6lp5qu
"McCain Letter Demanded 2006 Action on Fannie and Freddie"
"Sen. John McCain's 2006 demand for regulatory action on Fannie Mae
and Freddie Mac could have prevented current financial crisis, as HUMAN
EVENTS learned."
--
STILL can't understand why liberal Democrats are so in love with Mexicans.
Mexicans are against abortion, contraception, pre-marital sex, mainly
because they're mostly Catholic... oh, and they HATE you. Am I leaving
anything else out that you just LOVE about them?
Riiiiight... they're potential Democrap voters.
http://i.imgur.com/VsWANkz.jpg
http://i.imgur.com/5oeqnDw.jpg
Bill Clinton shares blame. I think he devoted about 2 lines to it in his self-aggrandizing book.
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