Barney Frank wants a redo on Fannie and Freddie: That was then, this is now
I watched the entire Neil Cavuto interview last night with Barney Frank and I was stunned. Stunned at how Bawney kept patting himself on the back for being the only one to recognize the weakness of Fanny and Freddie, how he tried to hard to make reforms but was blocked by Bush every step of the way, and how we now need to throw Fannie and Freddie under the bus. Which doesn’t fit and why?
Ace of Spades has done an enormously awesome job of collecting video that reveals the true Barney Frank from 2004 on when President Bush began, unsuccesfully to reform a faltering Fannie and Freddie; two Government sponsored entities that used the mortgage house of cards to enrich Democrat after Democrat after Democrat.
Neil let him skate on just about every claim and my guess is he did not want to let it devolve into a Bill O’Reilly slug fest but still. A few videos for your purusal but to see the entire breakdown you must go to Ace.
First … here’s Barney Frank two nights ago on Cavuto. Make special note of not just how he wants Fannie and Freddie dissolved … but also on how he claims to have been the only one who saw this years ago.
Now, here’s the Fox report on the problems with Fannie and Freddie they assembled two years ago and to this day is the most watched video I have ever posted.
And just for kicks, let’s through this video in that O’Reilly aired last week.
And just for kicks:
Fannie and Freddie, under direction from Congress, encouraged this kind of irresponsible lending in order to bring the dream of home ownership to people who would otherwise not qualify. Big heart … bad business.
Fannie and Freddie guaranteed these loans as well as buying, packaging and securitizing them, but since they themselves were under-capitalized (I believe their capital reserve requirements were a mere 1% of guarantees — not sourced) … the whole shabang imploded as mortgages collapsed.
One more thing to note here. President “W” tried valiantly to clamp down on Fannie Mae and Freddie Mac in 2003 and 2004 by proposing regulations that would force them both to increase their reserve requirements and tighten lending standards. That bill was rebuffed by none other than Senator Chris Dodd (D, Countrywide) who promised a lengthy filibuster. The bill Reform died in 2005. Three years later the economy collapsed.
UPDATE: From the wayback machine. Karl Rove last year explaining how Bush’s attempts to clamp down on Fannie and Freddie were blocked.
UPDATE 2: Here’s another backgrounder on President Bush his attempts to control Fannie and Freddie.
It's amazing what you can do with a set of lies … dress them up in an imagined context, and bingo — you have propaganda, where the bad guys paint themselves as the good guys. It's Orwellian. And the sad part is that some people want to believe it, so they will.
Sufferin' Succotash! He was "critical of the idea that everyone should be a homeowner"?!??!?!?!?! Backpedaling like that, he should crash into something really big soon. Something called his record.
Be vewwy, vewwy quiet! I'm hunting for wegacy wehabilitation! (my apologies to Elmer Fudd, a man of conviction, for using him to mock a man that should be convicted)
Now that you have watched those Barney Frank vids, use this: http://www.youtube.com/watch?v=5oOJZ5ktGUQ
I have no confidence that any reform of Freddie/Fannie/FHA sponsored by Barney Frank would be legit or effective. I think the name and entity may change, some cosmetic changes may be put in place, but the scam against the taxpayers will go on.
I was waiting for it, and waiting for it, and there it was at the very end of the first video: Barney quoting Oxley (Bush's "one-finger-salute"). Of course it always comes back to Bush…oh, I'm so weary of this.
And Frank repeats ad nauseum in the first vid. that "he didn't see it coming" and "he didn't predict" the crisis with Fanny & Freddie…however, the second and third videos prove that he was in total denial after being warned repeatedly. I don't know how anyone can take this guy seriously…he's a buffoon.