Tag Archives: Barney Frank

Another $10.6 billion for Freddie Mac

Update: A week after Freddie announces their loss of $8 billion sister Fannie Mae comes out with a 1st quarter loss of more than $13 billion! These two companies that Barney Frank swore were financially sound have burned through another $21 billion of your money in  just 3 months folks!

Its operations having lost another $8 billion in the first quarter of 2010, Freddie Mac is back at the TARP trough for more of our tax dollars. This time the tab will be $10.6 billion, but they’re bound to lose money in Q2 and for the foreseeable future, so expect them to come begging for even more very soon.

Overall this will put the federal government’s total bailout of Freddie Mac at $60 billion. Tack on another $76 billion to date for Fannie Mae’s bailout, and that’s $136 billion and counting to rescue these two organizations. Barney Frank (D-MA) must be absolutely stunned because here he is in 2003, when the Bush Administration was asking for stronger regulations, saying Fannie and Freddie would never fail, and if they did, THE GOVERNMENT WOULD NEVER BAIL THEM OUT!

Wrong again Barney!

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ACORN, Who’s ACORN Say the Dems and the Media

By now, unless you’re living under a rock, you’ve heard about the outrageous scandal involving the liberal and federally funded organization ACORN. So far FIVE different offices around the country have been caught red-handed providing advice on operating a sex ring staffed by 13 and 14 year old girls (illegal immigrants to boot) and how to stiff the IRS on the income generated. If you did somehow manage to miss it, you simply must see some of these videos:

Surreal isn’t it? And yet, a government funded organization and former employer of our current President advising citizens on the management of underage hookers, tax evasion and illegal border crossings may not even be the most unbelievable aspect of the story. No, the real stunner is the ludicrous reactions of the media and Democrats in Washington to this monumental and horribly disturbing story.

First, EVERY SINGLE major media outlet except Fox News made a herculean effort to ignore the story for as long as possible. Each day new videos came out, each one showing another office behaving just as disgracefully or perhaps more so than the last. Apparently this isn’t news. Apparently these organizations aren’t in the news business. Very confusing! When it was finally avoidable no longer they did it as they do best, they spun it as only the Left Wing Media (formerly known as the Main Stream Media) can. Only CNN would report this story with the headline ACORN workers caught on tape allegedly advising on prostitution. Hello! It is on video. What could possibly be alleged about that?

A couple days later, the anchor of ABC News, Charlie Gibson, while being interviewed on radio says he “Doesn’t even know about it” a week after the story breaks!?! Is he kidding? Are we truly supposed to believe that he missed this story for almost a week?

Meanwhile the U.S. Senate votes to ban federal funding of ACORN in light of the scandal. But, seven Senators vote to keep funding this criminal organization. They are:

Burris (D) from Illinois; Casey (D) from Pennsylvania; Durbin (D) from Illinois; Gillibrand (D) from New York; Leahy (D) from Vermont; Sanders (I) from Vermont; and Whitehouse (D) from Rhode Island.

48 hours later, Nancy Pelosi tells reporters, “I don’t even know what they passed. What did they do? They defunded it?”  Really Nancy? You are the Speaker of the House of Representatives and as such are responsible for scheduling votes and coordinating with your counterparts in the Senate on pending legislation, and you expect the American people to believe that you were “Unaware” of this legislation? Are you joking or are you a JOKE?

Just one day later (even though the Speaker knew nothing about it the day before) the House of Representatives votes to eliminate all federal funding to ACORN. Seventy-five Democrats voted against the measure! While the whole list of these convicts might be too lengthy, readers will not be surprised to learn that the tax cheat Charles Rangel (D – NY), the loon, Henry Waxman, author of the climate bill and the entire Congressional Black Caucus voted against the measure. In addition, it will surprise no one to learn that Barney Frank, lead author of the housing crisis was absent for the vote even though he had been on the House floor a mere 30 minutes earlier. Typical cowardly behavior.

This morning President Obama weighs in saying, “Frankly, it’s not really something I’ve followed closely. I didn’t even know that ACORN was getting a whole lot of federal money.” This is  simply laughable. The President of the United States doesn’t know that ACORN gets federal money. He’s the President of the United States. The Senate and the House voted on it this week. This organization played a huge role in his election campaign. He’s a former employee of ACORN. Who exactly are the Americans dumb enough to be falling for this kind of disingenuous issue avoidance?

I can’t decide which story is more outrageous; the under-cover videos exposing ACORN for what it is, or the despicable and dishonest behavior of the media and Democrats in Washington in reaction?

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Revisionist History by the Boston Globe and Barney Frank

This week the Boston Globe and Representative Barney Frank (D – MA), two Massachusetts products for which its citizens should be wholly ashamed, took a laughable trip down revisionist history lane with regard to the housing bubble. The jumping off point for this latest rewrite by the Globe was the President’s announcement that he

plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.

Forgetting the question of how $4.25 billion of our tax dollars get redirected from economic stimulus to liberal pet project without so much as a discussion, does no one recall the 1970’s fiasco that was the housing projects? I know Mr. Obama didn’t arrive in Chicago until the Chicago P.D. had finished fighting its WAR with the gangs who had taken over the projects in that city, but hasn’t someone in his cabinet studied the issue or maybe at least watched the History Channel?

Unfortunately, that memory lapse is only the beginning of the distortion in the Globe’s article. Just a couple paragraphs later, the author jumps the proverbial tracks and begins to rewrite history in a way that can only be described as nonsensical.

“I’ve always said the American dream should be a home – not homeownership,’’ said Representative Barney Frank, chairman of the House Financial Services Committee and one of the earliest critics of the Bush administration’s push to put mortgages in the hands of low- and moderate-income people.

Interestingly Barney says he’s never been for home ownership, but here he is in 2005 saying he IS for home ownership while also saying he sees no housing bubble. Good call Barney!

I’m not sure how one gets a job writing for a major metropolitan newspaper, but clearly reading, studying, remembering even the recent past, citing facts, and/or having any idea what you are talking about are not requirements. The policy of pushing home ownership was begun by Jimmy Carter under the Housing and Community Development Act of 1980. It was wildly expanded by Bill Clinton in 1994, under his National Homeownership Strategy, when Clinton directed HUD Secretary Henry Cisneros to come up with a plan. The Globe knows these things, but it isn’t the story they’d like to tell so they leave those details out.

Blaming George Bush for the housing bubble is laughable “journalism”. As a matter of FACT (stubborn things the Globe is not fond of nor familiar with) the Bush Administration tried desperately starting in 2001 to get Fannie Mae and Freddie Mac regulations dramatically tightened and told Congress that failure to act could be catastrophic to the financial system. Barney Frank and his Democratic pals sat there that day and said the Bush Administration was exaggerating. Barney actually said he saw no reason to believe Fannie and Freddie were headed for trouble and he said EVEN IF THEY DID GET IN TROUBLE THE FEDERAL GOVERNMENT  WOULDN’T BAIL THEM OUT! Don’t believe me, here’s the video of him saying it:

Barney, Barney, Barney. How dare you and your shills at the Boston Globe try to revise the story now. You and your Democratic colleagues had opportunities in 2001, 2003, and 2005 complete with warnings from the Treasury and the Fed on all 3 occasions to prevent this catastrophe. You failed your constituents and the American people at large. Hopefully the voters of Massachusetts will wake up and take your throne away from you.

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Remember the Real Estate Melt Down? Barney Frank Doesn’t

In a move that defies all rational thought, Representative Barney Frank, D – MA, has written a letter to the heads of the recently bailed out Fannie Mae and Freddie Mac asking them to (get this) lower lending standards. I’m sure you are asking as I am, “Isn’t this how we got into this mess in the first place? Aren’t we still in the process of bailing out Fannie and Freddie?” A bailout, by the way, that is slated to cost the American taxpayer as much as $400 billion! Here is a Wall Street Journal Op-Ed regarding Mr. Frank’s latest act of brilliance relative to mortgage lending.

I thought since Mr. Frank clearly can’t remember the details that have led us to the precipice of financial ruin it might be worthwhile to do a quick recap and refresh his memory. Let’s go all the way back to 2003, when George Bush’s White House was sounding the alarm that there were huge potential problems at Fannie Mae and Freddie Mac. What did Mr. Frank have to say? You won’t believe it!

“Not in a crisis” – Really Barney? “Even if something did go wrong the Federal Government wouldn’t bail them out” – Really Barney? Ladies and Gentlemen, I present your Chairman of the House Financial Services Committee. Did you notice the matter-of-factness with which he said a bailout would never happen; as if the witness who suggested it might was crazy? Not so crazy now, huh, Barney?

Fastforwarding to 2005, Barney Frank tells us that there is no housing bubble, nothing to worry about and Fannie and Freddie should just keep making loans to people who can’t afford them (is there any chance this is because those people vote almost exclusively Democratic?).

In 2004, the Republilcans in Congress had had enough. They wanted to shut down the runaway lending at these two government subsidized companies. Watch as the Democrats rail against the Republican plan. Remember, this is 2004, people! What would have happened if Democrats hadn’t stopped the efforts to get a handle on the runaway mortgage environment? Would we be in this finanical mess today? Doubtful. Keep in mind, what brought down the banks, was their real estate investments, not their banking business.

My favorite is the bufoon Maxine Waters saying, “We were trying to fix something that wasn’t broke”. Maxine, the word you’re looking for is broken. Learn English if you are going to be a U.S. Congresswoman. She goes on to say, “Under the outstanding leadershipof Mr. Raines”. Oh, I wish she was kidding, but no, she’s actually serious. Then we have the classy Mr. Meeks saying he’s “pissed off”. He’s “pissed off”? That’s the language he feels is appropriate during a televised committee hearing in the United States Congress? Then Mr. Frank pipes in to say he “doesn’t see anything in the report that raises safety and soundness problems”. Good call Barney!

But, why would Democrats turn a blind eye to the risks? And why would Barney be willing to go right back down that road again? Money. Are you surprised? A little bit of money bought Barrack Obama, Christopher Dodd, Barney Frank and many many others. Frankly these politicians were cheap dates. A couple hundred thousand dollars and they turned a blind eye while their Democratic friends like Frank Raines made millions running Fannie and Freddie into the ground. A couple hundred grand and these politicians were willing to watch millions of Americans lose their homes and the rest lose significant equity. For that little bit of money these political whores were willing to put America’s sovereignty and her security at risk. Now Mr. Frank wants to go back to relaxed lending standards. I wonder who paid him off this time? I wonder what it will cost the American taxpayer this time?

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