What happened to Barney Frank's promise

[ccbatson]

To investigate Freddie and Fannie after the election, that is.

[jams]

Can you prove he isn't?

[4real]

Maybe when Barney Frank found out that Obama's crooked cheif of staff, "dead fish" R. Emanuel, took over $16 million in three years from FNMA, the quasi government corrupted entity.
Also it was the usual head fake to take the heat off himself [[Frank), Dodd, Obama, Reid, Pelosi, Acorn and the real source of why so many bad loans were bought by FNMA FMAC.

[Gistok]

^^^^
Do you have a reputable source?

Or is this just a "someone must have said it or I wouldn't be repeating it" comment?

[Flanders]

Seems to me that there is enough culpability for the Fannie/Freddie meltdown to go around in both parties, Republican and Democrat, despite RWers usual habit of pointing the finger of blame at the socialist left for everything that is or has gone wrong in the US since FDR was in office. The following long report from 3/14/03 by the Executive Intelligence Review indicates otherwise, with the Bush administration demanding the resignation of Armando Falcon and a failed attempt to install Mark Brickell as his successor as the head of the OFHEO:

Official Axed-Exposed Threat of US Housing Bubble Collapse

"A new government report showing the underlying weakness of the U.S. housing market and financial system, and an immediate demand by Wall Street that the head of the reporting agency be fired, has revealed a bruising and fight in Washington over a critical subject: the increasing rate of the financial disintegration, and what is to be done about it. The fight also shows the desperation of the Wall Street-City of London financier oligarchy, and the thuggery to which it will resort, to silence criticism and defend its unsalvageable, bankrupt financial system."

"On Feb. 4, the Office of Federal Housing Enterprise Oversight [[OFHEO), which has oversight over the two giant housing-finance enterprises known as Fannie Mae and Freddie Mac, released a report entitled, "Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO." Its report examined the potential for the generation of a systemic crisis at Fannie and/or Freddie."

~snip~

"The report set into motion a shockwave through the financial community. Sharon McHale, a Freddie Mac spokeswoman, told the Feb. 6 Washington Post, that the report's "doomsday scenario was so speculative, it's just incredible." But the full wrath came from the highest levels of the London-Wall Street banking community, which struck hard."

"On Feb. 5, a mere 24 hours after the report's issuance, the Bush Administration demanded that OFHEO Director Armando Falcon submit his resignation. Falcon, who been appointed to this post in 1999 by President Bill Clinton, had overseen the report's release. While the Bush Administration delivered the order for Falcon to resign, both the circumstances of the firing and subsequent events make it clear that the actual order for the firing originated from inside the boardroom of J.P. Morgan Chase—the world's largest derivatives bank with $29 trillion in derivatives outstanding—and the boardrooms of other major institutions that are heavily invested in derivatives and housing market paper."

[4real]

I erred,
Clinton's going-away gift to Emanuel was a seat on the quasi-governmental Freddie Mac board, which paid him $231,655 in director's fees in 2001 and $31,060 in 2000.
In 14 months to sit on a few meetings and tottalling 320,000 in all.
According to the Chi Trib, he didn't do anything.
"FMAC misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002 ". Right at the time he was on the board, hmmmm.

The begginning of the financial meltdown at FMAC and FNMA

He actually earned over 18 million in two years as an investment banker [[Wasserstein Perella & Company) for being a so called advisor, or person with connections.


here's a couple of liberal media outlets
http://www.chicagotribune.com/news/p...,5682373.story
http://www.nytimes.com/2008/12/04/us...nuel.html?_r=1
http://abcnews.go.com/Blotter/story?id=6201900

[ccbatson]

He [[Frank) promised hearings, not biased reports. Problem is, how could he hold hearings and be interrogated by the committee that he chairs at the same time?

[rb336]

Frankly, I don't recall him promising to hold hearings. maybe he did. maybe they are scheduled. maybe they should be a small part of the larger inquiry into the fiasco of which they were a VERY small part, and definitively NOT a causal one

[ccbatson]

Let's stay focused on the facts Rb...He did promise hearings, they are not scheduled and have not yet occurred. With that as the premise, address the reasons for the lies from Frank please.

[oldredfordette]

Acorn. Hilarious.

[rb336]

Let's stay focused on the facts Rb...He did promise hearings, they are not scheduled and have not yet occurred. With that as the premise, address the reasons for the lies from Frank please.

I dismiss your premise until you prove it is an accurate and factual one. It might be. I don't have the facts at my fingertips and never saw Frank make the alleged promise. to address your comments assuming your premise is correct [[which would be a first here anyway) would be pointless.

[rb336]

Here's an article from the required "mainstream" news that succinctly lists his transgressions.

http://online.wsj.com/article/SB1220...googlenews_wsj

Alas, equally succinct lists of republican transgressions aren't likely to be found in the "mainstream" news outlets

Calling the WSJ "mainstream" is just plain funny, especially in the post-rupert era.

that was NOT an article, it was an opinion piece, and a rather cowardly, disjointed unsigned one at that.

[rb336]

Reality does not matter for them. it has a liberal bias

[4real]

I wonder if McCain will investigate Barney, Dodd, et al.
http://polijamblog.polijam.com/?p=1884

[ccbatson]

DSF...they didn't directly advertise the easy money, or force anyone to take part. However, indirectly, they accomplished this perferct storm and bubble via the CRA, government endorsed repackaging of toxic assets for recirculation largely internally by Fannie and Freddie, and resistance to regulating these entities [[by Frank, Dodd, Walters, and others) even when pressured to do so [[by Bush, McCain, etc).

[rb336]

bats, i would say that once again you have your facts wrong, but that would assume that you have ever worked with facts, which you haven't

[ccbatson]

Sigh...I have my facts wrong, yet you don't say which facts, how they are wrong, and what is the correct facts.

Useless.

BTW, there are many video/audio and transcripts from congressional proceedings supporting my assertions [[but you already knew that, I am sure).

[ccbatson]

Applause for KingRex.

DSF, thanks for conceding to my point.

[oladub]

Welcome to the board King Rex!

"With the nation wondering how to hold the bankers accountable, Bill Moyers sits down with William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s. Black offers his analysis of what went wrong and his critique of the bailout " Black, by the way , supported Obama but explains that this is not a question of Democrats or Republicans. There is plenty of blame to go around. He speaks about the corruption of the W. Bush administration until Moyers asks him about Clinton. Then Black starts talking about three major deregulators. Two of these were Rubin and Sommers who recently became part of the Obama administration.

Black claims that the reason bank CEO's are not being fired, as was the head of GM, is because the corruption is so endemic to the major bailed out banks and the CEO's are often part of the corruption. To fire them would be to reveal how bankrupt our system really is. Geithner is part of this equation.

http://www.pbs.org/moyers/journal/04032009/watch.html

[rb336]

Sigh...I have my facts wrong, yet you don't say which facts, how they are wrong, and what is the correct facts.

Useless.

BTW, there are many video/audio and transcripts from congressional proceedings supporting my assertions [[but you already knew that, I am sure).

Bats, yet again you seem to have a problem with your reading comprehension. i said you have no facts. if you know of these transcripts, why do you not post links to them?

[ccbatson]

Go Foxnews, RushLimbaugh.com, and Hannity's site for links. I had posted them [[and youtube links) before on the old format of this forum.

[rb336]

Go Foxnews, RushLimbaugh.com, and Hannity's site for links. I had posted them [[and youtube links) before on the old format of this forum.

ah. so with out your radio gods, you have nothing. Thanks for the admission.

Regardless, your obssession with Fannie and Freddie is merely you scapegoating the utter failure of your deregulation model. oh -- and you are bitching about Frank deregulating in the same breath, and deregulating them when they were truly privatized entities. Priceless

[oladub]

King Rex, Amen.

Detroitsuperfly, Replace the Fed with nothing. That would be an improvement. Back when some Democrats had balls, President Andy Jackson [[D) gathered the central bankers of his day and said to their face,

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out."

And he did. Jackson got rid of the 2nd bank of America as Jefferson had the first. What Jackson was addressing is exactly what we face again today with the third bank of America - the Federal Reserve. The Fed has appropriated more money to the bailout schemes than our elected officials. The debt is now so massive that the ONLY way to pay it down is by devaluing the dollar. No amount of taxation will do the job without totally talking down the economy. Better for Democrats and Republicans to devalue dollars so fools won't blame it on the government and will continue to depend on more and more from government officials who can pompously be offering hope with one hand while simultaniously stealing the value of retirees' savings.

You continue to position yoiurself as the banker's best friend by seemingly not recognizing that the Fed is having a larger role in our economy , in many ways, than our elected representatives. Congress cannot control the Fed's excesses nor it even allowed to have certain questions anwered by law. If you want regulations, you should at least be screaming at your representative to co-sponsor H.R. 1207 which would allow Congress to find out what the Fed is up to. Then you should be demanding that the President remove Rubin and Sommers from his administration for getting rid of Glass-Steagall Act regulations under Clinton. We can't expect the shills that caused the mess to strighten it out. When you are writing your letters to the President , also ask him to remove all former Goldman-Sachs executives from his financial team. Thanks.

[oladub]

Dear Banker's Friend, I did read your entire post. Fine, let the Federal Reserve keep throwing Trillion$ of taxpayer money on the fire and see what happens to the spending power of our dollar. The bankers will continue to get richer and more powerful at our expense. We have chaos and anarchy in our financial system thanks in part to the giant bubble created by the Fed's policies. Think of it, the banks that own the Fed got to loan out all the money that the Fed created out of thin air and charge interest on it. When they overdid it, the Fed bailed them out by printing more money they can charge interest on while turning their bad loans over to taxpayers. I would be in jail if I participated in such a scam if I wasn't already in jail for cheating on taxes like Geithner.

[ccbatson]

Really....how long has the Fed been in existence? What happened before that?