What Barney Frank has to do with the destruction of our economy?

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I read The Big Short Film by Michael Lewis.Es how were the geniuses of Wall Street by the GOP Congress under Clinton allowed our economy was not in the securitization of mortgages into bonds AAA SEC Wrack. Die under Bush, or rather, was absent from the Republicans (remember Bernie Madoff) n, where Barney Frank is mentioned. What role if any did he play?

14 Comments
  1. Reply
    Chris Christie
    April 30, 2011 at 12:04 am

    Fannie Mae

    That book is liberal lying bullshit!

    Carter’s Community Reinvestment Act started the ball rolling on the eventual collapse.
    Threats of racism accusations by the Congressional Black Caucus kept anyone from repealing it.

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

  2. Reply
    Aimee Thomas
    April 30, 2011 at 12:28 am

    the writing was on the walls about the housing collapse just like the dollar collapse is going to happen too if we dont change

  3. Reply
    I'm out to get you
    April 30, 2011 at 12:28 am

    Barney Frank is the target of conservatives because he is an openly gay man and they feel threatened by him.

  4. Reply
    El Tecolote
    April 30, 2011 at 12:32 am

    That book is designed to make you think exactly the way you’re thinking.

    How this sh!t gets published is beyond me. It is well documented that Bush begged Dodd and Frank not to extend loans to people who couldn’t show the proper credit and income to secure them.

  5. Reply
    Casey Forrest
    April 30, 2011 at 12:42 am

    The day the democrats took over was not January 22, 2009 it was actually January 3, 2007 the day the Democrats took over the House of Representatives and the Senate, the start of the 110th Congress. The Democratic Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

    January 3, 2007 was the day the Democrats took over the Senate and the Congress:

    At the time:
    1. The DOW Jones closed at 12,621.77
    2. The GDP for the previous quarter was 3.5% 3. The Unemployment rate was 4.6% 4. George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB CREATION!

    Remember the day…
    1. January 3, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.
    2. The economic meltdown that happened 15 months later was in what part of the economy? BANKING AND FINANCIAL SERVICES!
    3. Thank Congress for taking us from 13,000 DOW, 3.5 GDP and 4.6% Unemployment to this CRISIS by dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac fiasco’s! (BTW: Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001, because it was financially risky for the U.S. economy, but no one was listening).

    And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac?
    OBAMA!

    And who fought against reform of Fannie and Freddie???
    OBAMA and the Democratic Congress.

    REMEMBER JANUARY 3, 2007…. THE DAY THE DEMOCRATS TOOK OVER!”

  6. Reply
    Joseph the Second
    April 30, 2011 at 12:44 am

    Nothing. He didn’t Have to. We bankrupted Ourselves. šŸ™

  7. Reply
    Mathmajor Pi
    April 30, 2011 at 1:26 am

    No, Congress had a Democratic majority when the mortgage loan market crashed. And Barney Frank sat before the (Democratic) congress and swore to them that Fannie Mae and Freddie Mac were in great shape and would not fail. Then the next week they did fail, and pulled the whole mortgage market and stock market with them.
    When the economy tanked, Democrats had had the majority for years, so Michael Lewis is wrong.

  8. Reply
    Chris R: Sock it to Me!
    April 30, 2011 at 1:43 am

    Fannie and Freddie.

    “Fannie Mae and Freddie Mack are not in a crisis.”
    Barney Frank

    I bet in your mind Democrats do no wrong wing nut.

    http://www.youtube.com/watch?v=63siCHvuGFg

  9. Reply
    Clayton Bigsby
    April 30, 2011 at 2:36 am

    “america’s home ownership challenge” enacted by bush and a republican congress, was to increase minority home buying by 5.5 million homes by loosening credit standards. And then, investment banks were to buy these loans and sell them on the market as securities. That seems to be exactly what crashed the financial and housing markets.

  10. Reply
    tonysanabria
    April 30, 2011 at 3:23 am

    Progressives of the Barney Frank persuasion directly or indirectly supported “affordable housing”.
    Don’t let anyone kid you. They were super strong supporters of Fannie and Freddy.
    Two semi-government organizations without which the housing bubble COULD NEVER have grown to such proportions.
    Bush tried to warn us but Progressives didn’t listen:
    They were pandering to their voters.

  11. Reply
    spot the cat
    April 30, 2011 at 4:19 am

    “he was the mastermind, the puppeteer pulling the strings, and soros was there too”

    Ignorant Right Winger

  12. Reply
    poolplayer
    April 30, 2011 at 4:23 am

    You may want to read something by someone that actually looks further back in time than evidently Michael Lewis is willing to. Without having read this particular book, I’m venturing a guess that the author has an agenda to push. It’s a shame that people believe this.

  13. Reply
    Drowning in False Equivalency
    April 30, 2011 at 4:48 am

    Being an outspoken liberal, it’s obvious that the liberal bashing corporate manipulation/distraction machine is eager to pin all the financial blame on Barney Frank and naturally, blame the tail on the donkey still works as it speaks of a narrative that reinforces a perpetual false narrative that the mere presence of a “liberal” in congress is all that’s required for something bad to happen.

    Let’s just forget the fact that to listen to some of the weak responses thus far, you’d think that George Bush was being held hostage while still holding the power to veto any legislation that passed his desk for 2 years under democrat control, (Jan 2007 – Jan 20, 2009).

    Two of the responses decided that a conservative hack at the Boston Globe and a Fox you-tube clip were sufficiently (biased) against Barney Frank that nobody could possibly find fault with subjective smear “journalism”, right?

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