Barney Frank: A Cowardly Hater

"Despite stiff competition, Representative Barney Frank may be the most incompetent and corrupt member of Congress. His failed romance with Fannie Mae and Freddie Mac helped bring about the current mortgage crisis and fiasco. Moreover, he has never acknowledged guilt or displayed shame regarding anything he has done."

Danger Man

“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn’t bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.”

The Honorable Barney Frank (D-MA), September 2003

This man has incredible judgement.

(Incredible meaning no credibility.)

"Frank"-ly Speaking?

"'I think at this point there needs to be a focus on an immediate increase in spending, and I think this is a time when deficit fear has to take a second seat,' Frank said.

"I do think this is a time for a kind of very important dose of Keynesianism, Frank continued, referring to 20th century British economist John Maynard Keynes' argument for government investment to counteract recession or depression.

"Yes, I believe later on there should be tax increases," Frank said. "Speaking personally, I think there are a lot of very rich people out there whom we can tax at a point down the road and recover some of this money."

Democrats destroy economy--blame Republicans

"But, until then, let's take another realistic look at why we are in the current financial mess. Beginning with the Democrats and President Clinton's push to force banks and mortgage companies to lend to low-income home buyers — coupled with the Democrats running Fannie Mae and Freddie Mac — the process that has placed us in the position of heading toward the current financial debacle was put into place. Then, with Clinton's signing of the American Home Ownership and Economic Opportunity Act of 2000, the dye was cast. Institutions that did not want to lend monies to those who could not afford to buy homes were advised that they would be investigated by the government. Thus, the ARM (adjustable rate mortgage) came into being in full force. Huge balloon payments were the norm for the ARM and when they came due — equally huge foreclosure numbers for those who couldn't pay them were the result.

"As foreclosures increased, a domino effect began that took down mortgage companies and publicly exposed the corruptions inherent within the Democrats' personal slush funds — Fannie Mae and Freddie Mac. Then, the commercial banks — the ones who had initially been forced to carry the bad-paper mortgages "or else" began to fail. After that, other banks and lending institutions started to experience problems and then — as the world's banks are now connected — European and Asian financial institutions have begun to crash. What was put in place by US Democrats as at its best 'good intentions' for poor folk and at its worst another way to scam the system has now caused world-wide panic in financial institutions. Note: Elected Congressional Republicans — including Sen. John McCain — have tried for years to pass legislation that would provide oversight on both Fannie and Freddie. Democrats blocked each and every attempt."

Frank's fingerprints are all over the financial fiasco

"All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. 'Lack of credit history should not be seen as a negative factor,' the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as 'valid income sources' to qualify for a mortgage. Failure to comply could mean a lawsuit."

and

"But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that 'these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.' When the White House warned of 'systemic risk for our financial system' unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing."

The Dems did it!

"The structure of disaster was almost complete. The Clinton administration directed federal agencies to expand credit, particularly home loans, to low-income buyers. ACORN and other community organizations were empowered to promote loans and encourage banks to make them, and Fannie and Freddie were instructed to buy the loans. The Federal Reserve joined the parade by reducing interest rates to help facilitate these loans.

"No wonder the housing market exploded."

and

"As early as 2004, the Bush administration tried to increase regulation of Fannie and Freddie, but ran into stiff opposition from Democrats, especially from Barney Frank, who was afraid that lending activities would be sacrificed in the name of market risk. Now, Frank is blaming the Republicans for failing to enact reforms that he and his party blocked."

Media Mum on Barney Frank's Fannie Mae Love Connection

"The news media have covered the relationship in the past, but there have been no mentions since 2005, according to Nexis and despite the collapse of Fannie Mae. The July 3, 1998, Reliable Source column in The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his 'spouse.' Another Washington Post report said Frank called Moses his 'lover' and that the two were 'still friends' after the breakup.

Lawmaker Accused of Fannie Mae Conflict of Interest

"'It’s absolutely a conflict," said Dan Gainor, vice president of the Business & Media Institute. "He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

"'If this had been his ex-wife and he was Republican, I would bet every penny I have - or at least what’s not in the stock market - that this would be considered germane,' added Gainor, a T. Boone Pickens Fellow. 'But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.'"

O’Reilly smacks down Barney Frank

Watch the video....

Featuring Frank: Symbol of failure

"In 2002, shortly before accounting irregularities were exposed at both companies, Frank said, 'I do not regard Fannie Mae and Freddie Mac as problems,' The Wall Street Journal reported. After the Freddie Mac accounting scandal in 2003, Frank said, 'I do not think we are facing any kind of a crisis.'