Barney Frank has gone beyond my last nerve. I’m tired of hearing this guy talk, so today is the day for his post. I don’t normally curse a lot in posts, so if you are sensitive to it, I have plenty of other “G” rated posts for your entertainment on the sidebar. You’ve been warned.
That said, what a fucking liar. This son of a bitch was the keystone, with just two or three others including Greenspan, of the entire housing bubble, leading to the collapse of the housing market that created the financial crisis that we are still reeling in seven years later. I am tired of seeing him, on video, blaming the Republicans and Wall Street for the whole thing, that he was always a supporter of renting, and that he tried to stop what they were doing, but was not able to. You can watch the video of this bottom dwelling slug lying to your face at the bottom of this post, where it belongs.
What a massive pair of highly polished brass balls this tiny little shit fly has.
Barney has been quoted thousands of times, in dozens of videos and hundreds of articles explaining how important providing homes to all Americans is, at all costs, no matter what the price to society, and that the banks simply weren’t doing enough to bring about the necessary reforms, so he, as the head of the House of Representatives’ Committee on Financial Services, would do whatever it took to get people that could not qualify for home loans, into homes. And that is exactly what this butter tub asshole did…whatever it took.
For years leading up to the housing crash, he violently supported any legislation or action that forced the banks to give out home loans to people that couldn’t pay them back, hanging the debt on Fannie Mae and Freddie Mac who of course immediately went insolvent after the housing crash and had to be bailed out with taxpayer money. Should I also mention he got his boyfriend a job at Fannie Mae…no conflict of interest there, right? He was constantly on the major media channels, for years, damning Republicans for not helping the “poor” and the “needy” and the “families with children” that “deserve” the “American Dream” of home ownership. Barney Frank’s name is all over the housing bubble and crash like ugly Ho Ho Ho gift wrap is all over a big screen TV.
In the past seven years, I have read dozens of books about the housing bubble and financial crisis, and one of only two or three names that repeat, EVERY…SINGLE…TIME…is Barney Frank. Barney Frank. Barney Frank. Barney Fucking Frank.
You are a piece of work Barney. Despite thousands of quotes and articles and videos, most of them from your own mouth, damning you as one of the ring leaders of the entire housing bubble and crash, you have the monumental nerve to lie directly into the face of every American with a big fat grubby middle finger and claim that the entire well-documented history of your own incompetence (or socialist aspirations) was not correct. This shit right here, this shit you are doing, is a textbook example of politicians re-writing history to serve their own purposes. Nothing in Animal Farm could compete with this absolute, blatant, in your face bullshit from a career politician.
For a less colorful explanation of Barney Fucking Frank’s middle finger to America while he re-writes history, please read the article below by someone who drinks chamomile tea, the incredible economist, Thomas Sowell whose book, The Housing Boom & Bust was one of the many that I read with Barney Frank’s name all over its pages.
Is Barney Frank by Thomas Sowell
You would be hard pressed to find a politician who is less frank than Congressman Barney Frank. Even in an occupation where truth and candor are often lacking, Congressman Frank is in a class by himself when it comes to rewriting history in creative ways. Moreover, he has a lot of history to rewrite in his re-election campaign this year.
No one contributed more to the policies behind the housing boom and bust, which led to the economic disaster we are now in, than Congressman Barney Frank.
His powerful position on the House of Representatives’ Committee on Financial Services gave him leverage to force through legislation and policies which pressured banks and other lenders to grant mortgage loans to people who would not qualify under the standards which had long prevailed, and had long made mortgage loans among the safest investments around.
All this was done in the name of promoting more home-ownership among people who had neither the income nor the credit history that would meet traditional mortgage lending standards.
To those who warned of the risks in the new policies, Congressman Frank replied in 2003 that critics “exaggerate a threat of safety” and “conjure up the possibility of serious financial losses to the Treasury, which I do not see.” Far from being reluctant to promote risky practices, Barney Frank said, “I want to roll the dice a little bit more in this situation.”
With the federal regulators leaning on banks to make more loans to people who did not meet traditional qualifications — the “underserved population” in political Newspeak — and quotas being given to Fannie Mae and Freddie Mac to buy more of these riskier mortgages from the original lenders, critics pointed out the dangers in these pressures to meet arbitrary home ownership goals. But Barney Frank counter-attacked against these critics.
In 2004 he said: “I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing.” He went further: “I would like to get Fannie and Freddie more deeply into helping low-income housing.”
Fannie Mae and Freddie Mac were crucial to these schemes to force lenders to lend to those whom politicians wanted them to lend to, rather than to those who were most likely to pay them back. So it is no surprise that Barney Frank was very protective towards these two government-sponsored enterprises that were buying up mortgages that banks were willing to make under political pressure, but were often unwilling to keep.
The risks which banks were passing on to Fannie Mae and Freddie Mac were ultimately risks to the taxpayers. Although there was no formal guarantee to these enterprises, everybody knew that the federal government would always bail them out, if necessary, to keep them from failing. Everybody except Barney Frank.
“There is no guarantee,” according Congressman Frank in 2003, “there is no explicit guarantee, there is no implicit guarantee, there is no wink-and-nod guarantee.” Barney Frank is a master of rhetoric, who does not let the facts cramp his style.
Fast forward now to 2008, after the risky mortgages had led to huge numbers of defaults, dragging down Fannie Mae, Freddie Mac and the financial markets in general — and with them the whole economy.
Barney Frank was all over the media, pointing the finger of blame at everybody else. When financial analyst Maria Bartiromo asked Congressman Frank who was responsible for the financial crisis, he said, “right-wing Republicans.” It so happens that conservatives were the loudest critics who had warned for years against the policies that Barney Frank pushed, but why let facts get in the way?
Ms. Bartiromo did not just accept whatever Barney Frank said. She said: “With all due respect, congressman, I saw videotapes of you saying in the past: ‘Oh, let’s open up the lending. The housing market is fine.'” His reply? “No, you didn’t see any such tapes.”
“I did. I saw them on TV,” she said. But Barney Frank did not budge. He understood that a good offense is the best defense. He also understands that rewriting history this election year is his best bet for keeping his long political career alive.
Categories: Book Review, Economy, Federal Reserve, Government Failures, Housing Market
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