Thanks Barney!

[RIJIMMY]

Look how many evil privately run banks and financial companies have sprung back, returned profitable and paid back the TARP funds. Now look at the ones that were government run and continue to be government run.
This is an example of BIG Government. This is your healthcare future!
My applause goes out to Barney Frank. Top job brutha!


WASHINGTON (AP) -- Rescuing mortgage buyers Fannie Mae and Freddie Mac could cost as taxpayers as much as $363 billion over the next three years, more than double the current amount, a federal regulator said Thursday.

The two companies could end up costing taxpayers $221 billion to $363 billion through 2013, the Federal Housing Finance Agency projected. The actual amount will depend on whether home prices stabilize or take another dive, the agency said.

The two mortgage finance companies have been operating under federal control for more than two years after nearly collapsing because of the housing bust.

When the government stepped in to take them over in September 2008, the rescue was only expected to cost a combined $200 billion. Fannie and Freddie have already received $148 billion from the government.

It's the first time the agency has released a public estimate of the taxpayer tab. The combined bailout of the two companies is on track to be the largest of the financial crisis.

The terms of Fannie and Freddie's rescue require them to pay a 10 percent annual dividend to the Treasury Department.

The housing regulator estimates that the two companies will end up paying the government between $80 billion and $104 billion in dividends over the next three years. After subtracting that, the rescue is projected to cost between $142 and $259 billion.

[fishbones]

Yeah, but some of Spence's really smart friends think he's doing a great job so it can't be his fault.

[RIJIMMY]

Originally Posted by fishbones

Yeah, but some of Spence's really smart friends think he's doing a great job so it can't be his fault.

they're probabaly foreclosure brokers.

[spence]

Originally Posted by RIJIMMY

Look how many evil privately run banks and financial companies have sprung back, returned profitable and paid back the TARP funds. Now look at the ones that were government run and continue to be government run.

You seem to be comparing apples and oranges here. Do you think the private banks would be able to operate in the same manner without a viable secondary market?

And I'm not talking about a new system from the ground up, I'm talking about where we were just a few years ago.

-spence

[RIJIMMY]

Originally Posted by spence

You seem to be comparing apples and oranges here. Do you think the private banks would be able to operate in the same manner without a viable secondary market?

And I'm not talking about a new system from the ground up, I'm talking about where we were just a few years ago.

-spence

apparently they are. Diversifying their product base, seeking new revenue streams. You know "business stuff"
Dont forget, in ADDITION to the economic mess, banks are being hit with the credit card rules and other regualtion that Fannie/Freddie do not have to contend with. You cant have beuacrats running businesses or wars. It always fails. This is all Barney Spence, he is and has been at the helm.

[spence]

Originally Posted by RIJIMMY

apparently they are. Diversifying their product base, seeking new revenue streams. You know "business stuff"
Dont forget, in ADDITION to the economic mess, banks are being hit with the credit card rules and other regualtion that Fannie/Freddie do not have to contend with. You cant have beuacrats running businesses or wars. It always fails. This is all Barney Spence, he is and has been at the helm.

Both organizations existed long before Frank. As we've discussed at length, he's only a player in a much larger production.

-spence

[RIJIMMY]

Originally Posted by spence

Both organizations existed long before Frank. As we've discussed at length, he's only a player in a much larger production.

-spence

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

[scottw]

Originally Posted by RIJIMMY

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

Sowell has a good article on Barney's lies today...here's an excerpt

"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."

[spence]

Originally Posted by RIJIMMY

but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.

This is the talking points version.

The reality is that both Clinton and Bush had pushed Fannie and Freddie to expand low income lending. In 2003 when Frank remarked about their solvency there certainly was no consensus by Democrats or Republicans on the issue. Bush had plenty of opportunities but couldn't get enough GOP support. Frank has also admitted recently (go figure) at the time he missed the warning signs.

It looks like in 2007 when Frank actually became chairman (not just a ranking Dem), the first thing he did was to pass tougher regulations. He's since worked to pass even more regulations...

Like I said, he's been a player in all of this, he's made some mistakes, but to ignore the Republicans contribution and the influence of Wall Street is just partisan politics and not an attempt to understand the problem.

-spence

[RIJIMMY]

talking points = facts in this case

[spence]

Originally Posted by RIJIMMY

talking points = facts in this case

Perhaps you should check your facts then. As Chairman he's actually worked to toughen regulations.

-spence

[RIJIMMY]

Originally Posted by spence

Perhaps you should check your facts then. As Chairman he's actually worked to toughen regulations.

-spence

hindsight is 20/20 !

Every single financial institution has changed their approach. Back to the intial thread - most are now profitable and require NO government intervention or $$$. Not so for the big fat Fannies!

[spence]

Originally Posted by RIJIMMY

hindsight is 20/20 !

Every single financial institution has changed their approach. Back to the intial thread - most are now profitable and require NO government intervention or $$$. Not so for the big fat Fannies!

I see you haven't read a single thing I've posted.

-spence

[scottw]

Originally Posted by spence

Perhaps you should check your facts then. As Chairman he's actually worked to toughen regulations.

-spence

BS !

Sowell again setting the record straight on Frank today...

"When federal regulators uncovered irregularities in Fannie Mae’s accounting, and in 2004 issued what Barron’s magazine called “a blistering 211-page report,” Barney Frank lashed out — not at Fannie Mae, but at the regulators who uncovered Fannie Mae’s misdeeds. He said “a leadership change” in the regulatory agency was “overdue.”

Politicians who say we need more regulation almost never mean regulation in the sense of impartially enforcing explicit rules, such as the accounting rules that Fannie Mae was violating to cover up its own risks. They mean regulation with arbitrary powers, such as those under the Community Reinvestment Act, which enable regulators to carry out the agendas that politicians give them.
When Congressman Jim Leach tried to get stronger regulation of Fannie Mae and Freddie Mac back in 1992, and when President George W. Bush did so in 2004, Barney Frank opposed them.

A reining in of Fannie Mae and Freddie Mac would be a reining in of Barney Frank’s power. But he can’t stop the voters from reining in his power, unless he can once more get by this election year with pious rhetoric to conceal his cynical actions."

[RIJIMMY]

Originally Posted by scottw

BS !

Sowell again setting the record straight on Frank today...

"When federal regulators uncovered irregularities in Fannie Mae’s accounting, and in 2004 issued what Barron’s magazine called “a blistering 211-page report,” Barney Frank lashed out — not at Fannie Mae, but at the regulators who uncovered Fannie Mae’s misdeeds. He said “a leadership change” in the regulatory agency was “overdue.”

Politicians who say we need more regulation almost never mean regulation in the sense of impartially enforcing explicit rules, such as the accounting rules that Fannie Mae was violating to cover up its own risks. They mean regulation with arbitrary powers, such as those under the Community Reinvestment Act, which enable regulators to carry out the agendas that politicians give them.
When Congressman Jim Leach tried to get stronger regulation of Fannie Mae and Freddie Mac back in 1992, and when President George W. Bush did so in 2004, Barney Frank opposed them.

A reining in of Fannie Mae and Freddie Mac would be a reining in of Barney Frank’s power. But he can’t stop the voters from reining in his power, unless he can once more get by this election year with pious rhetoric to conceal his cynical actions."

absolutely and the Frank Dodd Act is the big winner. It has some very good and necessary regulation....BUT it creates a massivly powerful NEW govt. organization that has ambigous boundries and control.

[spence]

Originally Posted by scottw

BS !

Sowell again setting the record straight on Frank today...

"When federal regulators uncovered irregularities in Fannie Mae’s accounting, and in 2004 issued what Barron’s magazine called “a blistering 211-page report,” Barney Frank lashed out — not at Fannie Mae, but at the regulators who uncovered Fannie Mae’s misdeeds. He said “a leadership change” in the regulatory agency was “overdue.”

Politicians who say we need more regulation almost never mean regulation in the sense of impartially enforcing explicit rules, such as the accounting rules that Fannie Mae was violating to cover up its own risks. They mean regulation with arbitrary powers, such as those under the Community Reinvestment Act, which enable regulators to carry out the agendas that politicians give them.
When Congressman Jim Leach tried to get stronger regulation of Fannie Mae and Freddie Mac back in 1992, and when President George W. Bush did so in 2004, Barney Frank opposed them.

A reining in of Fannie Mae and Freddie Mac would be a reining in of Barney Frank’s power. But he can’t stop the voters from reining in his power, unless he can once more get by this election year with pious rhetoric to conceal his cynical actions."

Sowell is making a one sided argument that ignores the positive measures Frank has supported, positive measures that Republicans have blocked, the negative measures that Republicans have supported, as well as the remarks Frank has made on why he did certain things when he did. To take a quote from 2004 (I thought it really from 2003) out of this context is intellectually dishonest and Sowell knows better, hell he's written at length on that exact subject.

The GOP has worked tirelessly to make Frank the face of the Recession in an effort to shoot down a very smart and influential liberal. I guess expecting some objectivity is a bit unreasonable as it would undermine this objective.

And so politics go...

-spence

[RIJIMMY]

very smart = manipulative, disrespectful, dishonest and cunning.

BTW - did you see he borrowed 200K from his retirement fund to finance his campaign? Why? To fight the right wing media lies about him, thats exactly what he said! Of course Barney, we're all to dumb to see the truth. Too bad Spence isnt in your district, but I am. You're on the run Barney!

[RIJIMMY]

man, this never gets old....

[fishbones]

It gets better and better. This guy is turning into a bigger joke every day.

Barney Frank rakes in $40G from bailed out banks - BostonHerald.com

[scottw]

Originally Posted by spence

The GOP has worked tirelessly to make Frank the face of the Recession in an effort to shoot down a very smart and influential liberal. I guess expecting some objectivity is a bit unreasonable as it would undermine this objective.

And so politics go...

-spence

Frank worked tirelessly to cause the banking crisis...he's as evil as he is smart and he's a shameless and congenital liar..he is the poster boy for what is wrong with Washington.....

funny how quotes and footage of "smart" liberals in their own words are always dismissed as "out of context"... are they ever in context? or does it just require more lies to put them context?

anyone that has watched tape of those committe meetings knows the scam that Frank, Waters, Raines etc... were running, Frank is just hoping that enough of his voters are so dumb that they've never seen nor read any of it and will continue to vote for the sleaze...

[RIJIMMY]

In a Feb. 23, 2009, article in the Washington publication Roll Call, Frank is quoted saying, “I won’t take any PAC money from banks that took TARP funds, nor would I take it from the top executive.”

Just yesterday, Frank made new campaign finance disclosures showing he received $17,000 from top executives of Bank of America — including $2,000 from CEO Brian Moynihan. B of A received $45 billion in bailout money. In all, Frank has hauled in at least $27,000 since 2009 from bank execs — and $13,000 from PACs — connected to banks that received TARP funding, including:

• $5,000 earlier this month from the Bank of America Corp. Federal PAC;

• $10,000 in August and September from the Bipartisan PAC/Bank of New York Mellon Corp.; Mellon received $3 billion from TARP;

• $2,000 in June 2009 from the Financial Services Roundtable PAC, which counts TARP recipients B of A, JP Morgan Chase and Wells Fargo among its members; and

• $1,000 in March from U.S. Bancorp PAC; the Minnesota-based bank received more than $6 billion in TARP funds.

[scottw]

[QUOTE=RIJIMMY;804472]In a Feb. 23, 2009, article in the Washington publication Roll Call, Frank is quoted saying, “I won’t take any PAC money from banks that took TARP funds, nor would I take it from the top executive.”

he must have been "taken out of context"

[vineyardblues]

I would love to see jail TIME......

[Slipknot]

the article printed his excuse further down

*****In a statement last night, a Frank spokesman said the congressman has declined to take contributions only from the top 10 TARP recipients, but he noted he would accept donations from those institutions once they repaid their debts. The spokesman said none of the donations cited by the Herald violated that policy.*****

there are plenty of other examples of his screwups, we as voters are not going to take it any more.

time for him to go is way past due

your expiration is up Barney, see ya

[Slipknot]

Barney Frank rakes in $40G from bailed out banks - BostonHerald.com

[vineyardblues]

I have no idea if this is true or not , just thought I would share , VB

Your time is UP Mr Frank


IS IT THE NFL OR NBA?

36

have been accused of spousal abuse

7

have been arrested for fraud

19

have been accused of writing bad checks


117

have directly or indirectly

bankrupted at least 2 businesses


3

have done time for assault


71,

repeat



71 cannot

get a credit card due to bad credit



14

have been arrested on drug-related charges




8

have been arrested for shoplifting




21

currently

are defendants in lawsuits, and






84

have been arrested for drunk driving

in

the last year



Can

you guess which organization this is?


Give

up yet? . . Scroll down,


Neither,

it's the 435 members of the

United States Congress



The

same group of Idiots that crank out

hundreds of new laws each year

designed to keep the rest of us in line.

[seabuggy]

Barney Frank is taking credit for everything from commuter rail to increases in fish quotas. He is all BS. On every one of his claims, he inserts "weasel words" like 20 million for commuter rail. It went to feasibility studies, partially financed by the State. His increases in fish quotas are contingent on scientific studies. No kidding, they all are. When will people wake up and see what we really have in our US Rep? I say send him back to NJ with the rest of the crooks.

[buckman]

I'm starting to get a feeling that Barney is done. Vote him out. Put someone in who will work for you....... Sean Bielat.

[Slipknot]

Originally Posted by seabuggy

Barney Frank is taking credit for everything from commuter rail to increases in fish quotas. He is all BS. On every one of his claims, he inserts "weasel words" like 20 million for commuter rail. It went to feasibility studies, partially financed by the State. His increases in fish quotas are contingent on scientific studies. No kidding, they all are. When will people wake up and see what we really have in our US Rep? I say send him back to NJ with the rest of the crooks.

Unfortunately, not enough voters in this fukakta district realize what goes on.

let's see if he will actually accomplish something to make things right. I can dream can't I?

[JohnR]

Originally Posted by Slipknot

Unfortunately, not enough voters in this fukakta district realize what goes on.

let's see if he will actually accomplish something to make things right. I can dream can't I?

Slip - your town did OK. Here is a town by town breakdown: Massachusetts House District 4 election results ? Politics ? Decision 2010 ? msnbc.com