Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES

Chas. Chan

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Oct 23, 2010, 10:58:12 AM10/23/10

to

=--> http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related <--=

Shocking Video Unearthed Democrats in their own words Covering up the
Fannie Mae, Freddie Mac Scam

=--> http://www.youtube.com/watch?v=_MGT_cSi7Rs <--=

You would be hard pressed to find a politician who is less frank than
Congressman Barney Frank.

http://www.discoverthenetworks.org/individualProfile.asp?indid=2384
http://www.keywiki.org/index.php/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.

http://www.city-journal.org/html/10_1_the_trillion_dollar.html

To those who warned of the risks in the new policies,

=--> http://www.youtube.com/watch?v=cMnSp4qEXNM <--=

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.

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1
http://www.breitbart.tv/?p=184743
http://www.discoverthenetworks.org/funderProfile.asp?fndid=5197
http://www.discoverthenetworks.org/funderProfile.asp?fndid=5196

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."

http://www.cnbc.com/id/27324124/CNBC_EXCLUSIVE_CNBC_TRANSCRIPT_CNBC_S_MARIA_BARTIROMO_INTERVIEWS_REP_BARNEY_FRANK_ON_CNBC_S_CLOSING_BELL_TODAY

"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.

Among long-time politicians who are being seriously challenged for the
first time this election year, Congressman Barney Frank of
Massachusetts best epitomizes the cynical ruthlessness which hides
behind their lofty rhetoric.

Having been a key figure in promoting the risky mortgage lending
practices imposed by the federal government on lenders, and on Fannie
Mae and Freddie Mac to buy these risky mortgages from the lenders,
Barney Frank blamed the resulting collapse of financial markets and
the economy on everybody except Barney Frank.

In February 2009, as chairman of the House Financial Services
Committee, Congressman Frank summoned the heads of some of the biggest
banks in the country before his committee. In the words of the Los
Angeles Times, these bankers "endured hours of hectoring" by
"indignant lawmakers" on that committee.

These bankers were in no position to talk back to members of this
committee, much less point out how committee members -- including
Chairman Barney Frank -- had themselves promoted laws and policies
responsible for the current economic disaster.

This is a committee with the power to promote legislation detrimental
to this heavily regulated industry. That in turn gives the committee
the power to force others to sit there and take it, when they are
demonized on nationwide TV.

Congressman Barney Frank has never hesitated to use his power
ruthlessly. On one occasion, he threatened bankers with summoning them
before his committee and forcing them to reveal their home addresses
-- which would of course put their spouses and children at the mercy
of any kooks that might come along.

Meanwhile, Congressman Frank could piously invoke "social justice" in
defense of similarly ruthless community activist groups like ACORN
[ http://www.discoverthenetworks.org/groupProfile.asp?grpid=6968 ] or
National People's Action, which had in fact besieged the homes not
only of bankers but also of public officials who dared to oppose their
agendas. In Barney Frank's words, these groups were simply people who
"cared about equity" and who were just "trying very hard to preserve
some equity and some social justice."

But the harassment and shakedown activities of such groups were
perhaps best captured by the words of a leader of one of these groups,
who addressed her followers by saying: "We want it. They've got it.
Let's go get it."

These were not just idle words. The dirty little secret that few in
the media seem to want to discuss is that community activists,
including Jesse Jackson, have over the years extracted literally
billions of dollars from financial institutions, as the price of peace
and of not challenging these institutions in hearings before federal
regulators, as these groups are empowered to do under the Community
Reinvestment Act.

http://www.city-journal.org/html/10_1_the_trillion_dollar.html
http://www.discoverthenetworks.org/viewSubCategory.asp?id=809

Much of this money has been extracted in the form of risky mortgage
loans of the sort that have been at the center of the housing boom and
bust, and its repercussions in financial markets and in the economy as
a whole.

Among others who have been at the heart of the risky lending behind
the financial meltdown are Fannie Mae and Freddie Mac, whom
Congressman Barney Frank has also championed and protected. 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.

=--> http://www.youtube.com/watch?v=cMnSp4qEXNM <--=
http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related

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

http://www.tsowell.com
http://townhall.com/columnists/ThomasSowell/
http://www.americanthinker.com/2009/06/the_liberal_housing_crash.html

Pug Bitch

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Oct 23, 2010, 11:13:11 AM10/23/10

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"Chas. Chan" <tianm...@gmail.com> wrote in message
news:19a2b08d-699c-4d14...@v20g2000yqb.googlegroups.com...

LIAR! Clearly you want to rewrite history so your little failure Chimpy
comes out squeaky clean. There no room for fascists in the USA, maybe in
WISCONSIN where the eat people.

∅baMa∅ Tse Dung

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Oct 23, 2010, 11:23:15 AM10/23/10

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On Oct 23, 10:13 am, "Pug Bitch" <p...@bitch.net> wrote:
> "Chas. Chan" <tianmei...@gmail.com> wrote in message

>
> >http://www.tsowell.com
> >http://townhall.com/columnists/ThomasSowell/
> >http://www.americanthinker.com/2009/06/the_liberal_housing_crash.html
>
> LIAR! Clearly you want to rewrite history so your little failure Chimpy
> comes out squeaky clean. There no room for fascists in the USA, maybe in
> WISCONSIN where the eat people.

Let's see, in 15 minutes:
You read his entire post,
clicked all the associated articles
and watched all the video links,
changed the newsgroup distribution list
and replied with JackAss Communist Party propaganda

ALL IN FIFTEEN (15) MINUTES?
bwaHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH
...

dave

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Oct 23, 2010, 12:39:41 PM10/23/10

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Chas. Chan wrote:
> =--> http://www.youtube.com/watch?v=1RZVw3no2A4&feature=related<--=
>
> Shocking Video Unearthed Democrats in their own words Covering up the
> Fannie Mae, Freddie Mac Scam

Nobody cares. Everyone shares the blame for the collapse. For one
faction to point fingers at another is ludicrous.

Message has been deleted

Pug Bitch

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Oct 23, 2010, 12:55:16 PM10/23/10

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"?baMa? Tse Dung" <0bama0....@gmail.com> wrote in message
news:d538b10e-c5ba-4c29...@n26g2000yqh.googlegroups.com...

============================================================

Like you did?

...

Werner

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Oct 23, 2010, 1:02:55 PM10/23/10

to

On Oct 23, 12:18 pm, Yoorg...@Jurgis.net wrote:
> ...
>
> By republican deregulation---the area of dabbling in "bundling"
> mortages into larger and larger chunks was not attributable to
> Democras---it was solely republican caused.
>
> ...

1) Securitization for residential mortgages was invented in 1970 by
Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
Fannie Mae and Freddie Mac) and private institutions through the 1980s
and '90s to include a wide range of financial assets. 2) Congress has
consistently eliminated regulatory obstacles to securitization with
the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
Mortgage Investment Conduits (REMICs), Financial Asset Securitization
Investment Trusts (FASITs), and Riegle Community Development and
Regulatory Improvement Act.  3) The Riegle Act also instructed federal
regulators to reduce risk-based capital requirements for bank holdings
of small business loan securities.
http://www.nado.org/loansales/securitization1.html

"In 1992, Congress mandated that Fannie and Freddie increase their
purchases  of mortgages for low-income and medium-income borrowers.
Operating under  that requirement, Fannie Mae, in particular, has been
aggressive and  creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios
to  loans for low- and moderate-income borrowers"
http://articles.latimes.com/1999/may/31/news/mn-42807

http://www.youtube.com/watch?v=usvG-s_Ssb0

Werner

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Oct 23, 2010, 1:05:16 PM10/23/10

to

On Oct 23, 12:12 pm, Yoorg...@Jurgis.net wrote:
>...
>
> Stick that in your ass.

'In analyzing the mortgage crisis, economist Walter E. Williams has
written: “Starting with the Community Reinvestment Act of 1977, that
was  given more teeth during the Clinton administration, Congress
started  intimidating banks and other financial institutions into
making loans,  so-called sub-prime loans, to high-risk homebuyers and
businesses.
“The carrot offered was that these high-risk loans would be purchased
by  the government-sponsored enterprises Fannie Mae and Freddie Mac.
Anyone  with an ounce of brains would have known that this was a
prescription  for disaster but there was a congressional chorus of
denial,” he added.
“The financial collapse of Fannie Mae and Freddie Mac is not a
failure  of the free market because lending institutions in a free
market would  not have taken on the high-risk loans,” said Williams.
“They were forced  to by the heavy hand of government.” '

"In 1992, Congress mandated that Fannie and Freddie increase their
purchases  of mortgages for low-income and medium-income borrowers.
Operating under  that requirement, Fannie Mae, in particular, has been
aggressive and  creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios
to  loans for low- and moderate-income borrowers"
http://articles.latimes.com/1999/may/31/news/mn-42807

Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
Fannie Mae and Freddie Mac) and private institutions through the 1980s
and '90s to include a wide range of financial assets. 2) Congress has
consistently eliminated regulatory obstacles to securitization with
the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
Mortgage Investment Conduits (REMICs), Financial Asset Securitization
Investment Trusts (FASITs), and Riegle Community Development and
Regulatory Improvement Act.  3) The Riegle Act also instructed federal
regulators to reduce risk-based capital requirements for bank holdings
of small business loan securities.
http://www.nado.org/loansales/securitization1.html

political donations
Democrats Republicans
 2010 69% 31%
2008 75 % 25%
2006 63% 37%
 2004 62% 38%
2002 66% 34%
http://www.opensecrets.org/orgs/summary.php?id=d000000085

regulation derivatives
http://www.thenation.com/blogs/edcut/370925
http://www.youtube.com/watch?v=syN3rdpFqaQ&feature=related
Find out moe about the CRA
http://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf
--
The CRA tells a financial institution that if
it moves into such an area, financial regu
latory agencies and community groups will
dictate how its “community” will be
defined, how its performance will be
judged, and most importantly, how it will
make its lending decisions.

http://www.youtube.com/watch?v=ivmL-lXNy64&feature=PlayList&p=361DB6BCAD6E0D19&playnext=1&index=2

http://www.subprimemortgageplan.com/Community_Reinvestment_Act_Subprime_Mortgage_Crisis.php

dave

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Oct 23, 2010, 2:15:05 PM10/23/10

to

Werner wrote:
> On Oct 23, 12:12 pm, Yoorg...@Jurgis.net wrote:
>> ...
>>
>> Stick that in your ass.
>
>
> 'In analyzing the mortgage crisis, economist Walter E. Williams has

One of Limbaugh's butt boys. LMAO!!!

Message has been deleted

Werner

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Oct 23, 2010, 11:37:36 PM10/23/10

to

On Oct 23, 6:30 pm, China Blue Police Box <chine.b...@yahoo.com>
wrote:
> In article <e01fa586-0b31-4f14-ad59-1fd284a46...@l14g2000yqb.googlegroups.com>,

>
> Werner <whetz...@mac.com> wrote:
> > written: “Starting with the Community Reinvestment Act of 1977, that
> > was
>

> You mean the law that outlawed racism in lending.
>
> --

No, it would be the law that outlawed sensible lending and borrowing.
Now you see the consequences of Politics as Usual.
http://www.EndIt.info

WR

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Oct 23, 2010, 11:53:39 PM10/23/10

to

> • 1) Securitization for residential mortgages was invented in 1970 by
> Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
> Fannie Mae and Freddie Mac) and private institutions through the 1980s
> and '90s to include a wide range of financial assets. 2) Congress has
> consistently eliminated regulatory obstacles to securitization with
> the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
> Mortgage Investment Conduits (REMICs), Financial Asset Securitization
> Investment Trusts (FASITs), and Riegle Community Development and
> Regulatory Improvement Act.  3) The Riegle Act also instructed federal
> regulators to reduce risk-based capital requirements for bank holdings

> of small business loan securities.http://www.nado.org/loansales/securitization1.html

>
> political donations
> Democrats Republicans
>  2010 69% 31%
> 2008 75 % 25%
> 2006 63% 37%
>  2004 62% 38%
> 2002 66% 34%http://www.opensecrets.org/orgs/summary.php?id=d000000085
>

> regulation derivativeshttp://www.thenation.com/blogs/edcut/370925http://www.youtube.com/watch?v=syN3rdpFqaQ&feature=related
> Find out moe about the CRAhttp://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf

> --
> The CRA tells a financial institution that if
> it moves into such an area, financial regu
> latory agencies and community groups will
> dictate how its “community” will be
> defined, how its performance will be
> judged, and most importantly, how it will
> make its lending decisions.
>

> http://www.youtube.com/watch?v=ivmL-lXNy64&feature=PlayList&p=361DB6B...
>
> http://www.subprimemortgageplan.com/Community_Reinvestment_Act_Subpri...

A 1977 law kicked off the subprime bubble???? You people are
pathetically stupid.

WR

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Oct 24, 2010, 12:06:08 AM10/24/10

to

You're asking the world to believe that a law was passed in 1977 and
markets remained totally somnolent for 25 years or so, when suddenly
Boom! Bang! the bubble occurs, the subprime market goes crazy the
great bubble expands, then bursts. All because of a law passed when
Carter was president. Of course, the Republicans, who held congress
and the senate for 12 years and the presidency for 6 could do nothing
about it because they feared Barney Frank. Go tell this bullshit to
your kids or pets. No one in their right mind believes it. The market
boom and bust occurred because of GREED, you imbecile, and complete
failure of Congress to regulate. Bankers started rewarding themselves
simply for letting loans, so they let loans to anyone. An imminent
collapse was averted by the practice of bundling the loans and
"insuring" the bundles. It was a pyramid scam. As long as they kept
letting bum loans, RE prices would go up. As long as RE prices went
up, there was no risk in letting a bum loan. And, Glory to God! every
lousy, rotten unsupportable loan brought bonuses to the loan officers
and the banking executives. Richardson, president of Wamu (and ardent
A Republican -- deregulate, get Washington off our backs!) earned $100
million in bonuses from lousy subprime loans that eventually put his
bank into recievership. There is plenty of blame to go around, but
Pugs drove the ship right into the iceberg.

Message has been deleted

Clave

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Oct 24, 2010, 12:57:34 AM10/24/10

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"China Blue Police Box" <chine...@yahoo.com> wrote in message
news:chine.bleu-0AB2F...@62-183-169-81.bb.dnainternet.fi...
> In article
> <278c7170-09a8-43e6...@e14g2000yqe.googlegroups.com>,

> WR <wry...@gmail.com> wrote:
>
>> your kids or pets. No one in their right mind believes it. The market
>

> Tea partiers believe it.

Teabaggers believe what they're told to believe. Don't try to make sense of
any of it in the light of history or reason.

Jim
--
Well, shit, you confused me. More than normal
-- Beldin

RHF

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Oct 24, 2010, 7:36:51 AM10/24/10

to

On Oct 23, 11:15 am, dave <d...@dave.dave> wrote:
> Werner wrote:
> > On Oct 23, 12:12 pm, Yoorg...@Jurgis.net wrote:
> >> ...
>
> >> Stick that in your ass.

- - 'In analyzing the mortgage crisis, economist Walter E. Williams
has

- One of Limbaugh's butt boys. LMAO!!!

1st - Walter E. Williams
2nd - 'Special Dave' ?butt boys?
3rd - Limbaugh

Hey We Got a Sandwich ! ;;-}} ~ RHF
.
-subj- Burning Down The House:
BARNEY FRANK CAUSED ECONOMIC CRISES
http://groups.google.com/group/rec.radio.shortwave/msg/6c4a9a242eec0bed
-orig- "Chas. Chan" <tianmei...@gmail.com>
.
.

RHF

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Oct 24, 2010, 7:44:32 AM10/24/10

to

> >http://www.youtube.com/watch?v=usvG-s_Ssb0http://www.youtube.com/watc...
> > andhttp://www.youtube.com/watch?v=6CgJq8OYEl0&feature=player_embedded
> >  http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=relatedhttp://www....http://www.youtube.com/watch?v=XjYDzyQNqX8http://www.youtube.com/watc......

> > • 1) Securitization for residential mortgages was invented in 1970 by
> > Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
> > Fannie Mae and Freddie Mac) and private institutions through the 1980s
> > and '90s to include a wide range of financial assets. 2) Congress has
> > consistently eliminated regulatory obstacles to securitization with
> > the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
> > Mortgage Investment Conduits (REMICs), Financial Asset Securitization
> > Investment Trusts (FASITs), and Riegle Community Development and
> > Regulatory Improvement Act.  3) The Riegle Act also instructed federal
> > regulators to reduce risk-based capital requirements for bank holdings
> > of small business loan securities.http://www.nado.org/loansales/securitization1.html
>
> > political donations
> > Democrats Republicans
> >  2010 69% 31%
> > 2008 75 % 25%
> > 2006 63% 37%
> >  2004 62% 38%
> > 2002 66% 34%http://www.opensecrets.org/orgs/summary.php?id=d000000085
>

> > regulation derivativeshttp://www.thenation.com/blogs/edcut/370925http://www.youtube.com/wat...

> > Find out moe about the CRAhttp://www.cato.org/pubs/regulation/regv17n4/vmck4-94.pdf
> > --
> > The CRA tells a financial institution that if
> > it moves into such an area, financial regu
> > latory agencies and community groups will
> > dictate how its “community” will be
> > defined, how its performance will be
> > judged, and most importantly, how it will
> > make its lending decisions.
>
> >http://www.youtube.com/watch?v=ivmL-lXNy64&feature=PlayList&p=361DB6B...
>
> >http://www.subprimemortgageplan.com/Community_Reinvestment_Act_Subpri...

- A 1977 law kicked off the subprime bubble????
- You people are pathetically stupid.

WR,

The first step in 1977 and . . .
Many Years of Incrementalism followed;
up to the present time . . .
http://en.wikipedia.org/wiki/Incrementalism
-remember- Rome Was Not Built In A Day . . .
and the converse is true too ~ RHF

Message has been deleted

arthr...@webtv.net

unread,

Oct 25, 2010, 2:49:47 AM10/25/10

to

On Oct 24, 3:13 pm, Yoorg...@Jurgis.net wrote:

> On Sat, 23 Oct 2010 20:37:36 -0700 (PDT), Werner <whetz...@mac.com>
> wrote:
>
> >On Oct 23, 6:30 pm, China Blue Police Box <chine.b...@yahoo.com>
> >wrote:
> >> In article <e01fa586-0b31-4f14-ad59-1fd284a46...@l14g2000yqb.googlegroups.com>,
>
> >> Werner <whetz...@mac.com> wrote:
> >> > written: “Starting with the Community Reinvestment Act of 1977, that
> >> > was
>
> >> You mean the law that outlawed racism in lending.
>
> >> --
>
> >No, it would be the law that outlawed sensible lending and borrowing.
>

> Any "law" articulated and pushed by Frank was geared to lowering
> CREDIT RATINGS that were so stringently calculated that no one could
> get a home loan in a degrading community.
>
> That IS a sensible lending/borrowing policy
>
> What you fail to mention is:
>
> a) the GOP deregulated Fannie/Freddie AFTER they came to power
>
> b) the Major borrowers were Developers, banks, speculators, and Wall
> street who concocted the massive "Derivities" schemes
>
> c) that ONE (1) hearing held was immediatly shut down when a regulator
> testified of the disaster that would happen if the Oversight was not
> conducted. (In 2005)
>
> All of the above were REPUBLICAN faults.

That is a major Understatement...

RHF

unread,

Oct 25, 2010, 6:05:26 AM10/25/10

to

- - All of the above were REPUBLICAN faults.

- That is a major Understatement...

It Takes Two To "Tango" -wrt-
Foxtrot-Uniform-Charlie-Kilo Uniform-Papa-Sierra

=TIF= It Takes A Congress : To Have Congress
.
Actually a House; and a Senate; and a President to :
Pass and Sign A 'Bill' Into "Law" : Three To Make Law [.]

Beam Me Up Scotty

unread,

Oct 25, 2010, 7:16:33 PM10/25/10

to

On 10/24/2010 3:13 PM, Yoor...@Jurgis.net wrote:

> On Sat, 23 Oct 2010 20:37:36 -0700 (PDT), Werner <whet...@mac.com>
> wrote:
>
>> On Oct 23, 6:30 pm, China Blue Police Box <chine.b...@yahoo.com>
>> wrote:
>>> In article <e01fa586-0b31-4f14-ad59-1fd284a46...@l14g2000yqb.googlegroups.com>,
>>>
>>> Werner <whetz...@mac.com> wrote:

>>>> written: ï¿½Starting with the Community Reinvestment Act of 1977, that

>>>> was
>>>
>>> You mean the law that outlawed racism in lending.

The one that was corrupted and used to coerce the Lenders to give out
money that they would NOT normally have given out?

The Law that created the opening for ACORN and others to extort cash as
loans and donations to LIBERAL RACIAL groups for their community or face
the law suits under this law and it would bankrupt the lender.

Lamont Cranston

unread,

Oct 26, 2010, 7:42:52 PM10/26/10

to

On 10/23/2010 7:58 AM, Chas. Chan wrote:

Simply a lie. Barney Frank had absolutely nothing to do with it.

The Subprime Mess and Phil Gramm: An Experiment in Deregulation
Posted by Paul Kiesel
Tuesday, June 24, 2008 4:12 PM EST

In 1933, a few years following the stock market crash, Congress passes
the Glass-Steagall Act, in hopes that regulating banks will help prevent
market instability, particularly amongst Wall Street banks. The purpose
of the act is to separate commercial banks that focus on consumers from
investment banks, which deal with speculative trading and mergers.

The Glass-Steagall Act provided the proper oversight and entity
separation that would prohibit banks and other financial companies from
merging into giant trusts (conflict of interests) -- giant trusts or
corporations being more powerful, naturally, and having the seemingly
limitless capital to lobby their corporate interests, however, with a
very myopic scope (particularly when it comes to factoring in potential
losses -- most banks, as seen in contemporary times, chose not to
anticipate losses in the mortgage market; they presumed home prices
would continue to appreciate).

In 1999, former Senator Phil Gramm (who is, incidentally, Senator John
McCain's economic adviser and cochairs his presidential campaign) set
out to completely gut the Glass-Steagall Act, and did so successfully,
replacing most of its components with the new Gramm-Leach-Bliley Act:
allowing commercial banks, investment banks, and insurers to merge
(which would have violated antitrust laws under Glass-Steagall). Sen.
Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had
received over $4.6 million from the FIRE sector (Finance, Insurance and
Real Estate donations) over the previous decade, and once the Act
passed, an influx of "megamergers" took place among banks and insurance
and securities companies, as if they had been eagerly awaiting the
passage of Gramm's Act. Everything in between Glass-Steagall and
Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large
part, the incubation period for what would take place over the nine
years that would follow the passage of Gramm's Act: an experiment in
deregulation.

Shortly after George W. Bush was elected president, Congress and
President Clinton were trying to pass a $384 billion omnibus spending
bill, and while the debates swirled around the passage of this bill,
Senator Phil Gramm clandestinely slipped a 262-page amendment into the
omnibus appropriations bill titled: Commodity Futures Modernization Act.
It is likely that few senators read this bill, if any. The essence of
the act was the deregulation of derivatives trading (financial
instruments whose value changes in response to the changes in underlying
variables; the main use of derivatives is to reduce risk for one party).
The legislation contained a provision -- lobbied for by Enron, a major
campaign contributor to Gramm -- that exempted energy trading from
regulatory oversight. Basically, it gave way to the Enron debacle and
ushered in the new era of unregulated securities. Interestingly enough,
Gramm's wife, Wendy, had been part of the Enron board, and her salary
and stock income brought in between $900,000 and $1.8 million to the
Gramm household, prior to the passage of the Commodity Futures
Modernization Act.

In 2003, Gramm left the Senate to join UBS, which had acquired
investment house PaineWebber due to his deregulation bill. At UBS, Gramm
lobbied Congress, the Fed and the Treasury Department. During Gramm's
tenor at UBS and as a lobbyist, Congress passed the Responsible Lending
Act, billed as an anti-predatory-lending measure, but was called the
"Loan Shark Protection Act" by consumer advocates, as it was designed to
preempt stronger state laws against anti-predatory lending. The Fed
largely ignored the underlying and growing problems within the subprime
mortgage/housing markets, as Bernanke famously acknowledged the housing
market in April, 2007 as, "[showing] signs of softening," but said that
a "sharp slowdown," is unlikely. Then, according to Mother Jones
magazine, Henry Paulson became the Treasury Secretary in July, 2007,
when, "In 2005, [at] Goldman [he] securitized $68 billion in residential
mortgages and $23 billion in 'other assets' primarily related to CDOs,"
(Mother Jones, August, 2008). With such self-interest, and a lack of the
nation's interest, we can see how this subprime mess was allowed to
escalate to such great proportions.

Some justice was served, however, this spring, as UBS became one of the
subprime debacle's biggest losers, having to write down $37 billion --
the same amount as their previous four years of profits combined. UBS
also made the public aware that two-thirds of its losses were due to
reckless investing in collateralized debt obligations (CDOs).

Now, Gramm has a second chance of extending his out-of-touch and
ill-performing policies, as Senator John McCain appointed Gramm to be
his "economic expert" and cochair of his presidential campaign, last
year. Also, it is likely that if Senator McCain were to win in November,
Gramm would be our next Treasury Secretary, which means more of the same
deregulatory mess and the continuation of failed and insidious economic
policies.
Find this article at:
http://losangeles.injuryboard.com/miscellaneous/the-subprime-mess-and-phil-gramm-an-experiment-in-deregulation.aspx?googleid=242468
(c) 2010 InjuryBoard.com

Beam Me Up Scotty

unread,

Oct 26, 2010, 8:10:00 PM10/26/10

to

On 10/26/2010 7:42 PM, Lamont Cranston wrote:
> On 10/23/2010 7:58 AM, Chas. Chan wrote:
>
> Simply a lie. Barney Frank had absolutely nothing to do with it.

Throw the bums out...

RHF

unread,

Oct 26, 2010, 8:52:48 PM10/26/10

to

- On Oct 26, 4:42 pm, Lamont Cranston
- <Lamont.Crans...@Shadow.com> wrote:

- Simply a lie.

- Barney Frank had absolutely nothing to do with it.

Lamont Cranston,

So US Representative Barney Frank who has been
a House Member of the US Congress had nothing,,,
Nothing... NOTHING ! ! ! To Do With The Present
Day Financial Mess That The US Federal Government
-aka- The US House {US Congress} Has Created :
Republicans-and-Democrats Both ! ? ! ? ! ?

US Representative Barney Frank who has been
a Member of the US Congress for 30 Years . . .
http://en.wikipedia.org/wiki/Barney_Frank
? Do You Deny Barney Frank was and is a
Member of the US Congress ?
? Do You Deny That The US Congress Passed the
Bills Which Created This Present Day US Economic
Crises of High Unemployment; and Housing Market
and Business Recession; and possible Depression ?
-so- Maybe Barney Frank does not even exist . . .
.
Lamont Cranston,

So US Senator Chris Dodd who has been a House
and Senate Member of the US Congress had nothing,,,
Nothing... NOTHING ! ! ! To Do With The Present
Day Financial Mess That The US Federal Government
-aka- The US Senate {US Congress} Has Created :
Republicans-and-Democrats Both ! ? ! ? ! ?

US Senator Chris Dodd who has been a Member
of the US Congress for 36 Years . . .
http://en.wikipedia.org/wiki/Chris_Dodd
? Do You Deny Chris Dodd was and is a Member
of the US Congress ?
? Do You Deny That The US Congress Passed the
Bills Which Created This Present Day US Economic
Crises of High Unemployment; and Housing Market
and Business Recession; and possible Depression ?
-so- Maybe Chris Dodd does not even exist . . .
.
The first step by the US Congress was in 1977
and . . . Many Years of Incrementalism by the
US Congress followed; up to the present time...

http://en.wikipedia.org/wiki/Incrementalism
-remember- Rome Was Not Built In A Day . . .
and the converse is true too ~ RHF

.
-subj- Burning Down The US House :

BARNEY FRANK CAUSED ECONOMIC CRISES
http://groups.google.com/group/rec.radio.shortwave/msg/6c4a9a242eec0bed
-orig- "Chas. Chan" <tianmei...@gmail.com>
.

-subj- Sacking The US Senate :
CHRIS DODD CAUSED ECONOMIC CRISES

http://groups.google.com/group/rec.radio.shortwave/msg/6c4a9a242eec0bed
-orig- "Chas. Chan" <tianmei...@gmail.com>

-ed-by RHF
.
There is Plenty of Blame To Go Around :
But Don't DENY That Democrats As Much As
Republicans Are An Equal Part Of The Process
And The Present Day US Economic Problems :
* The US House ~ US Congress Both Parties
* The US Senate ~ US Congress Both Parties
* All The US Presidents/Administrations Both Parties
.

> Find this article at:http://losangeles.injuryboard.com/miscellaneous/the-subprime-mess-and...
> (c) 2010 InjuryBoard.com

RHF

unread,

Oct 26, 2010, 9:08:44 PM10/26/10

to

On Oct 26, 5:10 pm, Beam Me Up Scotty <Then-Destroy-

Everyth...@Blackhole.NebulaX.com> wrote:
> On 10/26/2010 7:42 PM, Lamont Cranston wrote:
>
> > On 10/23/2010 7:58 AM, Chas. Chan wrote:
>

- - Simply a lie.
- - Barney Frank had absolutely nothing to do with it.

- Throw the bums out...

Beam Me Up Scotty - yes,,, Yes... YES ! ! !
Throw The Bums Of Both Parties Out ! ! !
[ [ Democrats-and-Republicans 'alike' ] ]
.
Idiots-R-Us : Barney Frank Burning Down The
US House -&- Chris Dodd Sacking The US Senate :
Both Helped To Caused The US Economic Crises &
Unemployment & Recession & Depression
http://groups.google.com/group/rec.radio.shortwave/msg/5b0c97076e3f00b6
.
The US Congress {Democrats-and-Republicans-alike}
Passed All the Bills Which Created This Present

Day US Economic Crises of High Unemployment; and
Housing Market and Business Recession; and possible

Depression : Throw The Bums Of Both Parties Out ! ! !
.
The first step by the US Congress* was in 1977

and . . . Many Years of Incrementalism by the
US Congress followed; up to the present time...
http://en.wikipedia.org/wiki/Incrementalism

AaA - Throw The Bums Of Both Parties Out ! ! !
* Democrats-and-Republicans 'alike'

.
There is Plenty of Blame To Go Around : But Don't

DENY That Republican As Much As Democrats Are An
Equal Part Of The Political Process And The Blame
For The Present Day US Economic Problems :
+ The US House ~ US Congress Both Parties*
+ The US Senate ~ US Congress Both Parties*
+ All The US Presidents/Administrations Both Parties*
* Democrats-and-Republicans 'alike'
OMT - Throw The Bums Of Both Parties Out ! ! !

.
-subj- Burning Down The US House :
BARNEY FRANK CAUSED ECONOMIC CRISES
http://groups.google.com/group/rec.radio.shortwave/msg/6c4a9a242eec0bed
-orig- "Chas. Chan" <tianmei...@gmail.com>
.
-remember- Rome Was Not Built In A Day . . .
and the converse is true too ~ RHF
.

.