Bankers Get $4 Trillion Gift From Barney Frank

[SD Realtor]

You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?

[SD Realtor]

“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.”

Barney Frank in 2003 in his opposition to regulatory initiatives of the GSEs…

http://www.taxfoundation.org/blog/show/23617.html

****************

More on Frank…

http://daytontribune.com/barney-frank-defender-of-fannie-mae-before-housing-market-collapse-now-wants-to-abolish-the-government-agency/75929/

“Then in October of 2003 Frank said ”he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.” When Republicans introduced a bill to Congress in 2005 to regulate Fannie Mae democrats led by Barney Frank and Chris Dodd killed the bill which ultimately led to the collapse of the housing market and eventually sent the country into a recession.”

[SD Realtor]

“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.”

Barney Frank in 2003 in his opposition to regulatory initiatives of the GSEs…

http://www.taxfoundation.org/blog/show/23617.html

****************

More on Frank…

http://daytontribune.com/barney-frank-defender-of-fannie-mae-before-housing-market-collapse-now-wants-to-abolish-the-government-agency/75929/

“Then in October of 2003 Frank said ”he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.” When Republicans introduced a bill to Congress in 2005 to regulate Fannie Mae democrats led by Barney Frank and Chris Dodd killed the bill which ultimately led to the collapse of the housing market and eventually sent the country into a recession.”

[SD Realtor]

“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.”

Barney Frank in 2003 in his opposition to regulatory initiatives of the GSEs…

http://www.taxfoundation.org/blog/show/23617.html

****************

More on Frank…

http://daytontribune.com/barney-frank-defender-of-fannie-mae-before-housing-market-collapse-now-wants-to-abolish-the-government-agency/75929/

“Then in October of 2003 Frank said ”he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.” When Republicans introduced a bill to Congress in 2005 to regulate Fannie Mae democrats led by Barney Frank and Chris Dodd killed the bill which ultimately led to the collapse of the housing market and eventually sent the country into a recession.”

[SD Realtor]

“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.”

Barney Frank in 2003 in his opposition to regulatory initiatives of the GSEs…

http://www.taxfoundation.org/blog/show/23617.html

****************

More on Frank…

http://daytontribune.com/barney-frank-defender-of-fannie-mae-before-housing-market-collapse-now-wants-to-abolish-the-government-agency/75929/

“Then in October of 2003 Frank said ”he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.” When Republicans introduced a bill to Congress in 2005 to regulate Fannie Mae democrats led by Barney Frank and Chris Dodd killed the bill which ultimately led to the collapse of the housing market and eventually sent the country into a recession.”

[SD Realtor]

“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.”

Barney Frank in 2003 in his opposition to regulatory initiatives of the GSEs…

http://www.taxfoundation.org/blog/show/23617.html

****************

More on Frank…

http://daytontribune.com/barney-frank-defender-of-fannie-mae-before-housing-market-collapse-now-wants-to-abolish-the-government-agency/75929/

“Then in October of 2003 Frank said ”he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.” When Republicans introduced a bill to Congress in 2005 to regulate Fannie Mae democrats led by Barney Frank and Chris Dodd killed the bill which ultimately led to the collapse of the housing market and eventually sent the country into a recession.”

[SK in CV]

[quote=SD Realtor]You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?[/quote]

Nice straw. YOU made the assertion. It’s up to you to come up with evidence. So far, not a whole lot of evidence of your claim. I’m looking for legislation which passed, or that they prevented from passing. Despite their political value, youtube videos and NY times articles are not a cause of the real estate bubble.

And no, I really don’t think most of them saw it coming. Even a lot of economists missed it. They’re politicians. Not a more than a handful of the 537 in Washington that understand economics. And one of them is a socialist.

[SK in CV]

[quote=SD Realtor]You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?[/quote]

Nice straw. YOU made the assertion. It’s up to you to come up with evidence. So far, not a whole lot of evidence of your claim. I’m looking for legislation which passed, or that they prevented from passing. Despite their political value, youtube videos and NY times articles are not a cause of the real estate bubble.

And no, I really don’t think most of them saw it coming. Even a lot of economists missed it. They’re politicians. Not a more than a handful of the 537 in Washington that understand economics. And one of them is a socialist.

[SK in CV]

[quote=SD Realtor]You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?[/quote]

Nice straw. YOU made the assertion. It’s up to you to come up with evidence. So far, not a whole lot of evidence of your claim. I’m looking for legislation which passed, or that they prevented from passing. Despite their political value, youtube videos and NY times articles are not a cause of the real estate bubble.

And no, I really don’t think most of them saw it coming. Even a lot of economists missed it. They’re politicians. Not a more than a handful of the 537 in Washington that understand economics. And one of them is a socialist.

[SK in CV]

[quote=SD Realtor]You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?[/quote]

Nice straw. YOU made the assertion. It’s up to you to come up with evidence. So far, not a whole lot of evidence of your claim. I’m looking for legislation which passed, or that they prevented from passing. Despite their political value, youtube videos and NY times articles are not a cause of the real estate bubble.

And no, I really don’t think most of them saw it coming. Even a lot of economists missed it. They’re politicians. Not a more than a handful of the 537 in Washington that understand economics. And one of them is a socialist.

[SK in CV]

[quote=SD Realtor]You know what, you stick with your guy Barney Frank, and guys like Ddd and Schumer. Things have been great under their responsible leadership. Of course none of it was their fault and it was all due to Bush correct! You got it man, they can do no wrong!

Yeah alot of smart people didn’t see the bubble coming so I guess guys like us who were posting about it in 06 are the smartest guys in the world.

You really think he didn’t see it coming?

Really do you HONESTLY believe that deep down?[/quote]

Nice straw. YOU made the assertion. It’s up to you to come up with evidence. So far, not a whole lot of evidence of your claim. I’m looking for legislation which passed, or that they prevented from passing. Despite their political value, youtube videos and NY times articles are not a cause of the real estate bubble.

And no, I really don’t think most of them saw it coming. Even a lot of economists missed it. They’re politicians. Not a more than a handful of the 537 in Washington that understand economics. And one of them is a socialist.

[briansd1]

The GSEs and CRA were not the causes of the bubble. That is misinformation being spread by partisan hacks and ignorant people.

Here is Barry Ritholtz’s intelligent explanation of the causes of the bubble.

As I have said repeatedly, Fannie and Freddie were cogs in the great housing machinery, and they bear some responsibility for the current debacle. But to argue they were the most significant factor misses the true tale of the Housing and credit debacle.

Fannie has been around since 1938, Freddie since 1968, the CRA has been around since 1977 — suddenly, all of housing goes to hell in 2005, and then credit collapses 2 years after — and the best explanation some people can come up with is Fannie, Freddie and CRA? Gee, isn’t that rather odd — especially after 70 years?

Update: Then there is the international issue: If Fannie and Freddie and the 1977 CRA are to blame for the US boom and bust, how did the rest of the world end up with a housing boom too? Why did prices and sales go skyward in the UK, France, Spain, Ireland, Australia, etc.? They had no CRA, or a Fannie Mae, or a Freddie Mac, — so then what caused their housing boom?

The short answer: Ultra low rates, securitization, and perhaps some of our homegrown, innovative lending standards.

While I understand that reducing the complexities of economic history into bumper sticker phrases is politically expedient, it does not help us understand the root cause of the problems. And, it gets in the way of helping us fashion a solution for the future. Hence, why I hold the weasels who are attempting to obscure reality and rewrite history in such disdain.

Update: For the non-partisan, non hacks amongst you, for the policy makers and academics and economists who are truly interested in how this came to pass, and what we can do to fix it, the bottom line remains: The CRA was irrelevant to the current crisis, and Fannie Mae and Freddie Mac are mere cogs in a complex machine.

But the primary cause of the mess? Not even close . . .

http://economistsview.typepad.com/economistsview/2008/10/barry-ritholtz.html

Another recent interesting article from BR:
http://www.ritholtz.com/blog/2010/07/hank-paulson-blame-it-on-housing/

Subprime SuspectsThe right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
By Daniel GrossPosted Tuesday, Oct. 7, 2008, at 2:08 PM ET

http://www.slate.com/id/2201641/pagenum/all/#p2

[briansd1]

The GSEs and CRA were not the causes of the bubble. That is misinformation being spread by partisan hacks and ignorant people.

Here is Barry Ritholtz’s intelligent explanation of the causes of the bubble.

As I have said repeatedly, Fannie and Freddie were cogs in the great housing machinery, and they bear some responsibility for the current debacle. But to argue they were the most significant factor misses the true tale of the Housing and credit debacle.

Fannie has been around since 1938, Freddie since 1968, the CRA has been around since 1977 — suddenly, all of housing goes to hell in 2005, and then credit collapses 2 years after — and the best explanation some people can come up with is Fannie, Freddie and CRA? Gee, isn’t that rather odd — especially after 70 years?

Update: Then there is the international issue: If Fannie and Freddie and the 1977 CRA are to blame for the US boom and bust, how did the rest of the world end up with a housing boom too? Why did prices and sales go skyward in the UK, France, Spain, Ireland, Australia, etc.? They had no CRA, or a Fannie Mae, or a Freddie Mac, — so then what caused their housing boom?

The short answer: Ultra low rates, securitization, and perhaps some of our homegrown, innovative lending standards.

While I understand that reducing the complexities of economic history into bumper sticker phrases is politically expedient, it does not help us understand the root cause of the problems. And, it gets in the way of helping us fashion a solution for the future. Hence, why I hold the weasels who are attempting to obscure reality and rewrite history in such disdain.

Update: For the non-partisan, non hacks amongst you, for the policy makers and academics and economists who are truly interested in how this came to pass, and what we can do to fix it, the bottom line remains: The CRA was irrelevant to the current crisis, and Fannie Mae and Freddie Mac are mere cogs in a complex machine.

But the primary cause of the mess? Not even close . . .

http://economistsview.typepad.com/economistsview/2008/10/barry-ritholtz.html

Another recent interesting article from BR:
http://www.ritholtz.com/blog/2010/07/hank-paulson-blame-it-on-housing/

Subprime SuspectsThe right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
By Daniel GrossPosted Tuesday, Oct. 7, 2008, at 2:08 PM ET

http://www.slate.com/id/2201641/pagenum/all/#p2

[briansd1]

The GSEs and CRA were not the causes of the bubble. That is misinformation being spread by partisan hacks and ignorant people.

Here is Barry Ritholtz’s intelligent explanation of the causes of the bubble.

As I have said repeatedly, Fannie and Freddie were cogs in the great housing machinery, and they bear some responsibility for the current debacle. But to argue they were the most significant factor misses the true tale of the Housing and credit debacle.

Fannie has been around since 1938, Freddie since 1968, the CRA has been around since 1977 — suddenly, all of housing goes to hell in 2005, and then credit collapses 2 years after — and the best explanation some people can come up with is Fannie, Freddie and CRA? Gee, isn’t that rather odd — especially after 70 years?

Update: Then there is the international issue: If Fannie and Freddie and the 1977 CRA are to blame for the US boom and bust, how did the rest of the world end up with a housing boom too? Why did prices and sales go skyward in the UK, France, Spain, Ireland, Australia, etc.? They had no CRA, or a Fannie Mae, or a Freddie Mac, — so then what caused their housing boom?

The short answer: Ultra low rates, securitization, and perhaps some of our homegrown, innovative lending standards.

While I understand that reducing the complexities of economic history into bumper sticker phrases is politically expedient, it does not help us understand the root cause of the problems. And, it gets in the way of helping us fashion a solution for the future. Hence, why I hold the weasels who are attempting to obscure reality and rewrite history in such disdain.

Update: For the non-partisan, non hacks amongst you, for the policy makers and academics and economists who are truly interested in how this came to pass, and what we can do to fix it, the bottom line remains: The CRA was irrelevant to the current crisis, and Fannie Mae and Freddie Mac are mere cogs in a complex machine.

But the primary cause of the mess? Not even close . . .

http://economistsview.typepad.com/economistsview/2008/10/barry-ritholtz.html

Another recent interesting article from BR:
http://www.ritholtz.com/blog/2010/07/hank-paulson-blame-it-on-housing/

Subprime SuspectsThe right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
By Daniel GrossPosted Tuesday, Oct. 7, 2008, at 2:08 PM ET

http://www.slate.com/id/2201641/pagenum/all/#p2

[briansd1]

The GSEs and CRA were not the causes of the bubble. That is misinformation being spread by partisan hacks and ignorant people.

Here is Barry Ritholtz’s intelligent explanation of the causes of the bubble.

As I have said repeatedly, Fannie and Freddie were cogs in the great housing machinery, and they bear some responsibility for the current debacle. But to argue they were the most significant factor misses the true tale of the Housing and credit debacle.

Fannie has been around since 1938, Freddie since 1968, the CRA has been around since 1977 — suddenly, all of housing goes to hell in 2005, and then credit collapses 2 years after — and the best explanation some people can come up with is Fannie, Freddie and CRA? Gee, isn’t that rather odd — especially after 70 years?

Update: Then there is the international issue: If Fannie and Freddie and the 1977 CRA are to blame for the US boom and bust, how did the rest of the world end up with a housing boom too? Why did prices and sales go skyward in the UK, France, Spain, Ireland, Australia, etc.? They had no CRA, or a Fannie Mae, or a Freddie Mac, — so then what caused their housing boom?

The short answer: Ultra low rates, securitization, and perhaps some of our homegrown, innovative lending standards.

While I understand that reducing the complexities of economic history into bumper sticker phrases is politically expedient, it does not help us understand the root cause of the problems. And, it gets in the way of helping us fashion a solution for the future. Hence, why I hold the weasels who are attempting to obscure reality and rewrite history in such disdain.

Update: For the non-partisan, non hacks amongst you, for the policy makers and academics and economists who are truly interested in how this came to pass, and what we can do to fix it, the bottom line remains: The CRA was irrelevant to the current crisis, and Fannie Mae and Freddie Mac are mere cogs in a complex machine.

But the primary cause of the mess? Not even close . . .

http://economistsview.typepad.com/economistsview/2008/10/barry-ritholtz.html

Another recent interesting article from BR:
http://www.ritholtz.com/blog/2010/07/hank-paulson-blame-it-on-housing/

Subprime SuspectsThe right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
By Daniel GrossPosted Tuesday, Oct. 7, 2008, at 2:08 PM ET

http://www.slate.com/id/2201641/pagenum/all/#p2

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