The American Spectator : Barney's Bubble

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Barney’s Bubble

By W. James Antle, III on 11.29.11 @ 6:10AM

Fannie Mae, Freddie Mac, and Congressman Frank.

Barney Frank decided that introducing himself to a new set of constituents and asking for their votes was too high a price to continue wielding power. Thus with his congressional district redrawn, the Massachusetts Democrat will not seek reelection to Congress next year.

Holding a House seat for three decades is one thing. Being accountable to the voters is another. “If I were to run again I would be engaged full-fledged in a campaign, which is appropriate,” Frank said, but clearly not, in his view, desirable.

Accountability hasn’t always been Frank’s strong suit. In his retirement press conference at Newton’s city hall, the congressman expressed no regrets for his handling of Fannie Mae and Freddie Mac during his past decade of service on the House Financial Services Committee, both as chairman and ranking member.

Frank was a cheerleader for policies that helped inflate the housing bubble that burst painfully in the 2008 financial crisis. Like many politicians, he encouraged lenders to relax their credit standards with the goal of promoting home ownership. According to one report, “Frank pushed [Fannie Mae] to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.”

The risks were obvious, but rising housing prices obscured the danger. Political activists and federal regulators were leaning on banks to approve risky loans, with government-sponsored Fannie and Freddie leading the way on subprime lending.

When new regulations were proposed, Frank accused supporters of worrying about the GSEs’ financial soundess “to the exclusion of concern about housing.” He steadfastly denied that there was anything wrong with the government-backed mortgage finance firms. Frank insisted “these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.”

Yet Fannie and Freddie failed, racking up at least 12 million risky loans and accounting for roughly 40 percent of those still outstanding. American Enterprise Institute scholar Peter Wallison, who has been fighting a lonely battle against efforts to pin blame for the financial meltdown solely on the private sector, has estimated that American taxpayers will find themselves on the hook for $300 to $400 billion as a result.

Like Fannie and Freddie, Barney Frank was also too big to fail. Instead of losing power for his contributions to the country’s financial problems, he was allowed to co-author sweeping federal regulatory solutions. The Dodd-Frank financial reform bill, written with the man who has been dubbed “the senator from Countrywide,” may be second only to the health care law in terms of its unpopularity.

Dodd-Frank expanded the federal government’s reach into business decision-making and paved the way for future taxpayer bailouts of troubled financial institutions. Policymakers who were asleep at the switch prior to 2008 were perversely rewarded with more power. But that’s been standard operating procedure during Frank’s thirty years in Washington.

Peter Wallison concludes that if Frank had acted earlier “legislation might have been adopted in the early 2000s that could have prevented the financial crisis and saved the taxpayers from severe losses.” To be sure, that crisis had many causes that cannot all be laid at Frank’s feet. And even Frank eventually admitted “it was a great mistake to push lower-income people into housing they couldn’t afford and couldn’t really handle once they had it.”

Nevertheless, Frank spent years evading the consequences of scandals that would have ended lesser pols’ careers. Now that the prospect of mingling with the little people back in Massachusetts has apparently proved too much for him to seek another term, we should at least pause to remember Frank’s “great mistake.”

About the Author

W. James Antle, III, author of the new book Devouring Freedom: Can Big Government Ever Be Stopped?, is editor of the Daily Caller News Foundation and a senior editor of The American Spectator. You can follow him on Twitter @jimantle.

Letter to the Editor View all comments (218) | Leave a comment Leave a comment

Moe Blotz| 11.29.11 @ 6:34AM

No worries, Maxine Waters should be as good as or better than old Barney as an advocate for fair lending practices regarding the "poor".

coal carrier| 11.29.11 @ 7:16AM

Barney Frank, another sleaze ball politician who for 30 years lead his constituents down the daisy path, pushed them in the lake and then babbles “I’m not to blame”. I wonder if his retirement compensation is more if he decides to retire or less if his constituents make the call.

Quasimoto| 11.29.11 @ 12:33PM

Place all the blame on Barney. There are absolutely no other factors to consider. None. Case closed.

All Barney's fault. All.

Con Chef (NB) | 11.29.11 @ 12:49PM

Ok. Chris Dodd, Bill Clinton & Janet "Butch" Reno can share in the blame as well.

W| 11.29.11 @ 4:45PM

Don'f forget Jamie Gorelick. She set up the wall between the CIA and FBI in the 90's that really helped our national security. And then she moved on the Fannie and Freddie for 26 million.

jan| 11.29.11 @ 2:23PM

Barneys frank is about to collect $ 132,000.oo in pension annually,and I'm sure free health care, maybe even condoms, for the rest of his life.
Plus he'll go on the GLBT? speaking circuit for 100 K per day. Nice if you can get it.
HIGH TIME FOR TERM LIMITS

jan| 11.30.11 @ 5:12PM

The anusual pension for this POS is $ 132.000, plus I'm sure free health care ( and condoms) for the rest of his life. If he marries ,his boy toy will be covered too.

Jack in Wi| 11.29.11 @ 7:34AM

Barney Frank and Chris Dodd did not do it alone. They had plenty of Republican enablers. The Republican President GW Bush refused to use his veto pen. He loved to work with the Democrats. The Republicans controlled the Senate most of the time until 2006. What did they do about it, but go along and get along?

What did Newt Gingrich do for 1.8 million dollars that he got from Fannie Mae during this time period? How can we attack someone like Barney and Chris and then try to put Barney's look alike Newt up to run for President?

chuck| 11.29.11 @ 8:31AM

(.................................................................................................................................................................................................................)

Sounds of silences as I shun Jack.

Jack in Wi| 11.29.11 @ 2:04PM

None of you refuted my claim that Bush did nothing with his veto pen. He went along with everything the banksters wanted. He was a disaster in both domestic and foreign policy. He is the main reason Obama is in the White House today.

By the way what did Newt Gingrich do for his 1.8 million from Fannie Mae? What did he do for the other 36 million he got from the most corrupt lobbies in Washington?

First they tried to push Bachman. Well she soon imploded. Then they talked poor old Rick Perry into running. I watched 2 minutes of his annoucement speech and could see he was dead in the water. Then they pushed Herman Cain up from nowhere. Well I predicted he was done right after his first debate that I watched. You didn't have to be a genius yourself, to see Herm was a dunce and 999 was a fools dream. That was long before all these women finished him off for good. Now they are trying to push the old has been Newt on the American people. His baggage is so vast and so deep, we would need 100 dump trucks to haul it away. He is hated by most of the population and is unelectable and unexceptable.

That leaves it down to the only 2 who ever had a chance to beat Obama Ron Paul and Mitt Romney. They are the only ones with the money and support to win the nomination and election. It is time for some serious debate between these 2 to see if the party and country can be united to beat Obama. By all means throw in the Newtster. He should be good for some laughs. May Ron Paul, the best man win.

Teaghan| 11.29.11 @ 3:58PM

Bush isn't in front of the camera Jack. This slothful nasty man is and thank God he's leaving.

Steve Gonzales| 11.29.11 @ 5:36PM

Ok Jack, a little Social Studies lesson.
1. You have to have a bill dealing with it to veto it.
2. The President can not create legislation, only Congress can. The President can only sign, veto or do nothing, which is the same as signing it. If you don't understand now you are beyond help - turn in your voter's card!

So in review, Bush had no bill to veto and he could not create legislation (it's that document that you haven't read-The Constitution of the USA-the rule book so to speak). His only other recourse would be possibly by executive order, which would have gone over like a fart in church. I can't explain it any simpler!

Purpleguy| 11.30.11 @ 1:24PM

The President is in charge of the Executive Branch - a little learning lesson here is needed too. The Regulators are his boss ... Uh, where were they regulating Freddie and Fannie? Hmmmm?

Purpleguy| 11.30.11 @ 2:12PM

Uh, that is ... Bush was the boss of the regulators ... so where was his oversight?

chuck| 11.29.11 @ 6:57PM

...............................................................................

the shunning of Jack continues

victor| 11.30.11 @ 12:47AM

Jack in CheezeWhiz:
"May Ron Paul, the best man"

Best Man? At Barney Frank's wedding, maybe.

Let's see how Ronaldus Minimus is doing on illegal immigration, eh?

http://www.numbersusa.com/cont.....-paul.html

From ACU.org:
14th CD Paul
2010 2009 yrs Lifetime
96.00 91.00 20 83.51

He only went up in the last two years because he needed to raise money to run for his alleged campaign.

And a Lifetime Rating of 83.51%??

Let's put that into perspective, shall we?

Let's say Occam is 6 foot tall, then if Jack was Ron Paul's Lifetime Rating of 83.51% then Jack would be only 4 foot and 11 and 3/4 inches tall,
enough to reach Occam's armpit, perhaps?
Truly an appropriate place for Jack to be.

Mrs. Vito| 11.30.11 @ 7:19PM

Jack, facts are stubborn things, and you left out a couple. Remember the Community Reinvestment Act during the Clinton years? That was the beginning of the nightmare. Can't blame Bush for that one. Secondly, there is no proof that Gingrich LOBBIED for Fannie & Freddie. His company consulted for a fee. And finally, Ron Paul is an old kook who will never get the nomination, and Romney is an Obama-Light 100
(and nobody smokes anymore). Barring any scandals or serious gaffes from The Newtster for the next year, he's da man!

Drunken Sailor| 11.29.11 @ 9:52AM

Nice Try Jack but the Bush admin tried since 2001 to try and change the oversight of Fannie Mae and Freddie.
http://georgewbush-whitehouse......09-10.html

Clint| 11.29.11 @ 10:20AM

" Public Citizen’s Craig Holman said this was the first time he’d heard the “ambiguous term ‘strategic consultant’ replaced with an academic term ‘historian,’” but that regardless of the terminology, Gingrich “was hired as a lobbyist for his rolodex built while being a public servant.”

Gingrich, Holman told TPM in an email, “represents the worst of revolving door abuse. Gingrich cashed in on his status as a former public official, taking in $300,000 in salary from Freddie Mac to promote the lender’s business model one year as a ‘strategic consultant’ rather than a registered lobbyist in order to avoid disclosure, and then switched sides when the winds of political opportunity shifted.”

Holman continued: “This clearly shows that those who swing through the revolving door to promote the business interests of whoever can afford their price tag rarely do so on principle, but merely for self-profit and opportunity.”

The Tea Party Rebellion Is Here & In Iowa.

Drunken Sailor| 11.29.11 @ 10:31AM

In case you didn't catch it, I was refuting Jack's spin on Bush. Never mentioned Newt.

Clint| 11.29.11 @ 10:52AM

In Case You Didn't Catch It, I Never Said You Did.

Barney Frank & Chris Dodd Are Financial Crisis Culprits,Who Have & Are Beating It Out Of Dodge.

Real Conservatives Should Run Newt Gingrich Out Of Town On A Rail, As Well

" Newt Gingrich 'received $1.8m' from Freddie Mac in consultancy fees before its taxpayer bailout

Presidential candidate had contracts in 1999 and 2006
Paid up to $360,000 annually until stock market crashed."

The Tea Party Rebellion Is Here And In Iowa.

Legarto Rey| 11.29.11 @ 12:06PM

The tea party rebellion may be here(I'm glad it is), however the Newt train is pickin' up steam and may leave the tea party at pragmatism station if they decide not to board soon. We all love conservativism here at AS, politics sadly shuns the purist. Newt is likely OUR next POTUS.

Anthony| 11.29.11 @ 1:57PM

The analysis some of you give to our candidates is such that Ronald Reagan himself would engender your wrath as well.
Let's stop this game, let's get our candidates to commit to conservativism, beat Obozo and the Ds, and hold our candidate accountable to his/her pledge.
I don't want to be discussing Obozo here at TAS again after 2012, except in retropect!!!

chuck| 11.29.11 @ 11:54AM

DS,
When you respond to Jack and Clint, you are talking to a brick wall, and a recording.
Better to just shun them.

Drunken Sailor| 11.29.11 @ 2:12PM

Chuck,
I agree but sometimes it's worthwhile to put the truth out there for others. The thing that strikes me about some of the Paul supporters is that if you are not a die hard Liberatrian then you are not a conservative. They just do not see that their stance makes them ideologues more than conservatives. Conservatisim is a big tent but some of the Paul supporters prefer to stand in the corner and piss on the wall.

Jack in Wi| 11.29.11 @ 3:42PM

Old Drunk and Chuckie would not know the truth ever. They don't know how to put 2 true words together. A few words to describe Newtie. Serial adulterer, fixer, corrupt, influence peddler, disgaced former speaker, chickenhawk, hopeless windbag, flipp flopper, grifter and grafter. He has no chance of even being elected alderman in Albany Georgia, much less President of the USA. Why would any Independent, disgruntled Democat, and about 70% of Republicans vote for him and all his mountain of BS?

Drunken Sailor| 11.29.11 @ 3:56PM

Old?
I explian this in small words like I did for Clint so you can understand.

I posted a rebuttal to your comment about George Bush "The Republican President GW Bush refused to use his veto pen"

I never even mentioned Newt. You two have because that is who your mad at this month because he is getting the media spotlight meant (in your world) for RON PAUL ! Your just pissed because I struck a nerve with my Libertarian comment.

If Cain folds his run lets see who picks up more Cain voters, Newt or Paul.

Oh yeah and once again I can put two true words together. Jack - Ass.

Now go piss in the corner.

W| 11.29.11 @ 6:10PM

Jack, is it your intent to alienate every Republican voter who does not agree with you about Pau?
Will you vote for the Republican nominee if it isn't Paul? I will vote for the Republican nominee.

carnot| 11.29.11 @ 7:16PM

one word to describe Ron Paul: unaccomplished.

coal carrier| 11.30.11 @ 7:11AM

In an earlier debate Ron Paul promoted the idea that by building a fence on our southern border to secure it from illegal immigration could be used in the future to keep American citizens from leaving the country. Oh yeah, he’s the candidate that I want to see debate Obama.

idalily| 11.29.11 @ 8:17PM

True. But it is also true that to many social conservatives, if you're a libertarian, you're not a conservative. That knife slashes both ways, unfortunately. And while we master the art of the circular firing squad, Obama fiddles and America burns.

victor| 11.30.11 @ 12:53AM

"to many social conservatives, if you're a libertarian, you're not a conservative."

That's because they are pro-abortion, pro gay marriage, pro legalization of drugs, pro prostitution, pro open borders, anti-war, anti-death penalty and any other so-called "victimless " crimes.
That is why they should be called" Liberaltarians".

idalily| 11.30.11 @ 12:33PM

This is a typical misrepresentation about libertarians. It's not a matter of what we believe. It's a matter of what we can legalize and enforce under our Constitution. Most libertarians believe the 10th Amendment is the only workable way for 50 states to be a union. If MA wants gay marriage, let them. If CA wants to legalize pot, ditto. People who don't agree are free to move to another state.

I also think libertarianism can be carried too far. If CA wanted to legalize heroin, for example, that could be construed as a serious danger to the entire society and I would be against it. I've been to Amsterdam. No thanks. But pot? Eh. We've spent billions trying to enforce that law, and I could, if I wanted to, easily find pot or grow it at home if I wanted to. The manpower to enforce this is just not affordable. Again, just my opinion. On abortion, if we went back to pre-Rove vs. Wade, where states regulated abortion in their state, yes, I'd have a problem with it morally because I believe abortion is morally wrong, but I also recognize that my moral repugnance is not always legally enforceable. Women DID die from coat-hangers. They DID go to butcher "doctors". Laws that dictate a moral code (or lack of one) can be workable within a state if the people of that state are willing to pay for the enforcement. I would fight to keep abortion (with certain exceptions) illegal in my state because I am NOT pro-abortion. But to legally enforce such laws for an entire country as big and populated as ours is impossible, IMO. We can't afford to fight these sorts of battles legally at a federal level. We just can't. We're broke.

I wish social conservatives would stop hurling insults at those of us who are more libertarian and work with us to defeat the one thing that will kill our country: bankruptcy. Arguing over gay marriage strikes a majority of the country as a bit low on the priority list.

idalily| 11.30.11 @ 12:41PM

Also, I and most libertarians I know, want border enforcement and think that is a federal issue. The death penalty, a state issue. Prostitution, a state issue. I am no liberal. I just want the 10th Amendment to be the rule we follow in most "victimless" crime, because it is the most sensible, workable, and fiscally responsible way to go. What I don't get is the venom often spewed at people like me from some social conservatives who seem to think we can afford to enforce victimless crime laws countrywide, yet claim to be fiscal conservatives. We can't. We're BROKE.

And I am no liberal, sir, and yes, I find it insulting to call me one.

Oh, and yes, Ron Paul is (IMO) a nutjob.

Purpleguy| 11.30.11 @ 1:29PM

Soooo, they were well aware of the problem but did nothing but complain? Since Bush was in charge of the Executive Branch why could he not accomplish anything? Not only that, but the Congress was completely Republican control. So, tell us again, WHY didn't THEY regulate the GSE's? Surely an Executive Order could have done something. Otherwise, this all reads like a CYA - we told everyone - don't blame us.... d* how stupid Bush was and now tragic for all of us.

JmsA| 11.29.11 @ 10:06AM

Forgot to take your meds again, didn't you, Jack?

pete66| 11.29.11 @ 12:01PM

wholly crap Jack...how long have you been asleep? MC Dodd and Jam Master Frank spun these hits before Bush was elected. Bush's admin tried to get the books looked at...Barney, Chris & Nancy Ga Ga stoned walled them. Then some dudes flew some jets into some bldgs...kind of changed the focus of the President , congress and the public in the fall of 01'. Shouldn't you be out knocking on doors to gather recall votes right now?

Purpleguy| 11.30.11 @ 1:32PM

Really? The House was in Republican hands since 1994 until 2006 ... and Frank had only one vote. So tell me again, how did his all important vote cause the downfall? Look to your own for causing this mess. THEY were in control until 2007 entirely in the House, 2001 on in the Presidency and 2002 -2006 in the Senate ... And, they could do nothing? Really? You seriously believe that crap?

Stockton Joe| 11.29.11 @ 1:08PM

But THEY did it toooooooooo. I didn't let my kids get away that kind of reasoning after they were about 6 years old.

To say "it's Bush's fault because he didn't veto the legislation, without also blaming the legislation and the person who championed it, makes no sense. It's an argument that belongs in a pre-school environment.

Purpleguy| 11.30.11 @ 1:34PM

It was Bush's fault and his Congressional cronies who had total control of government for years and years. You blame Obama and the Democrats for 2 years of total control, but yet you let your people slide - a little disingenuous of you, is it not? Can you explain why you ignore Republican control for years that did nothing?

Occam's Tool| 11.29.11 @ 7:23PM

Barney and Ron Paul are co-sponsoring a bill right now, on a subject dear to both their hearts and their NORML supporters. Of couse, to support either of them you have to be like Tal Bachman.

Clint| 11.29.11 @ 8:06PM

The RINO-CINO Israel Firster Maniac, Tool Job Said He'll Vote For The RINO-CINO Frontman, Mittens Romney.

We Are Being Set Up By RINO-CINO Israel Firster Flunkie Stooges.

These Are The RINO-CINO Flunkie Stooges Who Gave Us The Serial Traitor To Conservatism, John McCain Of McCain-Feingold, McCain-Kennedy,McCain-Lieberman,Gang Of 14, Opposing Bush Tax Cuts Of 2001 & 2003,TARP.

The Tea Party Rebellion Is Here And In Iowa.

victor| 11.30.11 @ 1:14AM

Here's the Barney-Ron valentine to the Left and Libertarians:

http://big.assets.huffingtonpost.com/bflet.pdf

Sorry it's from HuffPo, but it seems to have vanished otherwise.

Ron Paul signed a letter with 57 democrats, Barney Frank, and many others from the loony left.
That letter also seems to have vanished.

victor| 11.30.11 @ 2:02AM

Found it. On a leftist website, but found it noneteless:

http://www.votesmart.org/publi.....and-reform

Purpleguy| 11.30.11 @ 1:35PM

And you disagree with excessive military spending - WHY? Do we really need to protect Germany, Japan, and dozens of other countries on our dime? Please explain.

Dave | 11.29.11 @ 11:32AM

Sadly for much of the public, by the time they get to the dance, the punch bowl is empty and balloons have all been popped. Years ago, if I had a nickle for every time I mentioned to a friend or neighbor that the Barney Frank was helping to row the Community Reinvestment boat, I'd be a richer man today. Unfortunately, I can only remember hearing three generic responses:

a. Isn't he the deputy in Mayberry?

b. I prefer Oscar Myer.

c. (uhh) So, how 'bout them Redskins?

This, today, is the end result of having spent too much time watching Oprah rather than ... the bottom line.

Four more years of Obama? There won't be a bottom line to fall below. The "fall" will have "crashed."

Is anyone turning off the TV, yet?

markenoff| 11.29.11 @ 8:41PM

The TV won't come off until the rolling Barakouts begin. "Under my energy policy electricity rates will necessarily skyrocket." That's what you have to look forward to with a second BO term.

vicky bennett | 11.29.11 @ 1:53PM

ROTFLMBO... You are so right. We need to get her to "retire" also.

The Bishop| 11.29.11 @ 6:51AM

The aftermath of the congressman's career can best be called "Barney's Rubble."

Walter| 11.29.11 @ 10:13AM

Don't malign Mel Blanc; although Frank does sound a little like Sylvester.

Timothy L. Pennell| 11.29.11 @ 7:00AM

And then there were 18. 18 Democrat House Members, not seeking re-election. 18 RATS fleeing a sinking Ship. Interesting.

Bawney says that he doesn't want to say Goodbye to his old friends. He doesn't want to have to make new friends. A lesson he seems to have learned, from the Lifestyle that he partakes in. To be Monogamous, is to be alive.

The BIBLE tells us that: "For all things, there is a Season." It would appear that SOCIALISM has hit the wall. That, STEALING from the Producers, in order to PURCHASE the Votes of the NON-PRODUCERS, has reached its' forgone Conclusion: Sooner or Later, you run out of Other People's Money.

The Days of the Powerful Union, crippling his Employer with a Strike, is over. Companies can, and DO, pull up stakes, all the time. FREE Union Health Care and FREE Union Pensions, have run up against The Law Of Diminishing Returns. And, as General Eisenhower said to Patton, when Patton denied having set his sites on Driving forward in Sicily, despite his orders, "I can read a Map". One has to know that BAWNEY, for all his Blemishes, and Foibles, Women's Undergarments, Makeup, and Lotions, this Old Queen can Read a Map. Or, in his case: The writing on the wall. And, I'm told that he can do it, in a variety of positions, and with a Blindfold on.

Doorgunner| 11.29.11 @ 7:37AM

Obsess much about the sex lives of elderly, obese homosexuals, do you Tinfoil Timmy?

Fwankwy My Deawr| 11.29.11 @ 7:57AM

Obsess much about Timothy, do you, 'Orgunner?

loulou| 11.29.11 @ 11:57AM

Good one!

Mike Hawk| 11.29.11 @ 8:07AM

Barney is a tailgunner. Probably run that House of Prostitution himself now. He won't have to keep a residence in Newton now.

Teaghan| 11.29.11 @ 4:02PM

Or Mike, a "bungunner". And didn't he have a buttbuddy from Fannie or Freddie that left with a HUGE compensation package?

Timothy L. Pennell| 11.29.11 @ 9:15AM

No. Just him, and you.

vicky bennett | 11.29.11 @ 1:55PM

I could care less what he does in his bedroom, he what he has done to America that makes me glad he is gone!
Saw a cartoon today with Barney as the Demolition Ball on the end of the hook... FITS.

Maxbert| 11.30.11 @ 3:13AM

What he does in the bedroom IS what he's done to America.

Occam's Tool| 11.29.11 @ 7:31PM

Dear Doorgunner:

Hey, let's put aside the fact that Barney Frank's gay for a bit, OK?

He had a former lover who ran a prostitution ring from his office and who he paid for sex! If this had been HETEROSEXUAL it would have been wrong in tons of ways, and especially in terms of the ethics of using a Congressional office and phones to run a sex ring. Hell, if he had been monogamously married to a former Miss Utah who was running a prostitution ring from his Congressional office it still would have been wrong.

So, give Tim a little slack here, hey? I mean, he at least wasn't quoting Led Zeppelin here, which would have been easy to do when discussing Barney. ("Gotta a Whole Lotta Love" is easily adapted to this situation, replacing "Girl" with "Boy" in the lyrics. Interesting lyrics regarding entrances and exits.)

I hope things are well for you DG, and that your Thanksgiving was awesome. I can disagree without being disagreeable, and you are fun to read.

Doorgunner| 11.29.11 @ 10:07PM

No doubt, Rep. Frank is despicable. I'm just dinging Timmy for yesterday when he cried "CENSORSHIP" like a leftist when his racist/homophobic rant got deleted.

And I hope your T-day was splendid, your family was content, and your team won.

calvin | 11.29.11 @ 8:28AM

Tim; In the movie version of the story, it was Omar Bradley, played byKarl Mauldin, who could read the map. Not to diminish your point.

Timothy L. Pennell| 11.29.11 @ 9:07AM

You're absolutely correct, and I appreciate it.
Thanks.

Maddox| 11.29.11 @ 7:13AM

If there is any real justice left in America, Barney will be held accountable and tried for his crimes by future Patriots. It is a shame he will have left Washington before the pitchforks arrive.

loulou| 11.29.11 @ 11:58AM

He needs to be frog marched to prison.
Although Bawney might actually enjoy jail life.

vicky bennett | 11.29.11 @ 1:56PM

.................if.......................

Anthony| 11.29.11 @ 7:36AM

A classic nasty, arrogant, vile leftist, who is incapable of admitting that he and that fraud from CT, Chris Dodd, caused the housing market to crash.
The left is never capable of honesty, because they believe everything they do is right, real world consequences be damned.
This is what we are fighting against, the oligarchy of the elite, who are incapable of lettings us Americans live our lives, mistakes and all.
So long Barney, you did a Steve Gobie on America.

donserge| 11.29.11 @ 8:16AM

Rush had an astute observation yesterday: "Barney Frank's seat is wide open".

Bob Grant| 11.29.11 @ 9:05AM

That's why Rush gets the big bucks...very funny!

vicky bennett | 11.29.11 @ 1:56PM

Actually that was Mondays show.
Today is Mark Stein on Rush..

RCK| 11.29.11 @ 8:29AM

This is definitely a good news/worse news story. The good news: Barney is out (finally). The worse news: Maxine is in.

Con Chef (NB) | 11.29.11 @ 8:47AM

Maxine "The Bag Lady" Waters is manna from Heaven for us. As bad as Ball Gag Bawney was, she'll make us look even better. She's just another free, walking conservative advertisement.

chuck| 11.29.11 @ 9:04AM

Aye, the gift that keeps on giving!
Same for Sheila Jackson Lee, who thought the Apollo astronauts planted a flag on .......MARS!

Bob Grant| 11.29.11 @ 2:58PM

actually, she thought they were a dancing troupe from Harlem :-)

russel| 11.29.11 @ 9:06AM

Maxine , eh ? . Wasn't she up for some review for her shenanigans helping hubby with their financial pot ? . Wasn't Ms. most ethical congress of all time Pelosi supposed to get to the bottom of that ? . Gotta agree there Con , Ms. Eric Clapner is always good for a laugh .

chuck| 11.29.11 @ 9:10AM

I think the Clapner remark was from that idiot Surgeon General Clinton appointed. The one who wanted to teach kindergarten kids masturbation. What was her name?

Con Chef (NB) | 11.29.11 @ 10:08AM

Donna Shalala. I think she's the pres. of the Univ. of Miami, actually. I may be mistaken, though.

chuck| 11.29.11 @ 10:15AM

No, Shalala is a white girl, one of Hillary's ex-girlfriends, along with Janet "burn'em out" Reno.
The Surgeon General was a black woman, whose name my mind has completely blocked out.

chuck| 11.29.11 @ 10:16AM

Jocelyn Elders!

Con Chef (NB) | 11.29.11 @ 10:48AM

THAT'S her!!!

Anthony| 11.29.11 @ 2:07PM

Well done Chuck!! Dr. Elders would reward your recollection of her name by granting you permission to masterbate, her global solution to many of our problems.
Just don't tell Alan Brooks, he'll insist on watching.

Teaghan| 11.29.11 @ 4:05PM

You all are bustin' me up today!

rsdcllc| 11.29.11 @ 11:19AM

Clinton appointed a lot of idiots! He's to blame, in large part, for the Real Estate/ Banking collapse as well as the 9/11 attack, the pirate problem from Somalia and many others! He was was one of the worst presidents in history. One of only two that was impeached!

Occam's Tool| 11.29.11 @ 7:32PM

Yeah, I wish the entire Democratic party was one big Maxine Waters hit parade....wait, they are....

Sue Denym| 11.29.11 @ 8:34AM

Mr. Frank:

Please accept my most sincere thanks for your contribution to a better American future by your not running for re-election.

I know that I will not live long enough to see the end of the horrors your representation has inflicted on my country; and I doubt whether my children will, either.

Perhaps my grandchildren . . . .

John| 11.29.11 @ 8:34AM

Nippon News Service is reporting that Flank will not seek le erection. Who is this Lee?

Teaghan| 11.29.11 @ 4:06PM

Now, I'm REALLY lol!!!!

Maxbert| 11.30.11 @ 3:20AM

Coffee up the nose! Hate it when that happens.

Melvin| 11.29.11 @ 8:38AM

Barney will get his due alright. He'll get the same thing from the American People that the Italians gave to Mussolini.

loulou| 11.29.11 @ 12:02PM

No, he'll get a chair at Harvard and will sit on multiple boards.

The fact remains though: The slob has no lips. I've never seen anyone with no lips before. How does he apply his lipstick? What self respecting gay guy would spend any time with that swine?

pottfullofpith| 11.29.11 @ 12:53PM

He used to have lips, but he wore them out... talking...or something.

markenoff| 11.29.11 @ 8:46PM

Are you sure it won't be multiple staffs he sits on?

Tomp| 11.29.11 @ 8:39AM

Belongs in jail and stripped of pension.

Con Chef (NB) | 11.29.11 @ 8:49AM

Ball Gag Bawney Says:

"Oooh! I would WOWVE PWISON!"

We can remedy this by sending him to a women's prison.

chuck| 11.29.11 @ 9:07AM

Sir, I think sending Bwarney to a woman's prison would constitute cruel and unusually punishment...for the other women.

Occam's Tool| 11.29.11 @ 7:35PM

Con:

I'm not sure that's a viable option---I have been a psychiatrist who has treated women prison patients---they have beauty parlors, access to shopping---it's much less rigorous than a men's prison. And he would be surrounded by members of his former most solid constituency.....

Alan Brooks| 11.29.11 @ 8:41AM

Like me, he started out young and gay but ended up an angry old homo.

Timothy L. Pennell| 11.29.11 @ 9:14AM

Thanks for the unsolicited, awkward, and totally unwanted update on you, and your situation.

Now, if you'll excuse me. I need a shower.

alan brooks| 11.29.11 @ 9:20AM

Can I join you?

idalily| 11.29.11 @ 8:19PM

Okay, THAT was funny.

Con Chef (NB) | 11.29.11 @ 8:43AM

A Statement from Ball Gag Bawney:

"My woving conshtituentsh, aftuh a wong cawee-uh of shuh-ving you, and de gay wesidentsh of Dee Shee wif nubiwe young men, I have deshided not to wun foe we-ewction. Unfowtunatewey, my wittle Bawney cannot "ewect" itshelf anymo-uh. Wevitwa & Viawa no wonguh do de twick. Therefo, I take my weave fwom Congwess to stawt wuhk at de Jewwy Sandushky Centuh for Young Men & derefo continue to sherve de needsh of young men! Thanksh fo yo shuppowt."

W| 11.29.11 @ 9:02AM

ConChef,
You should offer to write Barney's biography.
BTW, have you tried Fiori pizza on west liberty ?

Con Chef (NB) | 11.29.11 @ 10:04AM

BEST PIE IN PITTSBURGH! And the BEST I've had outside the Jersey Shore/Philly area.

Dude, you HAD to mention that place. I work in Carnegie, so I can't make it there for lunch & that's all I'm gonna think about now!

W| 11.29.11 @ 10:18AM

Carnegie!!
I work in Carnegie.
Are you at papa j's?

Con Chef (NB) | 11.29.11 @ 10:44AM

I don't cook for a living anymore. I've been in an office for the last 3 years. Getting married has a tendency to change one's mind about working 90 hour weeks, nights & weekends.

Not to say I don't miss it, though.

Here's my email if you wanna drop me a line:

DTFrankel79@gmail.com

loulou| 11.29.11 @ 12:03PM

I want a Primanti sandwich!

loulou| 11.29.11 @ 12:05PM

Geno's Steaks rules.
Joey Vento, RIP.

Con Chef (NB) | 11.29.11 @ 12:56PM

Yes, RIP Joey Vento, but I thought his steaks SUCKED compared to Tony Luke's or just a regular steak from a local mom n pop pizza shop. Had Jim's as well & they were the worst. They have a sign at Jim's stating that they use top round. As any TRUE cheesesteak afficionado knows, REAL steaks use sliced RIBEYE. Why? Fat content. Top round is WAAAY to lean a cut of meat for a cheesesteak. And you could tell the lack of fat because I've had jucier "cheesesteaks" from freaking Subway.

As for our local Primanti's. I'm not a fan. I HATE slaw to begin with. Put that crap, along with fries, on MY samich & watch how quickly it goes back. YUCK. We DO have a pretty decent cheesesteak shop here on the South Side though, called South Side Steaks. Good stuff!

DRed| 11.29.11 @ 3:28PM

That's the one thing people here in NY don't understand. You have to have the ribeye. Drives me nuts.

Con Chef (NB) | 11.29.11 @ 3:44PM

Yeah, dude, that's no bueno. You'd think that NYC would have at least a FEW transplants running steak shops....

No ribeye=faux cheesesteak

Occam's Tool| 11.29.11 @ 7:38PM

Your comments are educational and useful, Con. Thanks again.

You guys almost make me want to move to Pittsburgh, if I didn't hate big cities so much. But at least I know some guys now.

W| 11.29.11 @ 7:42PM

Pgh is a small town. You are welcome anytime.

Mimi| 11.29.11 @ 8:50AM

You got to give him this...He's a " one of a kinder" spitting bloviator.
What does he know that we don't ? "O"S number down in the 20's as rumored?
Some how, some way the people who enabled the circumstances to bring about the present day suffering are gonna pay dearly....be looking to the guilt ridden to flee the country. We'll miss the song "DANCING QUEEN" on RUSH.

W| 11.29.11 @ 8:56AM

It would have helped the Republicans to have Barney in the race as the poster boy for the financial mess at Fannie and Freddie but only if Romney instead of Newt is the nominee. We can point to Barney as the cause of the problem, but Newt was a paid consultant and would have to keep explaining what he did.

Louis Jenkins| 11.29.11 @ 9:00AM

Thank the Lord he is getting out. Now he can pursue more honest past times, like running an all male whore house out of his basement.

Occam's Tool| 11.29.11 @ 7:39PM

Dear Louis:

it was his LOVER (who he paid for sex), out of his CONGRESSIONAL OFFICE.

Truth is SO much funnier than imagination.

Bill A | 11.29.11 @ 9:35AM

I wonder what damage Mr Frank will do in retirement. Will he become a lobbyist or consultant to recoup some of his expenses in his last campaign?
Maybe we should re-district other states where entrenched undesirable congressman reside.

Harry the Horrible| 11.29.11 @ 10:03AM

I'd like to express my appreciation to the voters of Massachusetts's 4th congressional district for repeatedly electing this PoS for 30 years. Go rot, you b@st@rds.

To make matter more interesting, Frank's chair on the House Financial Services Committee will apparently go to Maxine Waters. This means his seat will go from someone who is corrupt and evil, to someone who is corrupt, evil, and stupid.

Con Chef (NB) | 11.29.11 @ 10:46AM

Like I said above. Look at Maxipad Waters as free advertising for conservatives. Because that haint is a walking gag reel.

jimt| 11.29.11 @ 10:10AM

For his contribution to our current economic suffering Frank should be in prison. His victims far outnumber Madoff's.

LarryK| 11.29.11 @ 10:18AM

Barney Frank - Degenerate!

Cynicon Implant| 11.29.11 @ 10:57AM

As a resident of Massachusetts, I would like to apologize for having foisted this petty, vindictive little hater on the rest of the country. I personally could not do anything about it as I do not live in his district, but nonetheless I am ashamed of almost all of the people we send to Washington -- Scott Brown a possible exception.

This is a strange place -- wonderful culture, education, variety of activities, beautiful seashore. But even with all that, this lifetime resident is about to move to TX because I can't take the nanny state stupidity that goes on here anymore. Also, Barney is moving back here full time...

LarryK| 11.29.11 @ 11:25AM

Apology accepted.

Occam's Tool| 11.29.11 @ 7:42PM

Cynicon: one thing you are gonna LOVE about Texas (unless you are moving to Houston), are the ROADS----big and wide and high speed limits and well paved---unlike Mass. G-d, I HATE driving in Cape Cod worse than LA!

And TX has some great Seashore in PADRE ISLAND. I would avoid Galveston, though.

cicero| 11.29.11 @ 11:34AM

The whole Fannie/Freddie mess is a joke. In 2004, fannie was fined $400,000.00 for ccooking its own books, right after Raines, Johnson, and Gorelick took their millions in bonus money, and left. Our Congress knew all about it, and did little. Still, no one has gone to jail.
This cannot be blamed on Bush, as there was no bill for him to veto. This should have been sent to Justice, rather than just the SEC. For congress to appear SHOCKED in 2008 at the fiasco is somewhat disingenuous.

tj| 11.29.11 @ 11:50AM

Well said!

Bill| 11.29.11 @ 11:49AM

Barney's gone!!!!

OH! THANKS HEAVEN!!!!!!!!!!!!!!!!!

Bill| 11.29.11 @ 11:57AM

Barney Frank. The great liberal Satan is gone!

I'm rejoicing!

George S| 11.29.11 @ 12:03PM

If James Madison could today return and see and understand why the nationwide reaction to the announced retirement of a lone House member, he would truly conclude that the Constitution had been abandoned long ago.

VonMisesJr| 11.29.11 @ 12:10PM

Barney Frank and BHO are simply symptoms of political correctness. Unless average Americans defy the speech police and talk about issues openly, we will soon have another catastrophe to fret about.
And the same goes for issues like the poor, homeless and fools that are under water on their finances. Ad hominem attack silenced critics of Marx. Now we are told we cannot even discuss ideas since someone is of a protected class. It has come full circle.

PhilipM| 11.29.11 @ 12:14PM

Is this what passes for thinking on the far right? What a collection of nonsense, falsehoods and base ignorance.

1. The author claims Frank and others who long supported affordable housing efforts caused the housing bubble. Utter foolishness. The housing bubble was an international phenomenon that occurred simultaneously in many countries across the globe. Claiming that Frank, or even the biggest booster of affordable home ownership during the decade, George Bush, caused the boom either indicates gross ignorance of wordwide events, or a partisan hatchet job.
http://www.youtube.com/watch?v=kNqQx7sjoS8

2. Antle claims Frank should have done something in the early 2000's and when measures that would have prevented the crisis were introducted (itself a falsehood) Frank opposed them. Since the Republican's controlled the House and the Committee during this period, this is another way of saying the Majority Republican Party failed to prevent the crisis.

3. Antle's claim that Fannie and Freddie led the way on sub-prime mortages is another outright falsehood. In fact, as every study of the issue has found, they were late getting into the sub-prime business. And when they did, they were a bit player. In 2006, 84% of sub-prime loans were written by private companies.

4. The burst of efforts to write sub-prime loans had nothing to with government encouragement of home ownership. It had everything to do with the new instruments of investments devised by Wall Street and possible because of rollbacks in regulations. These packaged securities were making so much money that nobody had to encourage banks or, more importantly, private companies to make sub-prime loans. They were making fortunes on them and they didn't even have to bear the risk. Companies like Countrywide Financial would simply flip the loans to Wall Street firms who then sold them all over the world as great investments.

The right wing story about the meltdown just doesn't stand up to scrutiny and fails in its efforts to excuse the actions of Wall Street.

chuck| 11.29.11 @ 12:37PM

There is some truth in what you write, but you cannot deny the part that Fannie and Freddie had to play. Barney Frank and Maxine Waters were at the forefront of the effort to stop any attempt to rein in the GSE's.

DRed| 11.29.11 @ 1:15PM

You mean when Republicans controlled both houses of Congress and the White House? Assuming what you say about Barney Frank is true, he's one congressman in a minority party. Why didn't the Republicans do anything?

Well said, PhillipM. The argument that the government's affordable housing measures caused the mortgage bubble doesn't bear up to any scrutiny, but almost everyone on this site believes it like it's gospel truth. Here are a couple simple charts:

http://www.ritholtz.com/blog/w.....tChart.jpg

http://www.ritholtz.com/blog/w.....eddie4.jpg

These demonstrate starkly that CRA loans were much less likely to default than regular sub-prime loans, and that the total amount of privately issued MBS dwarfed the amount purchased by the GSEs. I have no idea how you can look at that data and maintain that the crisis was caused by Barney Frank. It's just stupid.

Reprobate Charlatan DRedful| 11.29.11 @ 4:01PM

Pay no mind to a couple of charts that show none of the 'data' used to compile a couple of bar graphs;
that does not cite where the 'data' came from;
that does not cite who compiled the 'data';
that does not explain how the 'cumulative default rate' was 'estimated';
that does not cite where the 'cumulative default rate' came from;
that does not cite who compiled the 'cumulate default rate';
that does not explain where the 'credit scores' came from;
that does not cite the source of the 'credit scores';
that does not explain what they refer to as 'CRA loans';
that does not cite the source for the 'CRA loans' used;
that does not explain what they refer to as a 'subprime loan';
that does not cite the source of the 'subprime loans';
that does not explain what they refer to as a 'subprime loan (broker);
that does not differentiate a 'subprime' from a 'subprime (broker);
that does not explain why 2004 and 2006 are used;
that does not explain why other years are excluded;
that does not cite the sources of 'years' used;
that does not explain what 'less likely to default' means;
that does not explain what 'agency purchases' consist of;
that does not explain what 'private-label issuance' is;
that does not explain any other securities in constrast to 'private-label securities' or 'private-label issuances' or 'private-label security issuances' or 'whatever';
that does not explain what comprises 'total private-label securities';
that does not cite the source of any 'private-label' or 'non-private-label' securities or issuances or security issuances whether 'agency' or 'total' or 'figment' or 'whatnot';
just to begin with, before any conclusions can possibly be determined.

Pay no mind that holding the private financial industry responsible simply defies any and all common sense when no financial institution would ever, ever, ever, provide a loan, no matter how it is packaged, to any loanee that does not have the means to repay the loan.

Pay no mind that it defies any and all common sense to not hold responsible those financially uneducated and inexperienced politicians, who were concerned with obtaining election votes, for extorting the private financial industry into providing loans to those who do not have the means to repay them, through federal regulations, all while conceding to economic realities just barely sufficient to enact laws for the sole purpose of allowing the financial industry to continue their very survival and existence, as they are mandatorily extorted with federal regulation that require them to provide loans to those with no means to repay them or cease to exist due to ecomical reality.

And pay no mind to how I consistently prattle emotionally, devoid of any reason and experience based on any intelligence and honesty, all the time in my posts, never acknowledging reality, or truth, or facts. Ever.

DRed| 11.29.11 @ 4:15PM

You see those words at the bottom of those charts? The words that say 'Source: UNC Center for Community Capital'? Guess where those charts came from. I bet even you can figure that out.

Reprobate Charlatan DRedful| 11.29.11 @ 4:53PM

Pay no mind,

that the definitive truth,

that the "argument that the government's affordable housing measures caused the mortgage bubble doesn't bear up to any scrutiny",

and that no one "can look at that data and maintain that the crisis was caused" by politicians exactly like "Barney Frank" is "just stupid",

(while completely ignoring the common sense of willingly providing loans that stand no chance of ever being repaid by private business and having nothing to do with government politicians),

because of the source of two bar graphs,

that do not reveal anything about the the causes of the housing bubble,

or reveal anything to absolve the primary individual responsible (with the exception of two - basically retarded - ex liberal socialist presidents),

who is - coincidentally - not running for reelection in one of - if not the most - liberal district in the nation at a time when the nation needs financial leadership as much as it has ever been needed,

all this definitive truth based on the legendary and famed "UNC Center for Community Capital"?

Imagine how embarrassed "almost everyone on this site" must be.

DRed| 11.29.11 @ 5:13PM

while completely ignoring the common sense of willingly providing loans that stand no chance of ever being repaid by private business and having nothing to do with government politicians

What does that mean? What do loans to private business have to do with the CRA?

PhilipM| 11.29.11 @ 5:35PM

You'd do well to spend more time thinking about the substance of what you post, rather than the style in which you post it.

Reprobate Charlatan DRedful| 11.29.11 @ 6:47PM

More emotional prattle devoid of reason and experience. What were the odds?

{providing loans that stand no chance of ever being repaid}

Who could possibly be {providing} these {loans that stand no chance of ever being repaid}, whether willingly or unwillingly, or through extortion or charity, or anything under the sun, for that matter?

Could it possibly be {by private business}, or does reason lead to the conclusion it would be more likely to be by those not even mentioned in that very same sentence, such as, for instance, by those who do actually provide for free lunches contrary to reality?

Pay no mind that if any more emotional prattle devoid of reason and experience is used posts could easily contain such substance as:

"Of course I can deny the part Fannie and Freddie played. They played almost none."

or:

"The housing boom was a global crisis caused by lots of the things common to many countries. Encouraging home ownership was not one of them."

DRed| 11.29.11 @ 7:02PM

I honestly have no idea what you're trying to say.

PhilipM| 11.29.11 @ 7:15PM

Apparently you don't have much to say. But with respect to the loans, they were not loans that had no chance of being repaid, since despite the high default rate, the large majority are being repaid.

M is for Moron| 11.30.11 @ 1:22PM

In your response to a comment about more emotional prattle devoid of reason and experience, you make a comment that is nothing more than emotional prattle devoid of reason and experience.

What were the odds?

Reprobate Charlatan DRedful| 11.29.11 @ 11:26PM

Yet you honestly state it is stupid to blame government generally and Frank specifically based on looking at data from two highly suspect charts with axes that can represent anything its creator wants it to that do not reveal anything of any real substance which is okay because if it says UNC Center for Community Capital it has to be legimate.

PhilipM| 11.30.11 @ 2:18PM

Unfortunately you are unable to show the charts are suspect. And just as obviously, you don't know anything about the issue.

M is for Moron| 11.30.11 @ 2:48PM

Obviously.

"It was the free market, unfettered by the kinds of regulation that protected us...The only protection against the free market taking us over the cliff again is sound regulation of the sort contained in Dodd Frank..."
(PhilipM | 11.29.11 @ 1:36PM)

"Which regulations..."
(Gearge S | 11.29.11 @ 3:54PM)

"The primary one was the repeal of Glass Steagall..."
(PhilipM 11.29.11 @ 4:02PM)

"Typical you would make this statement. The consensus among nonpartisan economists is the repeal of the Glass-Steagall Act lessened the negative economic impact when the housing bubble inevitably burst. This means, genius, the Glass-Steagall Act provided more protection after it was repealed then it would have had it still been enacted law when the housing bubble burst. Don't stop being and idiot and a liar because you are making our case very effectively as is."
(M is for Moron | 11.29.11 @ 9:57PM)

Fortunately you have not stopped.

PhilipM| 12.3.11 @ 11:33AM

There is no such consensus among economists, so repeating your point reveals you for fool.

M is for Mendacious| 12.3.11 @ 4:54PM

More emotional prattle devoid of reason and experience based on intelligence and honesty; what were the odds?

reason and experience:

intellectually honest wisdom of reality derived with logical, rational, analytical justification, based on the awareness of accumulated knowledge understood through the observations of life and the world, used to make persuasive judgements with good cause

emotional prattle:

intellectually dishonest meaningless nonsense lacking reality derived with illogical, irrational, unanalytical explanation, based on the ignorance of spontaneous feelings assumed through the observations of life and the world, used to make foolish judgements with poor effect

No financial transaction occurs without and analysis of risk and reward. The reward, the potential benefit of a return on the investment in the financial transaction, is weighed against the risk, the potential cost of no return on the investment in the financial transaction, for each side in the the financial investment.

The Glass-Steagall Act erected a wall of separation between commercial financing and investment financing.

The repeal of the Glass-Steagall Act removed the wall of separation between commercial financing and investment financing.

The repeal of the Glass-Steagall Act made it possible to reduce the risk of commercial financial transactions and the risk of investment financial transactions by allowing financial institutions to spread the risk more broadly.

consensus:

general agreement

Explain why reason and experience indicates there is no general agreement among nonpartisan economists that the repeal of the Glass-Steagall Act lessoned the negative economic impact of the housing and financial crises.

Idiot.

PhilipM| 11.29.11 @ 1:29PM

Of course I can deny the part Fannie and Freddie played. They played almost none. The housing boom was a global crisis caused by lots of the things common to many countries. Encouraging home ownership was not one of them. And if it were George Bush would have more to blame than Fannie and Freddie. Since the Republicans could have reined in GSE's had they wanted, you are merely trying desperately to blame the wrong people.

W. James Antle III | 11.30.11 @ 2:02PM

Fannie and Freddie were the largest buyers of sub-prime and Alt-A mortgages between 2004 and 2007. The total GSE exposure was in excess of $1 trillion. Their perceived status as government buyers influenced the private markets.

It is also simply a matter of record that Fannie and Freddie collapsed. Frank denied there were any major systemic problems with the GSEs and opposed legislation that would rein them in.

Do I think the GSEs are solely to blame for the financial meltdown? Absolutely not, though I do quote Peter Wallison in this piece, an expert who assigns the GSEs more of the blame than I do.

Do I think Republicans are blameless, even as concerns the GSEs? Absolutely not. The loosey-goosey Fed policies, the political pressure to give loans to the uncreditworthy, and even the Wall Street "deregulation" you mention are all very much bipartisan blunders.

PhilipM| 11.30.11 @ 2:34PM

More misdirection Mr. Antle. You repeat the same misleading information as Edward Pinto at AEI. By claiming that Fannie and Freddie were the largest buyers of sub-prime AND Alt-A mortgages you wish to leave the impression that they were the largest buyers of Sub-prime mortgages. This is false. Fannie and Freddie never held even a majority of sub-prime mortgages and between 2005 and 2007 their share was between 22% and 33%, leaving the significant majority outside of this system. The value of Fannie and Freddie sub-prime mortgages in 2007 was $59 billion. Far from affecting the private market, the private market was into the game earlier and in a much bigger way than F & F, driven by the massive profits they were making by selling them to Wall street and the banks. Nothing of this had anything to do with F&F.

Fannie and Freddie collapsed because they were a victim of the housing bubble, not the cause of it. There may have been a number of things wrong with the way they operated, but that is far cry from the unsupported claim you made.

As for Frank, his comments about their being nothing wrong with F&F were from 2003. He was not wrong at the time. And if Republicans felt otherwise they had a long time to do something about it and didn't. Attempting to blame a single person from the minority party for the Republican's failure is to engage in standing reality on its head.

Mr. Wallison was all alone in his conclusions on the committee he served and his views have been refuted by substantial studies done since then.

cicero| 11.29.11 @ 12:47PM

Phillip - absolutely right. Only abot 4% of the mortgages written in the country were in default. The cause of the crash was the banks betting on the mortgage backed securities they invented so that they would have "poker chips" to bet on. When they refused to loan money to one another to back the bets, the whole house of cards came tumbling down.
Had the government, at that time, done nothing, it wouldd have all been over, and the economy would have righted itself in about 2 weeks. It was the government's decision to rescue the bankers from their folly that was the problem.
If the government had done nothing, the banks that had gambled and lost would have been forced into bankruptcy. Their officers and directors would have hadd to give back their bonuses, and other banks would have bought the worthy assets out of the bankruptcy courts. The foolish bankers would have been sued by their shareholders, and if not sent to jail, would have been banned from the industry. Instead, they got their bonuses for 2008, and every year thereafter, and the taxpayers have been made to pick up the tab.
The stated reason for the government action was that otherwise, credit wouldd have dried up. Anyone try to get a business, or anyother kind of loan over the past few years" And still, no one has gone to jail.

chuck| 11.29.11 @ 1:04PM

You're absolutely right. If the Feds had allowed the free market to work, those businesses that made bad decisions would have gone into bankruptcy, someone would have picked up the good pieces, and things would have gotten better. It would have been painful as hell, but it would have been over quickly, and we would be in a nice recovery by now. Instead, everything is dragged out, and no recovery is in sight. At least until Obama is gone!

Clint| 11.29.11 @ 1:56PM

From 2007 to 2011, Frank served as chairman of the House Financial Services Committee, where he remains the ranking Democrat.

The Bush Administration warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.”

“Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. “

PhilipM| 11.29.11 @ 4:00PM

And by 2007 the shit had already started hitting the fan. How dense must you be to not place the blame at the feet of the Republicans who were in power during the crucial years? The fact is Republicans wanted to kill Fannie and Freddie for reasons having nothing to do with the housing situation. The so called warnings you've quoted from some source without so noting were just the usual complaints Republicans had about the agencies. They were not warnings about a housing bubble, which both the White House and Fed Chair Greenspan denied even after it began. One of Franks first act when he became chair of the committee in 2007 was pass legislation that imposed strict regulations on how much risk Fannie and Freddie could take on. Why hadn't the Republicans done so when they were in control and when it would have done a lot more good?

Clint| 11.29.11 @ 8:25PM

Do Your Homework Dense ObamaBoy PhilipM.

" February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08) "

Aaaaaand , The Senate Democrats 'Threatened Filibuster Of The Federal Housing Enterprise Regulatory Reform Act of 2005, Killed The Republican Reform Bill.

The Tea Party Rebellion Is Here And In Iowa.

PhilipM| 11.29.11 @ 9:32PM

Clint, your IQ is showing. Resposting the same irrelevant nonsense does nothing but betray your frustration at being able to cobble together an intelligent argument. The large majority of subprime loans were not made by Fannie and Freddie and had nothing to do with Fannie or Freddie. Perhaps now you'll understand that these complaints you posted, which weren't even about the housing bubble, are irrelevant. Are you typical of Tea Party types?

rcyanc| 11.29.11 @ 12:48PM

Now if we can just get Jim Mora(o)n to walk the plank too, that would make my week.

PhilipM| 11.29.11 @ 1:36PM

It was the free market, unfettered by the kinds of regulation that protected us for almost 70 years after the depression, that got us into this mess. Once the financial crisis hit, it would have been insane to let one financial institution after another go under. We'd have had a massive depression. As it is, most of the public money spent to shore up these institutions has been repaid with interest. The only protection against the free market taking us over the cliff again is sound regulation of the sort contained in Dodd Frank, and yet the American Right opposes it, perferring to make us vulnerable once again to disaster.

George S| 11.29.11 @ 3:54PM

Which regulations were lifted and when? There have been literally millions of words written that detail the collapse and its timeline. Yet all we hear about are breakdowns in government regulations without any correlation or causation.

PhilipM| 11.29.11 @ 4:02PM

The primary one was the repeal of Glass Steagall, for which both parties are to blame.

M is for Moron| 11.29.11 @ 9:57PM

Typical you would make this statement. The consensus among nonpartisan economists is the repeal of the Glass-Steagall Act lessoned the negative economic impact when the housing bubble inevitably burst. This means, genius, the Glass-Steagall Act provided more protection after it was repealed then it would have had it still been enacted law when the housing bubble burst. Don't stop being an idiot and a liar because you are making our case very effectively as is.

PhilipM| 11.30.11 @ 2:37PM

No, that is not the consensus among economists at all. Obviously you don't even know what the act was or how it worked. But then expecting knowledge from someone like you is likely to be as disappointing as expecting you to be intelligent.

M is for Moron| 11.30.11 @ 2:50PM

More emotional prattle devoid of reason and experience.

What were the odds?

PhilipM| 11.30.11 @ 2:54PM

Odd is what you are dear boy. Do you actually know anything you can talk about?

M is for Moron| 11.30.11 @ 4:26PM

Tell us why you are credible, based on your reason and experience, and the economic and financial education and business experience you have, that is the basis for your wisdom on this topic.

Explain to us how much we as taxpayers are on the hook for due to the combined debt incurred to date by Fannie Mae, Freddie Mac, the Home Affordable Modification Program, and the Home Affordable Refinance Program, before we delve more deeply into identifying the causes for these debts, determining the effects of the identified causes, concluding the most practical solutions to eliminate his debt, and preventing this type of debt from occurring ever again.

M is for Mute| 11.30.11 @ 6:50PM

...or is it Moot?

PhilipM| 12.3.11 @ 11:36AM

Just address the arguments made and stop trying to change the subject to something you are equally ill-equipped to discuss.

M is for Mendacious| 12.3.11 @ 5:41PM

More emotional prattle devoid of reason and experience based on intelligence and honesty; what were the odds?

reason and experience:

emotional prattle:

Explain with reason and experience why the subject of your credibility, based on your education in economics and finance, and based your experience in business, was not addressed.

Explain with reason and experience why the subject of the total debt we as taxpayers owe due to Fannie Mae, Freddie Mac, the Home Affordable Modification Program, and the Home Affordable Refinance Program, was not addressed.

Explain with reason and experience why the subject of the total debt we as taxpayers owe due to Fannie, Freddie, HAMP, and HARP, that you did not address, would not have been incurred if the Glass-Steagall Act still been enacted law.

Explain with reason and experience why the subject of the total debt we as taxpayers owe due to Fannie, Freddie, HAMP, and HARP, that you did not address, has been incurred when, as you state, "the large majority (of loans) are being repaid".

Explain with reason and experience why the subject of the total debt we as taxpayers owe due to Fannie, Freddie, HAMP, and HARP, that you did not address, why was HAMP necessary at all, and why after HAMP was HARP necessary at all, when "the large majority (of loans) are being repaid", as you state.

idiot:

a foolish or senseless or stupid individual

Idiot.

Bill| 11.29.11 @ 1:56PM

Indict Barney and put him away in the jail, for fraud, abuse, and lies that he committed while serving in the Congress.

Drunken Sailor| 11.29.11 @ 2:31PM

To say that CRA, Freddie and Fannie had nothing to do with the housing crisis is ridiculous. And then to say Bush didn't do anything is simply wrong. Bush was definitely not fisically conservative but he did sound the alarms on this for many years. Barney , Dodd, and Reid did their best to stop him.

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.

2001

•April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)
2002

•May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003

•February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

•September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

•September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)

•October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

•November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004

•February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

•February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

•April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)

•June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005

•April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

•July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2007

•August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)

•August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

•December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)
2008

•February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

•March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

•April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

•May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

◦"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

◦"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

◦"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

•June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

•July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

•September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

DRed| 11.29.11 @ 3:10PM

Assuming what Bush saw as a problem was the GSE's involvement with subprime mortgage security purchasing (it's unclear from your post what he thought the problem with the GSEs was), you still have to explain why Bush and the Republicans didn't do anything. They controlled the Federal government for six years. Saying that Frank opposed them doesn't mean much. Finally, saying that the GSEs needed to be reformed doesn't, in any way, show that they caused the housing crisis. They were a market follower when it came to sub-prime securities. Perhaps if Bush had his way they wouldn't have been involved with buying sub prime backed securities, but that certainly wouldn't have prevented the economy from collapsing. Lehman Brothers didn't go bust because Fannie Mae bought some mortgage backed securities.

George S| 11.29.11 @ 4:11PM

The guy hits you over the head with historical fact and you want to dismiss it by "Assuming..."

The reason Lehman failed -- and the whole underlying basis for the financial meltdown -- was because Lehman (and Wall Street) were confident that the federal government would bail them out. That is what encouraged then to take careless risks that no Free Marketeer would dare take on.

Not deregulation, not Phil Graham, Alan Greenspan, Phil Cox, not Glass-Steagall, not any regulation or deregulation. Lehman was confident -- based on previous experience (Citibank and Goldman) -- that Barney Frank and Chris Dodd had their back.

DRed| 11.29.11 @ 4:35PM

http://georgewbush-whitehouse......_2003.html

There's one of the warnings. It's a historical fact that Greg Mankiw thought Fannie and Freddy were too big. However, that speech has nothing in it about sub-prime mortgage securities. And if you think government lending to low income families was the cause of the mortgage crisis-well in that speech Mr. Mankiw advocates for increasing the amount of lending to low income families. So, I was wrong, actually, to assume that this warning had anything to do with sub-prime mortgage backed securities.

PhilipM| 11.29.11 @ 3:48PM

Sorry Drunken Sailor but you seem awfully resistant to facts. Few if any of the bullet points in your cut and paste have anything to do with the housing bubble. And the Republicans controlled the House and the committee on which Frank sat during that entire period. If something wasn't done, it was the Republican's fault. It would help the discussion greatly if you acquired a little more knowledge of the issue so you could separate legitimate issues with respect to Fannie and Freddie's operation and the housing bubble. For example, you would need to understand that most subprime loans had nothing to do with Fannie and Freddie or Frank or Dodd or whatever other bogeyman the right want's to create. That single fact destroys all the attempts at scapegoating we've seen in denial of the truth. Also, during these very years George Bush was the biggest proponent of home ownership and asked the various agencies involved to make the loans easier to obtain and apply for.

Drunken Sailor| 11.29.11 @ 4:03PM

DR and Phillip. I agree Bush should have done something and he tried. But just what in the hell can he do if Congress does not send him a bill to sign? Barney was not the lone culprit, there were a lot of players. But he was on the starting lineup. GSE's, CRA, Freddie, Fannie, they were all a part of the problem along with predatory lending. Not that your going to read this with a open mind but I found it interesting.
http://www.manhattan-institute.....tm?id=4346

PhilipM| 11.29.11 @ 4:36PM

But it wasn't just Bush DS. It was the Republicans in congress. How much sense does it make to blame a single member of the minority, rather than the majority who did nothing and who now claim, erroneously, that Fannie and Freddie caused the housing bubble?

DRed| 11.29.11 @ 5:18PM

The problem with that article is that the data doesn't support the authors argument. CRA loans have, over the length of the program, proven to be profitable. They don't default at an excessive rate. Even during the recent economic collapse they defaulted at a much lower rate than sub-prime loans made by institutions not covered by the CRA. If loans made because of the CRA had caused the mortgage crisis, wouldn't you expect high rates of default? And wouldn't you expect those loans to have made up the majority of the loans that defaulted? But that's not what happened.

W| 11.29.11 @ 4:51PM

Well done, DS.
Are you trying to confuse the liberals with facts?

PhilipM| 11.29.11 @ 5:06PM

You mean Bush's claimed facts that are irrelevant to the housing bubble?

W| 11.29.11 @ 6:16PM

So you are confused.

PhilipM| 11.29.11 @ 6:23PM

Using irrelevant claims as facts would tend to point the finger at you "W".

W| 11.29.11 @ 7:46PM

What your consider irrelevant is your opinion influenced by your politics. Just because you choose to ignore facts does not make those facts irrelevant. Facts are facts. If you do not beleive these facts caused, or contributed to the housing bubble, then you need to explain what caused the housing bubble, and why these facts did not.

PhilipM| 11.29.11 @ 8:16PM

No, what I consider irrelevant is that which is irrelevant. I could try to give you a more detailed description of why they are irrelevant, but that might be a waste of time. Suffice it to say, his long list of complaints about Fannie and Freddie were not about the housing crisis, which is the topic of discussion. Whether they are facts or not would need to be checked. They were simply statements made by Bush that he posted. That they are irrelevant, whether factual or not, is simply the case.

PhilipM| 11.29.11 @ 8:17PM

I have already explained what caused the housing bubble.

W| 11.29.11 @ 9:05PM

You have stated what your opinion about what your believe caused the bubble which is different than the opinions of many others. Again saying something is irrelevant does not make it irrelevant. It is irrelevant to you because you have a different opinion.

PhilipM| 11.29.11 @ 9:28PM

No, I explained how it occurred and how the claim that is was caused by Fannie and Freddie could not be true. That you are unable to follow the argument is, I'm afraid, your fault. What I said was irrelevant is irrelevant for the reasons I stated, not merely because I say it was. Opinions are one thing "W", facts are another. People of limited intellectual means often fail to make that distinction, perfering to believe what they want, the facts be damned.

W| 11.29.11 @ 10:16PM

You can keep repeating your opinion but it is not a fact. And you did not make any argument based on fact. You just stated the Barney Frank line, and since you cannot make an argument on fact you resort to the Barney Frank personal attack.

PhilipM| 11.30.11 @ 2:40PM

And you can keep calling facts an opinion, but then that's about all you're capable of doing. People like you drift along in the world not knowing the difference, and not even realizing the immense gulf between you and those who can.

W| 11.30.11 @ 5:01PM

Well, that is why we have a daily lefty appear to teach us. You have convinced me that it is all the fault of the Republicans and Bush and all you have to do is keep repeating my facts are correct and yours are opinions. Now you can report back to your lefty sites happy and ignorant.

PhilipM| 12.3.11 @ 11:38AM

In order to be taught you'd need to have a minimal understanding of the basics and a desire to truly learn. You exhibit neither and prefer to continue to believe your ignorant dogmas.

Maxbert| 11.30.11 @ 3:46AM

You missed this one: Congressional Record for May 25, 2006, where John McCain states “I join as a co-sponsor of the FHERR Act of 2005 to underscore my support for quick passage of …regulatory reform legislation. IF CONGRESS DOES NOT ACT, AMERICAN TAXPAYERS WILL CONTINUE TO BE EXPOSED TO THE ENORMOUS RISK THAT FANNIE MAE AND FREDDIE MAC POSE TO THE HOUSING MARKET, THE OVERALL FINANCIAL SYSTEM AND THE ECONOMY AS A WHOLE.”

Both Dodd and Obama refused to back it.

elmo| 11.29.11 @ 2:49PM

He is a sorry coca-sucking SOB.

LibertyAtStake | 11.29.11 @ 2:57PM

A cogent argument for allowing a computer program to randomly re-draw congressional district lines every two years.

d(^_^)b
http://libertyatstake.blogspot.com/
“Because the Only Good Progressive is a Failed Progressive”

Bill| 11.29.11 @ 3:21PM

Put Barney Frank in the jail fro life, committing fraud, abuse, and lies.

Oldefarte| 11.29.11 @ 3:28PM

He is a dispicable excuse for a human being, but of course both he and Gd Almighty are extremely aware of same!!!!!!!!!

Marc Jeric| 11.29.11 @ 6:03PM

I'm waiting for that other criminal in the housing for "underserved minorities" fiasco to resign - komrad Dodd.

PhilipM| 11.29.11 @ 6:20PM

Chris Dodd has been out of the Senate for almost a year, genius. And there was no bigger supporter of housing that George Bush. Must be strange living in a world that is just too much for you.

M is for Mental Acuity| 12.1.11 @ 7:57PM

You are at this website, telling all us all how "dense" we are, that our thoughts on the subject are a "collection of nonsense, falsehoods, and base ignorance", that it is "utter foolishness", to believe Fannie and Freddie and Frankie bear any responsibility for the housing and financial crises, because their responsibility is "almost none", and these three are just each a "victim" of these crises.

You are doing this apparently without having given a single critical thought that Dodd, senate banking committee chairman when the crises hit, and now Frank, house finance committee chairman when the crises hit, have each chosen to cease seeking reelection, to each retire, rather than face just their own constituents, not a nationwide vote, even though they are blameless, each doing so when not only is the senate a democrat majority, but the anointed one himself, the one bringing us hope and change, transforming the nation, and receding the sea levels, transparently, is solving all our problems.

The above genius, who has not only put his PhD to use by debunking manmade global warming for us all, has also immigrated here legally, probably is having a little difficulty processing that both "geniuses" whose names are on the Wall Street Reform Act that ensures financial industry regulations will make matters worse rather than better, are both actually, really, truly, gone.

What is your excuse?

PhilipM| 12.3.11 @ 11:45AM

The fact that Dodd and Frank decided to retire, after decades of service has nothing to do with the housing crisis, which built up under Republican control and when they did nothing about it.

That's a fact that will not change despite all the attenuated arguentation you're able to muster.

If you think your genius friend debunked manmade global warming, then you've just shown that a Ph'd can be as ignorant as you.

People who claim that Dodd Frank will make matters worse never are able to make a case why. That's usually because they don't have a clue what's in the bill and how it would work. Par for the course with the right wing.

M is for Mendacious| 12.3.11 @ 6:23PM

More emotional prattle devoid of reason and experience based on intelligence and honesty; what are the odds?

reason and experience:

intellectualy honest wisdom of reality derived with logical, rational, analyticial justification, based on the awareness of accumulated knowledge understood through the observations of life and the world, used to make persuasive judgements with good cause

emotional prattle:

The Dodd-Frank Wall Street Reform and Consumer Protection Act does not address Fannie Mae and Freddie Mac in its over 2,300 pages.

The Dodd-Frank Act will cost billions of dollars to fund.

The Dodd-Frank Act expands union labor influence that existed previous to the acts.

The Dodd-Frank Act creates bureaucratic departments that did not exist previous to the act.

The Dodd-Frank Act does not address the arbitrary discretionary power of federal regulators that existed previous to the act.

The Dodd-Frank Act does not address federal bailouts that existed previous to the act.

The Dodd-Frank Act does not address debt leverage limits that existed previous to the act.

The Dodd-Frank Act does not address credit rating agency assessment standards that existed previous to the act.

The Dodd-Frank Act does not address derivatives regulations that existed previous to the act.

The Dodd-Frank Act does not address proprietary trading that existed previous to the act.

Chris Dodd, about the Dodd-Frank Act, stated "No one will know until this is actually in place how it works".

mendacious:

lying; untue; false; not in accordance with actuality or fact or reality

Idiot.

Nick| 11.29.11 @ 6:20PM

Bwaney Fwank is as corrupt a politician as you are likely to see.
He's only getting out because he's afraid that either he will lose the next election, or, that he will be indicted.

I'm sure he prepared well for his retirement. He probably has lots of stock in Vaseline!

PhilipM| 11.29.11 @ 6:22PM

Nick, you contribute mightily to portraying the right as knowing next to nothing, and lying whenever it suits you.

Nick| 11.29.11 @ 7:25PM

PhilipM,

And you, sir, play the part of the Useful Idiot very well.
Your comrades must be so proud.

PhilipM| 11.29.11 @ 8:13PM

Except Nick the only one who has made idiotic statements is you. One also can't help but notice that you haven't really been able to engage on the issues under discussion. I suspect I know the reason why.

Buck Ofama| 12.1.11 @ 2:20AM

Go back to jacking off to a picture of your messiah, Oblowme.

PhilipM| 12.3.11 @ 11:46AM

Another intelligent right winger!

Occam's Tool| 11.29.11 @ 7:53PM

Nick, have a fantastic Christmas, sir. In a few days, I will be going on my parents' 50th wedding anniversary cruise to Belize, with my wife and kids and my sister, brother-in-law and their spawn.

My daughter, age 8, believes that Obama sucks and that Sharia is not a good idea. My son announced at age 3 that he was a "capitawist." He is now also 8. My wife is a Business grad from 'Bama Summa Cum Laude ('nuff said.).

My parents are clueless Democrats (but I repeat myself). My sister took 7 years to get her MBA from the University of Odensse is Denmark (yup, powerhouse---I'm pretty sure that TCU, being a top 50 US MBA program is better than that school), and is a compleat Liberal idiot. Her hubby is Danish.

I plan to read Continuing Medical Education and Byzantine history/play with my wife and kids/eat/sleep 95% of the trip. The other 5% I plan to spend with the 'rents. Keep from the Liberals---just thinking about 'em makes me itch.

M Must Mean Mendacity| 12.1.11 @ 2:19PM

Not Christian, to be sure, but I've been sort of waiting to hear that it is getting out because of an advanced stage of AIDS.

POST American| 11.29.11 @ 10:15PM

--------------------FINAL WORD------------------------

Barney Rubble was set up to help bring it
down.

OFF-SHORE usury and the deep, core
agendas of the ultra-rich, TAX FREE,
Luciferian 'benny violent' foundations
and NGOs ---remain as KEY as they are
UNMENTIONED.

-------------HUAC/ NUREMBERG 2012--------------

Cleophis FlyJuice| 11.30.11 @ 1:53AM

From Barney Frank to Maxine Watters:
From one crook to another...

WOW!!! I just went from a homophobe to a racist in a blink of an eye!

Maxbert| 11.30.11 @ 3:02AM

Barney Frank is living proof of how often incompetence and snotty self-righteousness are found together.

Buck Ofama| 12.1.11 @ 2:19AM

Well, I think this repulsive fag is only second in incompetence and snotty self-righteousness to the supreme c0cksucker, Ovomit.

Jabber3| 11.30.11 @ 9:38AM

"Backdoor" Barney has been one of the most outrageous buffoons ever elected to Congress. He was/is a rude, slovenly, despicable, vindictive, irresponsible, insufferable bandersnatch.

Richard Baker| 11.30.11 @ 10:31AM

Good riddance. Now maybe he can establish that chain of homosexual whorehouses he's wanted to all these years. Maybe the 'House" in his basement was a test marketing exercise. Oops, he "said" he knew nothing about it. Really.

Purpleguy| 11.30.11 @ 1:00PM

Of course Barney Frank had a part in this, but he was far from the largest contributor. He was not the Chairman of the Financial services committee until 2007, long after the die was cast for the Housing disaster. How much influence do you think he really had? He had one vote in Congress, that's all. He's a convenient scapegoat to cover who the real dolts were - where were the regulators of Fannie and Freddie? From the Bush Admin? What did the actual Chairman of the Financial Services Committee, a Republican, do? I know this doesn't fit with the right-wing narrative, but not considering this is disingenuous at best.

Richard Baker| 12.1.11 @ 12:36AM

Purpleguy:
If you think that Frank had little influence prior to 2007 then you are either naive or blind. I'm not sure which, of course.

Buck Ofama| 12.1.11 @ 2:18AM

Title: "Barney's Bubble".

Bubble Butt? This disgusting, conceited, arrogant, lisping repulsive FAG should have HIV by now.

Marc Jeric| 12.1.11 @ 4:14PM

Communist sleaze-bag Barney Frank - good-bye!

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FLASHBACK TO: 1995

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By George Sim Johnston

A man of faith in a godless age is hitting Americans where it hurts.
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Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
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In Britain, defending your property can get you life.
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By Robert H. Bork

The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
Chuck McHagel

By George Neumayr

It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
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By Douglas Bartholomew
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By Mark Steyn

The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
The Bush Crack-Up

By Brit Hume

Was the President done in by the economy, or by the politics of the economy?

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H/T to National Review Online

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Political Hay

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About the Author

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