Any Idiot who believes Barney Frank had nothing to do
with the collapse of the Sub -Prime housing market is not worthy or
credible of being taken seriously. ! You guys are good at twisting the
truth like a pretzel !**************************************************************************** On Aug 20, 9:09 pm, studio <[email protected]> wrote: > On Aug 20, 2:12 pm, Sage2 <[email protected]> wrote: > > > Though > > greed from some Corporate and Market entities did take form it was the > > sub-prime mortgage industry under Barney Frank, Chris Dodd, and Frank > > Raines that caused not only economic meltdown in the U.S. but > > throughout the world. > > 12 years of Republican rule produced zero financial regulations for a > reason. > > Follow the time line. > > 1. Republican-led Gramm-Leach-Bliley Act of 1999, which removed the > wall between commercial and investment banks, contributed to the > financial meltdown. The statute, which repealed part of the Glass- > Steagall Act of 1933, has been criticized for having contributed to > the proliferation of the financial instruments which are at the heart > of the crisis. > > 2. In 2003, while the ranking Democrat on the Financial Services > Committee, Frank opposed a Bush administration proposal for > transferring oversight of Fannie Mae and Freddie Mac from Congress and > the Department of Housing and Urban Development to a new agency that > would be created within the Treasury Department. The proposal > reflected the administration's belief that Congress "neither has the > tools, nor the stature" for adequate oversight. Frank stated, "These > two entities...are not facing any kind of financial crisis.... > > 3. 2007, the House passed a strong reform bill; and passed and onto > President Bush’s desk in July 2008. Twelve years of Republican rule > produced no reform of Fannie Mae and Freddie Mac. We were able to > adopt it in nineteen months, and we could have done it much quicker if > the [Bush] administration had cooperated." > > 4. 2009 Frank responded to what he called "wholly inaccurate efforts > by Republicans to blame Democrats, and [me] in particular" for the > subprime mortgage crisis, which is linked to the financial crisis of > 2007-2009. He outlined his efforts to reform these institutions and > add regulations, but met resistance from Republicans, with the main > exception being a bill with Republican Mike Oxley that died because of > opposition from President Bush. > > In conclusion, Republicans didn't want any changes for 12 years, of > which 8 of those years they were in complete control of both houses > and the Presidency. > So suck it up and stop selling more BS. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
