Barney Frank On His Knees With Fannie & Freddie For A Decade

The conservatives are getting the blame for the Wall Street Meltdown but the number one two and three culprits in this scandal are democrats and not exactly obscure ones either. They are Chris Dodd, Barney Fag Frank and Barack Hussein Obama basically in that order.

Barney Frank and Chris Dodd are on the committees directly related to the finance side of these scandals, Barack Obama once claimed to be ont he committee falsely, and are directly responsible for the increase of loans to the inner city communities with the highest default rates.
They personally begged and begged for Fannie and Freddie to offer loans to people who had no way whatsoever to pay back the loans, and were mostly protected by loose bankruptcy laws that allowed most to simply walk away from just about any debt whatsoever without much repercussion.

Those laws were changed by the same imbeciles mentioned above making bankruptcies harder to walk away from scott free who failed to recognize the subsequent fallout on the constituencies that were benefiting from the sweetheart no sig, no money down loans.

That doesn't even factor in the tens or hundreds of thousands of illegals given loans with fake names, ss#'s, cash only employment with no bank accounts, it's no wonder they were all streaming over the border like Roaches running from the Orkin Man.

Free Fiesta!!! Free money, free houses, free health insurance north of the border while hard working Americans couldn't even qualify for these loans and other privileges like Health Insurance due to their American heritage and wrong skin color more often than not.

Here's the Barney Frank part of the story told by US News a week ago that I forgot to post, as Barney and friends still have yet to take the brunt of the fallout they deserve, again thanks to the MSM who is doing their best now to cover up these details so Obama can ride his Black and White Palomino onto the scene as the great healer in chief in waiting, merrily affixing all the blame on republicans coupled with the old tried and true class warfare favorite "wall street white man greed", when the real story here is the concerted democratic treason, selling out our country's financial stability to the lowest bidders who had no stake in America and simply flew the coup when things got tough leaving us all holding the bag.

Thanks of coarse to these three stooges, Barney, Chris and Barack Hussein himself.

Barney Frank's Fannie and Freddie Muddle -

Sam Dealey (usnews.com): "Now that crisis management has taken root and Fannie and Freddie have been placed in conservatorship, a number of commentators have remarked that Treasury Secretary Henry Paulson's actions bear a striking resemblance to what his predecessor proposed five years ago. Whether the two mortgage giants deserve a future will be a pitched battle, but for now, Democratic Rep. Barney Frank of Massachusetts, the Financial Services Committee chairman, has issued a press release with a fanciful take on history.

From Frank's press release:"

The truth is when President Bush took office, and the Republicans controlled both houses of Congress, he did not make any progress on comprehensive legislation to reform the regulation of the Government Sponsored Enterprises. It was not until 2005, when the House, on a bipartisan basis, and over the President's objections finally passed a reform bill. It died in the Senate in part because the White House's failure to make it a priority.

In fact, here's a New York Times story from September 2003, clearly showing that the first substantive Fannie and Freddie reform from inside government came from the Bush administration. Spurred by worries that Fannie and Freddie were cooking their books and taking too many risks, Treasury Secretary John Snow proposed placing the companies under Treasury oversight with strict controls over risk and capital reserves. The NYT labeled the proposal "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago" and noted:

Mr. Snow said that Congress should eliminate the power of the president to appoint directors to the companies, a sign that the administration is less concerned about the perks of patronage than it is about the potential political problems associated with any new difficulties arising at the companies.

So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal? continued here

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