"Chas. Chan" wrote in message
...
If you listen to Rep. Barney Frank (D-MA), defend his role in the
meltdown of Fannie Mae and Freddie Mac, he was just as blindsided as
the rest of us when the two government sponsored enterprises
collapsed, triggering the financial crisis. LOL

Frank has been peddling this fiction ever since the economy collapsed
in September 2008. But as the The Boston Globe notes in a new,
devastating article published on October 14,

[MUST READ]
http://www.boston.com/news/politics/...annie_freddie/

not many people are buying Frank’s lies anymore. And Frank knows it.
He’s facing a surprisingly tough reelection fight, so he’s on an
apology tour through the media to save his seat. (Judicial Watch does
not endorse or oppose candidates for public office.)

Here’s an excerpt from the Globe piece (although I highly recommend
you read the article in full):

When US Representative Barney Frank spoke in a packed hearing room on
Capitol Hill seven years ago, he did not imagine that his words would
eventually haunt a reelection bid.

The issue that day in 2003 was whether mortgage backers Fannie Mae and
Freddie Mac were fiscally strong. Frank declared with his trademark
confidence that they were, accusing critics and regulators of
exaggerating threats to Fannie’s and Freddie’s financial integrity.
And, the Massachusetts Democrat maintained, “even if there were
problems, the federal government doesn’t bail them out.”

Now, it’s clear he was wrong on both points…

Here’s the thing. Frank wasn’t wrong. He was lying.

Frank claims that he “missed” the warning signs with Fannie and
Freddie because he was wearing “ideological blinders,” which was just
his lame attempt to blame Republicans. But we all know he didn’t miss
them. He just chose to ignore them.

Judicial Watch uncovered documents last year

[MUST READ]
http://www.judicialwatch.org/news/20...fannie-mae-and

proving that members of Congress, including — and perhaps especially —
BARNEY FRANK, were well aware that Fannie and Freddie were in deep
trouble due to corruption and incompetence and yet they DID NOTHING to
stop it.

Remember this statement by Frank during a hearing on September 10,
2003, before the House Committee on Financial Services considering a
Bush administration proposal to further regulate Fannie and Freddie?

http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=1RZVw3no2A4

"I want to begin by saying that I am glad to consider the legislation,
but I do not think we are facing any kind of a crisis. That is, in my
view, the two government sponsored enterprises we are talking about
here, Fannie Mae and Freddie Mac, are not in a crisis. We have
recently had an accounting problem with Freddie Mac that has led to
people being dismissed, as appears to be appropriate. I do not think
at this point there is a problem with a threat to the Treasury."

I don’t think there was any question Frank knew then that there was a
threat to the Treasury. But let’s say, just for argument’s sake, that
you happen to believe Barney Frank honestly “missed” the warning signs
in 2003 and 2004. What about 2008?

According to the Globe story:
_

In July 2008, then-Treasury Secretary Henry Paulson called Frank and
told him the government would need to spend “billions of taxpayer
dollars to backstop the institutions from catastrophic failure,”
according to Paulson’s recent book. Frank, despite that conversation,
appeared on national television two days later and said the companies
were “fundamentally sound, not in danger of going under.”

Unlike 2003 — when, Frank said, he didn’t realize what was going on —
this time, he was deliberately trying to reassure the public, he said.

“It was part of a conscious strategy to say to people, ‘Hey, look, we
think we can handle this,’” he said. “It didn’t work.”

Less than two months later, the government seized Fannie and Freddie
and the bailout began.
_

And it hasn’t stopped yet. Just yesterday, we learned that the Obama
administration projects losses on the two entities could approach $363
billion.

http://www.bloomberg.com/news/2010-1...-update1-.html

And there is no upper limit to taxpayer losses over the long term.

I find it pathetic and insulting that Barney Frank, the consummate
Washington insider, would try to “play dumb” with respect to
corruption at Fannie and Freddie. He knew what was happening at Fannie
and Freddie. He actively blocked attempts to reform the institutions
and then lied, by his own admission, to the American people about the
whole sordid affair.

Frank’s unwillingness to hold Fannie and Freddie accountable has
nothing to do with wearing “ideological blinders.” It has to do with
Frank’s “ethical blinders.”

http://biggovernment.com/tfitton/201...-lies-exposed/

=====================
The lefttards will simply put their hands to their ears and go na na na na I
cant hear you. Like they always do.

"MNMikew" wrote in message
...

Another Saint Bush distraction.