Barney Frank is being quite candid

[Anonymous]

Anonymous wrote:contrite Barney Frank

In an interview on Larry Kudlow's show in August 2010, he said "I hope by next year we'll have abolished Fannie and Freddie ... 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."

never to be seen again,


Of the 19.2 million subprime and low quality loans that were on the books of government agencies in 2008, 12 million (about 62%) were held or guaranteed by Fannie and Freddie

http://www.theatlantic.com/business/archive/2011/12/hey-barney-frank-the-government-did-cause-the-housing-crisis/249903/

Oh, my apologies. I forgot the standard was 100% pure.

Lets talk about the Brady bill instead.

[Anonymous]

Anonymous wrote:

I am disappointed by the voters who say, “OK I’m just going to show you how angry I am!” And I’m particularly unimpressed with people who sat out the Congressional elections of 2010 and 2014 and then are angry at Democrats because we haven’t been able to produce public policies they like. They contributed to the public policy problems and now they are blaming other people for their own failure to vote, and then it’s like, “Oh look at this terrible system,” but it was their voting behavior that brought it about.

THIS.

I agree, sort of. But you also need a firebrand to motivate people up off their butts, push for automatic voter registration, make voting day a holiday or a required half-day with full-day pay or something. C'mon, we can do better than this. The nations that have high voter turnout really do push, push, push--and sometimes require it.

[Anonymous]

Face it. Frank is all fire and brimstone about the banks stuff, but he F*cked up royally. You will note Sanders was barking that this was a bunch of bullsh!t. And he was right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

I am disappointed by the voters who say, “OK I’m just going to show you how angry I am!” And I’m particularly unimpressed with people who sat out the Congressional elections of 2010 and 2014 and then are angry at Democrats because we haven’t been able to produce public policies they like. They contributed to the public policy problems and now they are blaming other people for their own failure to vote, and then it’s like, “Oh look at this terrible system,” but it was their voting behavior that brought it about.

THIS.

Oh yes. I feel like I should have this as my motto. I want to see all of these Bernie bros fighting as hard in all of the elections. I want them to stay fired up!

Yeah....but they won't.

[Anonymous]

I agree, sort of. But you also need a firebrand to motivate people up off their butts, push for automatic voter registration, make voting day a holiday or a required half-day with full-day pay or something. C'mon, we can do better than this. The nations that have high voter turnout really do push, push, push--and sometimes require it.

+1 I lived in one of those countries for a while. Election Day is a big deal . . . day off for everyone. People celebrate their democracy. They go vote with friends and then have parties. Nice custom.

[Anonymous]

Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

[Anonymous]

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

[Anonymous]

Barney Frank has done more to reform banking than Bernie has or ever well. Bernie has a completely simplistic understanding of the industry that misses entirely the real issues.

-- a government banking attorney

[Anonymous]

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

[Anonymous]

Anonymous wrote:Barney Frank has done more to reform banking than Bernie has or ever well. Bernie has a completely simplistic understanding of the industry that misses entirely the real issues.

-- a government banking attorney

Pp adding that Gary Gensler, Hillary's banking guy, was an activist regulator at the CfTC post crisis and a super smart guy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

This is ridiculous proposal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

This is ridiculous proposal.

why?

Dodd Frank was a Democrat wet dream.

Take the transformation of 11 pages of Dodd-Frank into the so-called “Volcker rule”, which is intended to reduce banks' ability to take excessive risks by restricting proprietary trading and investments in hedge funds and private equity (Paul Volcker, a former chairman of the Federal Reserve, has argued that such activity contributed to the crisis). In November four of the five federal agencies charged with enacting this rule jointly put forward a 298-page proposal which is, in the words of a banker publicly supportive of Dodd-Frank, “unintelligible any way you read it”. It includes 383 explicit questions for firms which, if read closely, break down into 1,420 subquestions, according to Davis Polk, a law firm. The interactive Volcker “rule map” Davis Polk has produced for its clients has 355 distinct steps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

This is ridiculous proposal.

why?

Dodd Frank was a Democrat wet dream.

Take the transformation of 11 pages of Dodd-Frank into the so-called “Volcker rule”, which is intended to reduce banks' ability to take excessive risks by restricting proprietary trading and investments in hedge funds and private equity (Paul Volcker, a former chairman of the Federal Reserve, has argued that such activity contributed to the crisis). In November four of the five federal agencies charged with enacting this rule jointly put forward a 298-page proposal which is, in the words of a banker publicly supportive of Dodd-Frank, “unintelligible any way you read it”. It includes 383 explicit questions for firms which, if read closely, break down into 1,420 subquestions, according to Davis Polk, a law firm. The interactive Volcker “rule map” Davis Polk has produced for its clients has 355 distinct steps.

Because financial institutions have become very complex things and you can't just wave a wand and go back to 1945. You have to propose solutions that address the way the industry, which is global, works now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

This is ridiculous proposal.

why?

Dodd Frank was a Democrat wet dream.

Take the transformation of 11 pages of Dodd-Frank into the so-called “Volcker rule”, which is intended to reduce banks' ability to take excessive risks by restricting proprietary trading and investments in hedge funds and private equity (Paul Volcker, a former chairman of the Federal Reserve, has argued that such activity contributed to the crisis). In November four of the five federal agencies charged with enacting this rule jointly put forward a 298-page proposal which is, in the words of a banker publicly supportive of Dodd-Frank, “unintelligible any way you read it”. It includes 383 explicit questions for firms which, if read closely, break down into 1,420 subquestions, according to Davis Polk, a law firm. The interactive Volcker “rule map” Davis Polk has produced for its clients has 355 distinct steps.

Because financial institutions have become very complex things and you can't just wave a wand and go back to 1945. You have to propose solutions that address the way the industry, which is global, works now.

ah yes, the because it is very complicated argument and that mere mortals cannot possibly understand.

It really is not that complicated, we need boring, simple banks, with large minimum capital requirements

The big banks need to be split up. Fannie and Freddie need to be dissolved.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?

Isn't the fact that the ranking Democrat in charge of oversight of Fannie Mae was in a sexual relationship with a high-ranking Fannie Mae executive a glaring conflict of interest?

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane? The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses “helped develop many of Fannie Mae’s affordable housing and home improvement lending programs.”

politicians like this that screwed millions of people should just go away

Did Dodd-Frank make a difference? Yes/no.

Did anyone else make bigger strides on this issue? yes/no.

Yes. dodd-frank did help. but it is a regulatory nightmare. and it did not address the risk adequately. The solution is simple, segregate all entities that want FDIC insurance on their deposits into simple , regulated banks, with minimum capital requirements that are somewhat larger than 2.5%

and then sell all the Freddie/Fannie securities and close whatever is left of the organizations.

somehow the rest of the world survives without their gov guaranteeing housing mortgages to china.

This is ridiculous proposal.

why?

Dodd Frank was a Democrat wet dream.

Take the transformation of 11 pages of Dodd-Frank into the so-called “Volcker rule”, which is intended to reduce banks' ability to take excessive risks by restricting proprietary trading and investments in hedge funds and private equity (Paul Volcker, a former chairman of the Federal Reserve, has argued that such activity contributed to the crisis). In November four of the five federal agencies charged with enacting this rule jointly put forward a 298-page proposal which is, in the words of a banker publicly supportive of Dodd-Frank, “unintelligible any way you read it”. It includes 383 explicit questions for firms which, if read closely, break down into 1,420 subquestions, according to Davis Polk, a law firm. The interactive Volcker “rule map” Davis Polk has produced for its clients has 355 distinct steps.

Because financial institutions have become very complex things and you can't just wave a wand and go back to 1945. You have to propose solutions that address the way the industry, which is global, works now.

ah yes, the because it is very complicated argument and that mere mortals cannot possibly understand.

It really is not that complicated, we need boring, simple banks, with large minimum capital requirements

The big banks need to be split up. Fannie and Freddie need to be dissolved.

Those that don't understand pontificate.